Who can apply for a loan with MiniCash?
Here are the criteria to be met:
- Be 18 years of age or older
- Be a resident of Canada
- Have a stable job
- Receive your salary by direct deposit into a Canadian bank account
- Have a net income of at least $1500 per month
- Have not made a consumer proposal, debt consolidation or bankruptcy within the last 30 days or plan to make a consumer proposal, debt consolidation or bankruptcy within the next 6 months.
What's the maximum amount I can borrow?
At Mini Cash, we offer loans ranging from $300 to $2,000. The amount granted is mainly determined based on your income, your debt ratio and your repayment history.
How long does it take to receive the money?
All loans we guarantee are deposited via direct deposit. If your application is approved and you return the duly signed contract to us before 11:30 a.m., your money will be electronically deposited into your account the same day between noon and midnight.
If your application is approved and you return the duly signed contract to us after 11:30 a.m., your money will be electronically deposited into your account the next day, still between noon and midnight.
You can also opt for preferred processing to receive your funds by Interac transfer in less than 60 minutes after signing the contract for an additional fee of $25.
What are the interest rates and fees associated with your loans?
Our interest rates vary based on the base rate while fees vary based on the amount granted. We are committed to being completely transparent, so all fees and interest rates are clearly stated on our homepage and on contracts.
How can I repay my loan?
The repayment of your loan is made through automatic withdrawal from your account, coordinated with your paycheck deposits.
You can also pay off your entire balance at any time by contacting us at (877) 431-4134 or writing to us at info@novacash.ca.
What happens if I can't make a payment on time?
What should I expect if I am self-employed?A quoi dois-je m’attendre si je suis un travailleur autonome?
We will analyze your request in the same way as an employee!
For what reasons might my application be refused?
- Missing Instant Bank Verification (IBV).
- Bank account too recent.
- Incomplete documents for analysis.
- Failure to meet eligibility criteria.
- Debt ratio too high.
- NSF and/or payment opposition.
- Other reasons deemed appropriate.
When am I eligible for renewal?
You are eligible for renewal if your balance is less than $150. If your balance is greater than $150, it is possible to reduce it by making an advance payment by Interac transfer in order to renew now.
A customer with a balance less than $150 but who has not respected the initial terms of their contract could have their request refused.
You can also pay your entire balance at any time by contacting us at (877) 431-4134 or writing to us at info@minicash.ca.
How do I properly complete my application?
Any new loan application must be submitted to us through our website under the Loan Application tab.
We do not take applications over the phone. You must then complete the Instant Bank Verification (IBV). It is transmitted to us by your financial institution and allows us to access your bank statement, in read-only copy. This system allows us to accelerate the approval process and it is 100% secure as it does not allow us to access your username or password. If your application is accepted, we will simply send you your contract. Otherwise, you will receive an email indicating the reason for your refusal.
If your application is accepted, we will simply send you your contract. Otherwise, you will receive an email indicating the reason for your refusal.