With over 100 branches throughout Canada, you have likely stumbled across Cash4You on more than one occasion. If you’re wondering whether they’re great for people who need loans quickly but don't have the greatest credit score in the world, then read this Cash4You review until the end!
Cash4You Services
While Cash4You had tons of different money-related services in the past (at one point they did credit cards), they have really whittled things down in recent years. Nowadays, it is all about providing instant cash through installment loans and payday loans. They also have a cheque cashing service if you’re in a bind and need money quickly.
Cash 4 You focuses on folks who find getting money from elsewhere difficult. As any Cash4you review will tell you, this is a company that doesn't particularly care who they lend money to. They just care that you can pay it back.
Loan Product Review
Cash4you has two different loan products available:
Installment loans (loans from $1000 to $15,000)
Payday loans (loans from $120 to $1500)
For both types of loans, you will need to be over the age of 18 and have access to a Canadian bank account. The money will be automatically withdrawn from your account on the selected repayment date. You can also opt to repay your loans in cash in-store on an agreed date. But having it come out of your bank account will make life a whole lot easier in most cases, particularly in the case of payday loans.
If you have a really bad credit score, then the payday loan is going to be your only option. As long as you’re earning at least $250 per month, then you will be able to apply for a payday loan through Cash for You. There will be small checks that have an impact on how much you can borrow with your first loan. It is unlikely you will be able to get your hands on the full $1,500 on your first time, but if you demonstrate the ability to pay back on time, Cash4you will be a lot more laid back when you apply for a loan in the future.
Do bear in mind that a payday loan will have a higher than average interest rate due to the amount of risk that Cash For You is taking on when they are lending to somebody with poor credit. Expect to pay about $15 per $100 you borrow, although the amount you pay back will all be determined by how long the loan runs for. This is about average for a payday loan.
You must also remember that Cash4you does have higher expenses than competing payday loan companies. They have fully-staffed branches all over Canada, after all. Despite this, their loans are still pretty affordable (for a payday loan)
If your credit score is low but not too awful, then an installment loan from Cash4You may be ideal. You can pay back this loan anywhere from 12 months to 60 months. While it’s not the cheapest loan in the world (the interest rate is 49.93% average), it’s probably one of the better long-term loans for people with bad credit.
Cash 4 you has a high approval rate on their installment loan product, although the application process is longer compared to the one required for the payday loan. That being said, it’s still relatively simple and the decision is often made within a few minutes, which is a lot faster than what a traditional bank can offer.
No matter what type of loan you opt for, you can collect your cash from your local Cash4You branch. However, if you want things to be a little bit easier, you can have your loan amount deposited into your bank account within 60 minutes.
Pros & Cons
You can't possibly write personal loan reviews without talking a little bit about the pros and cons of a service. After all, even reputable companies like Cash4You can have imperfections.
Pros
The ability to collect your cash in person is fantastic. There are not many lenders that will do this. Of course, the fact that Cash4You has staffed branches adds a little bit to the cost of the loan. However, we don't think this is much of an issue. The extra bit of interest is negligible, and at least you know that you are dealing with a reputable company.
We love the fact that they have different loan options to choose from. In our experience, nearly everybody will qualify for one of the loans. The installment loan will likely approve you even if you have been rejected by countless lenders before. A lot of people use Cash4You as a last resort, and it almost always results in approval.
Cash4You, not unlike other lenders, isn't really in the habit of lending you something you can't afford. They have added extra steps to their application process to ensure that whatever you borrow is reasonably within the range that you can pay back. This means that come repayment date, you probably won't be fretting too hard about making the payments.
Cons
The main issue here is that some people see Cash4You as a little bit predatory. They love marketing, and if you have received a loan from them in the past and paid it back, expect that they will regularly try to persuade you to take out another loan. It can be dangerous because many people who take out high-interest loans like this are more likely to have money issues.
Some people who have reviewed Cash 4 You at the BBB have claimed that they were pre-approved for a loan, only for Cash4You to go back on their promise. While these cases are probably in the minority (and there’s always a possibility that the customer isn't giving you the full story), you probably shouldn't be spending that cash before it has landed in your account.
If you take out an installment loan and pay it back early, you won't save any cash. You still need to pay the agreed-upon interest. This is another con that we find discouraging.
Conclusion
If you are in a bind and need cash quickly, then Cash 4 You is a great option. With branches all over Canada, you will always have a good point of contact if you have trouble with your loan.
Yes, they have high interest rates, but if you really do need the money and everyone else is turning you down, then Cash 4 You is your best option. Plus, the installment loans certainly will come in useful for those who want to boost their credit score.
