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  • Writer's pictureDonnelle Brooks

Everything you need to know about Cash n Go

Cash N Go" is a term that is often used to describe businesses or services that offer quick and easy access to cash. It is commonly associated with payday loans, check cashing services, and short-term lending. These services typically provide individuals with the option to receive cash quickly, often in exchange for a fee or interest charge. It's important to note that the specific services and regulations associated with "Cash N Go" can vary depending on the location and the type of financial service being offered.


Overview:


What is Cash n Go?

Cash N Go operates as a small alternative lender, specializing in payday loans, with the provision of cash loans extending up to $2000. Within the financial landscape, they are one of several providers catering to individuals in need of 'fast cash' or 'emergency cash' loans, particularly those grappling with bad credit histories. Their loans are presented as a remedy for immediate cash flow challenges, and they often take a lenient stance on factors such as poor credit records, past repayment difficulties, or even gambling-related issues, which are typically obstacles at traditional financial institutions. This leniency makes Cash n Go a favored option for those who encounter difficulties securing loans from conventional banks. However, the true picture comes into focus when we delve into their fee structure.


Who owns Cash n Go?

Cash N Go Loans, a lending service specializing in small cash loans, is owned by Venture 5 Group, a financial company that focuses on providing accessible financial solutions. Venture 5 Group is also the proprietor of Straya Loans, another financial service with a similar emphasis on small, short-term loans. This group's niche lies in catering to individuals seeking quick and convenient access to funds, especially during unexpected financial situations. By offering small cash loans, they aim to provide a lifeline to those in need of immediate financial assistance. Their ownership of both Cash N Go Loans and Straya Loans underscores their commitment to serving this specific market segment, where fast access to funds can make a significant difference for customers facing unforeseen expenses.



How does Cash n Go work?

Payday loans are engineered for speed and efficiency. The application process is swift, primarily conducted online, and typically results in a same-day assessment, assuming all the necessary documents are promptly submitted. A key requirement involves providing your bank statements, which are essential for the loan application. Failing to furnish them may result in loan denial. Additionally, a credit check is part of the evaluation process. Interestingly, even with a poor credit score, loan approval is possible, provided you do not have any existing, unpaid defaults.


Borrowers have the flexibility to select repayment terms spanning 2, 3, or 4 months. It's essential to note that while longer repayment periods offer lower monthly installments, they often result in higher overall costs. This occurs because, although individual repayments are more manageable, the cumulative interest payments increase over the extended duration of the loan.


Can I get a Cash n Go loan on Centrelink?

A limited number of lenders extend their services to individuals solely reliant on Centrelink payments. Similar to other payday lenders, Cash n Go sets a minimum monthly income requirement of at least $1200 stemming from employment. So long as your monthly earnings meet or exceed this threshold, receiving Centrelink payments becomes inconsequential in the eligibility assessment.



How long does it take to get money from Cash n Go?

In contrast to traditional banks, payday lenders prioritize swift loan approval and disbursement. While their website indicates a potential waiting period of up to 72 hours post-loan approval for cash receipt, in practice, it typically occurs within a day. However, the trade-off for this convenience is the requirement to bear elevated fees and interest rates.


Does Cash n Go credit check?

Every lender performs a credit check as part of the loan approval process. Nevertheless, having an immaculate credit history is not an absolute necessity. Payday lenders are willing to assume the risk of extending loans to individuals with less-than-ideal credit backgrounds, in exchange for the potential for increased fees and interest rates. So, while they will indeed review your credit, they typically do not place significant emphasis on a less-than-perfect credit history.


Cash n Go interest rate

Cash n Go charges a monthly rate of 4%, which is equal to 48%pa. When you borrow between $300 and $2,000, the associated fees are structured as follows: An establishment fee, equivalent to 20% of the principal amount, is charged upfront. Additionally, a monthly loan fee, which amounts to 4% of the principal, is applied each month. These fee structures are applicable to loans within this specified principal range.



Cash n Go fees

An establishment fee of 20% of the loan amount is disclosed upfront. However, it's worth noting that while the website mentions dishonour fees, the precise amounts associated with these fees are not disclosed. This situation raises the possibility of potential hidden costs that could be linked to this financial product, warranting a closer examination of the terms and conditions to gain a comprehensive understanding of the associated expenses.


How Much does Cash n Go cost?

Here is a summary of the total costs of a loan with Cash n Go



how much does a cash n go loan coast

What happens if I miss payments with Cash n Go?

In case you find yourself unable to make a payment, it's possible to give us a call and arrange for rescheduling. However, it's important to keep in mind, as previously mentioned, that this will extend the duration of your loan and lead to increased interest payments. Skipping just one week's worth of payments could tack on approximately $10 in interest to your loan, and even more if you incur a dishonour fee. This fee may be up to $35



Can I repay Cash n Go loan early?

Here's the silver lining of payday loans: You're usually free to settle your loan at any time without incurring penalties. Many other lenders would typically impose fees for early repayment to compensate for the interest they would have otherwise earned throughout the loan's term.


Payday lenders don't worry about this and allow early repayment because they've already generated sufficient income from the initial establishment fee.


How much can I borrow with Cash n Go?

With Cash n Go you can borrow as little as $300 or go as high as $2000. The repayment terms range from a minimum of 2 months to a maximum of 4 months, with fees increasing to match.



Is Cash n Go a payday loan?

Yes, Cash n Go operates as a payday loan provider. Payday loans are typically characterized by their short-term nature and quick access to funds, often designed to assist individuals in covering unexpected expenses or financial gaps until their next paycheck. Cash n Go offers these types of loans, providing customers with a fast and convenient borrowing solution when they need it most.


Cash n Go Review: The Bottom Line

In conclusion, Cash n Go loans provide a quick and accessible solution for those in need of immediate financial assistance. However, it's essential to be aware that these loans come with high-interest rates. As the loan terms are shorter than other payday lenders, these loans are less expensive, provided you can make the repayments on time.


While Cash n Go can help bridge short-term financial gaps, relying on them in the long term can lead to a cycle of debt and financial strain. It's crucial to use payday loans from Cash n Go sparingly and consider alternative financial options to maintain a stable and sustainable financial future. You know what is a better idea? Create a budget and start saving money.

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