Xtra Cash is a payday loan lender and cheque cashing service, operating with a total of eight stores, in Ontario and Manitoba.
Payday cash advances that the firm offers from their stores are
short-term, small dollar amount loans, paid back by the borrower on the
next payday from regular employment.
Cash advance loans carry very high costs of borrowing, which is why they are not suitable to be used as financial solutions for long-term money problems.
You should also look at the alternative forms of financing before setting on applying for a payday advance.
Other choices often include taking a wage advance from an employer, credit card cash advance, and small consumer loans from local banks or credit unions.
You should also get to know the payday loan regulations in Ontario or Manitoba (depending on where you are resident), to fully understand your rights as a consumer of these financial products.
To apply for a payday loan, you need to visit one of their stores in person.
Xtra has locations available in eight cities: Thunder Bay, Dryden, Timmins, Kenora, Fort Frances, North Bay, and Winnipeg.
To qualify to apply for a cash advance loan, you need to bring with you (according to the company's official website):
your most recent pay stub,
a personal cheque, and
your most recent bank statement.
The loan amounts available for you will depend on your net pay, up to 40% of net pay in Ontario and up to 30% in Manitoba.
Other services available from the eight stores include cheque cashing, Western Union money transfer services, bill payments, and mailbox rentals.
Of these, the stores are especially convenient places to cash your cheques. Xtra will cash cheques of most types, including:
government, including GST and Tax refunds,
money orders and bank drafts,
cheques payable to your small business, and
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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