Cash 4 You is a Canadian retail chain of payday lending, cheque cashing, and Western Union services.
The company, which has been in business since 2001, has bricks-and-mortar stores across Ontario, including 10 stores within 20 km of downtown Toronto.
Customers can get payday loans up to $1,500 from the firm, either by visiting one of the stores in person, or by applying online and getting pre-approved.
Their payday advances are short-term, small dollar amount loans, with the typical customer paying the debt back to the service on the next pay day from regular employment, often within a few weeks (average being, according to national statistics, 10 days).
Because of the high costs of borrowing, these loans are not suitable as financial tools for long-term money problems.
Even in the shorter term, you should look into payday advance alternatives, including small consumer loans from credit unions, credit card cash advances, and salary advances from your employer.
Due to the high levels of regulation for the payday lending industry, you should also get to know the national and provincial laws that regulate cash advances, to fully understand your rights as a consumer.
Before you can apply for a payday advance from the service, there are a
few requirements the company has for its customers. These requirements
you must have a regular and verifiable source of income,
you must have a chequing account,
you must be at least 18 years old,
you must not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief, and
you must be a resident of Ontario.
When applying in-store, the application process takes only minutes, and once you have been approved for a loan, you will get the money on the spot.
As for the repayment of the loan, when the loan comes due on your next payday, your cheque will be deposited to repay the loan, or you can alternatively repay the loan in cash, and get your cheque back.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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