Cash Depot Loans Review: Should You Apply?

What is Cash Depot?Cash Depot is a broker that provides access to short-term loans of up to $3,000. You can apply by filling out an online application form with your personal information and financial details, and same-day funding is available.Cash Depot says it offers cash advances, payday loans, bad credit loans, installment loans and more.Is Cash Depot legit?The Cash Depot website features some of the information and documentation you’d expect on the website of a legitimate business, including phone and email contact information, a Montreal office address, and legal documents such as a privacy policy. It also has a Google profile.However, Cash Depot is not BBB accredited and has a BBB rating of F. It’s also an alternate business name of Northstar Brokers, which the BBB had closed 41complaints against in the past three years (as of October 2023).Alternatives to Cash Depot loansFeatures of Cash Depot loansLoan amount$300 – $3,000Loan termUp to 6 monthsInterest rate18%, plus feesServiced provincesAllEligibility requirementsMust have an active chequing account.Must have held a full-time job for the last six months.Must have lived at the same address for the last six months.Must receive income by cheque or direct deposit and have no bankruptcy or wage garnishments.
What are the interest rates of Cash Depot loans?It’s not entirely clear what sort of APR you can expect with a Cash Depot loan. Cash Depot lists its interest rate as 18%, but it also states that its loan fees are set at $12 per $100 per week.As a result, you can expect a high APR on your Cash Depot loan. That’s why it’s important to check the loan agreement closely for details of any fees that apply before you sign. Make sure you know exactly how much you’ll have to repay, and in what time frame, before deciding if this is the right loan for you.
Benefits of Cash Depot loansEasy online application. It’s quick and easy to apply for Cash Depot loans online within minutes, and you can apply 24/7.Get funded within 24 hours. Once approved, you can access your loan amount within 24 hours, with same-day funding available depending on when you apply.No credit checks. Bad credit won’t stop you from qualifying for a loan through Cash Depot, and you won’t need to complete a credit check during the application process.No collateral needed. You won’t need to provide any assets as collateral for your loan.What to watch out forHigh cost of borrowing. Cash Depot says its loan fees are set at $12 per $100 per week, so you can expect to repay significantly more than you borrow if you take out a loan.Alternate business name. The Better Business Bureau lists Cash Depot as an alternate business name for Northstar Brokers, which is not BBB accredited and has been the subject of multiple customer complaints.Negative customer reviews. Cash Depot has received negative customer reviews online, as we’ll detail in the next section.“No refusal”. One section of the Cash Depot website mentions that it offers “no refusal” installment loans. Promising guaranteed approval is a warning sign that could indicate a scam, as a lender should assess your ability to repay a loan before granting approval.What do Cash Depot reviews have to say?There’s not a large number of online reviews for Cash Depot, but those reviews that are available are mixed at best. Common complaints include the very high cost of borrowing, and being unable to contact Cash Depot via phone or email.It’s also worth mentioning that the Better Business Bureau lists Cash Depot as an alternate business name for Northstar Brokers. Northstar Brokers is not BBB accredited, has an F rating and has been the subject of 41 customer complaints in the 3 years prior to October 2023. Northstar Brokers also has an average rating of 1.4 out of 5 stars from 36 Google reviews.Summary of Cash Depot reviewsBBB accreditedNoBBB ratingFGoogle reviews1.4 out of 5 stars, based on 11 Cash Depot reviewsTrustpilot reviews3.0 out of 5 stars, based on 7 Cash Depot reviewsCustomer reviews verified as of16 October 2023Am I eligible for a loan from Cash Depot?To be eligible for a Cash Depot loan you will need to meet the following eligibility requirements:Be a Canadian resident and the age of majority in your province or territoryHave had an active chequing account for the last three months.Have held a full-time job for the last six months.Have held the same address for the last six months.Receive income by cheque or direct depositHave no bankruptcy or wage garnishments.What documents do I need to provide to apply for a Cash Depot loan?Two pieces of photo IDProof of your Social Insurance Number (SIN)Utility billDetails of your employment statusTwo of your most recent pay stubs to provide proof of incomeVoid cheque / pre-authorized debit formCanadian bank account statement from the last 90 daysHow to apply to Cash Depot onlineYou can apply for a Cash Depot loan by completing these simple steps:Click the “Apply Now” link on the Cash Depot website.Select your province and desired loan amount.Enter your name, date of birth and contact details.Provide your income and employment information.Supply required documentation such as proof of ID, proof of income and proof of address.Submit your application.Bottom lineCash Depot offers fast access to short-term loans, and bad credit won’t stop you from getting funded. But given the potentially high cost of borrowing and some negative customer reviews, make sure you compare a range of lenders before deciding where you should apply for a loan.

Source link