Founded in 2009, Cashco Financial offers a number of services for "underbanked Canadians" – people who need money and services that they are unable to get from the regular banking system. One of these services is a “Flex Loan,” a personal loan they make available to people who may not have the best credit.
You can borrow from $250 - $7,000, for 6 to 60 months. Cashco claims to offer a range of interest rates based on your financial profile, but they only advertise the possible maximum APR of 55%. To be very clear, these are potentially very expensive loans, and should be avoided if at all possible.
Cashco Flex Loan features
The Cashco Flex Loan is promoted as being a better option than a payday loan, but what features does it actually offer?
Why You Want It
Borrow up to $7,000 for 60 months + "Buy Some Time" insurance feature.
Special Features
- Buy Some Time feature (for a fee)
Eligibility
- Canadian citizen
- Age of majority
Provinces
ALL
Features
Pre-approval
Flexible Terms
Loan Amounts
N/A
APR Range
48.99% - 55%
Term Range
6-60 months
Minimum Credit Score
See Issuer for Details
Secured Available
Cashco Flex Loan rating: 2.9 stars
We’ve given Cashco’s Flex Loan a low rating. While it is possible to get a Cashco Flex loan relatively quickly while having poor credit, there’s little else to recommend this service (and several reasons to avoid it).
You'll pay as much as 55% APR, which is higher than all credit cards and even some of Cashco's competitors. They also charge a 10% admin fee off the top, in addition to the interest you’ll be paying on your loan. Even the minimum loan amount ($250) and term (6 months) will see you paying almost $75 in interest, on top of the admin 10% fee.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Cashco Flex Loan
This product has some enticing benefits, but it should all be taken with a grian of salt:
Pros
You can secure a loan with poor credit
Cashco claims that they don’t rely entirely on traditional credit scores to determine your eligibility for a loan, so it’s possible to get one while having a complicated financial history.
Fast approval and cash in hand
The Cashco site says that an application for a flex loan takes as few as 5 minutes, and if approved, the funds are sent as an electronic funds transfer to your bank account. This type of transfer takes minutes at best, so you won't have to wait long at all after approval.
"Buy Some Time" feature
Cashco offers a payment protection plan called "Buy Some Time." It's essentially a type of insurance that offers a reprieve if happen to skip a loan payment for whatever reason. For of $19.95/month, you can skip 1 payment every 6 months without an added penalty, as long as your loan is otherwise in good standing and you made the previous 4 payments on time. This also gives you the option of paying your loan out early, which isn't an option otherwise.
The cons of Cashco Flex Loan
Here are a few reasons you might want to avoid these loans:
Cons
Very high interest rates
We were unable to find specific interest rate information on the website, but Cashco does disclose its maximum APR rates. Applicants in Saskatchewan, Alberta, and Ontario pay a max of 48.99% APR, while those in British Columbia pay a max of 55% (although B.C. residents don't have to pay the admin fee). These rates are more than double the typical interest rates on a credit card.
Not much better than a payday loan
While Cashco claims that a flex loan comes with lower interest rates than a payday loan, the combining the APR rates above with the added 10% fee are shockingly high. The main benefit of the flex loan is that you have more time to pay it off.
Extra fees on top of interest
The extra 10% administrative fee is somewhat buried in the fine print, as is the $5 document fee charged to Saskatchewan, Alberta, and Ontario residents. It's quite possible that there are more hidden fees, so applicants should be careful to reading everything in detail before signing anything.
Personal loan interest calculator
Wondering how much you’ll pay for a loan with a 55% interest rate? We have a handy calculator for exactly this sort of thing:
Loan Values
Cashco Flex Loan alternatives
Here are a few alternatives to a Cashco Flex Loan to consider:
 |  |  |  | |
|---|---|---|---|---|
| Account | Cashco Flex Installment Loan | MogoMoney | LoanConnect | RBC Personal Loan |
| Genius Rating | ||||
| Why You Want It | Borrow up to $7,000 for 60 months + "Buy Some Time" insurance feature. |  $100 GeniusCash + Take out your loan for a 100-day test drive + Get pre-approved in 3 minutes. | Flexible loan options from $500 to $60,000 + Interest rates start at 8.99%. | No early prepayment penalties + Skip a monthly payment once a year. |
| Pre-approval | | | | |
| Flexible Terms | | | | |
| Loan Amounts | N/A | $300-$5,000 | Up to 60,000 | N/A |
| APR Range | 48.99% - 55% | 34.37% | 8.99%-46.96% | N/A |
| Term Range | 6-60 months | Open line of credit | 3-120 months | N/A |
Show More | ||||
| Find a loan See more Cashco products Compare | I Want This Deal See more Mogo products Compare | Find a loan See more Loanconnect products Compare | Learn More See more RBC products Compare |
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FAQ
How much interest does Cashco charge for their Flex Loans?
We're unsure of the exact interest rates, but we know Cashco charges a minimum of 48.99% APR and the minimum term is 6 months. The APR rate can go as high as 55% for residents of British Columbia.
Are there alternative lenders who may offer better terms for a personal loan?
There are. You should speak with your bank first, but if they're unable to help you, there are a number of places that will help with a personal loan. It's very likely that some of these alternate lenders will offer better rates and terms than Cashco.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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