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FAQ

Frequently Asked Questions (FAQ's)

Q: What are the eligibility requirements for approval?

A: Eligibility requirements are the following:

• You must be twenty-three (23) years of age or older
• You must have a regular source of verifiable income
• You must be a resident of the province of Ontario
• You must be employed for more than three (3) months
• You must have an active bank account that accepts credit and debits with a satisfactory transaction history
• You must NOT be in bankruptcy, consumer proposal, credit counselling or a debt management policy
• You must have an active phone that we can reach you at
• You must have an active email account that you check regularly for communication

We DO NOT LEND to applicants who are in business for themselves, temporarily or seasonally employed, paid ONLY by commission, on social assistance, on worker's compensation or on disability pension.

Provincial regulations or underwriting criteria may require different minimum or maximum eligibility requirements. National Cash is a licensed lender in the province of Ontario. All loans are provided from Ontario.

Regardless of these stated requirements, the final approval decision remains at the sole discretion of National Cash at all times.  Requirements are subject to change or modification at any time without notice.

Q: How long before I know if I'm approved?

A: Loan Officers work as quickly and accurately as possible on all loan applications. When you apply online you can be approved in as little as 30 minutes from providing employment/banking verification.* Deposit times are dependent on time of approval and your bank. A suggested timetable is provided on this website for reference.

Q: If I am approved, how do I get my money?

A: We deposit the cash directly into the personal deposit bank account provided on your application by Electronic Funds Transfer (EFT). Any submission errors should be reported immediately.

Q: How do I pay you back?

A: We debit your personal payment bank account provided on your application on your next scheduled pay day for the full amount of loan principal plus all borrowing and/or default fees. You may use the loan administration portal to request changes.

Q: How long can I have to pay it back?

A: All loan payments are due on your next pay date.

Q: I have a small pay cheque this time; can I skip my payment till my next pay?

A: No.

Q: I don't want my employer to know I'm applying for a loan. Do you have to verify my employment?

A: Employment information must be verified but there are several ways to provide verification. You can log into the loan administration portal to upload documents, download a cover sheet and fax documents or you can ask a loan officer to call your Human Resources department to verify employment details. Please ensure that your Human Resources department has been authorized by you to provide employment verification. We would prefer to not contact your employer as it slows down the approval process. We do need to call and speak with your Human Resources department if alternate employment verification is not provided or if there are discrepancies. Our staff is very discrete when verifying your employment and do not disclose where we are calling from.

Q: Can I borrow more than once in a pay period?

A: No.

Q: How much can an existing client borrow?

A: Up to your credit limit which is established based on your payment history. New clients generally start with a $200 credit limit with an increase authorized after 3 consecutive payments have cleared. Please log into the loan administration portal to determine your credit limit.. (Subject to approval based on payment history and employment verification)

Q: Can you approve me today, even if I don't want the money right now?

A: Your credit limit can be approved today but the minimum loan approval amount is $50.

Q: If I don't qualify for the amount requested, can I get a different amount?

A: We work on a Credit Level System at National Cash. New clients generally start with a $200 credit limit with a $100 increase authorized after 3 consecutive payments have cleared. The maximum limit is $500.  Please log into the loan administration portal to determine your credit limit.. (Subject to approval based on payment history and employment verification)

Q: When should I use a payday loan?

A: Due to the higher fees involved, a payday loan is intended to be a small short-term loan that is not intended as a solution for longer term financial needs. You borrow as much money as you can afford to fully repay when the payment is due. If you need to borrow money and feel it will take longer to repay, you should explore other lending options such as: asking a friend, asking an employer, asking a family member, obtaining a bank overdraft, a line of credit, cash advance on a credit card, or consolidating your debt at your bank or financial institution.To pay down your loan faster, go to the loan administration portal and increase your payment.

Q: What are the loan fees for?

A: Loan fees cover banking fees, underwriting, costs, transactional costs, staffing costs and other day to day operating costs. Due to the short term of the loan (maximum of 31 days) and the small size of the loan, these costs may be higher than other lending products.

Q: How much can I borrow?

A: New clients generally start with a $200 credit limit with $50-100 increases authorized after 3 consecutive payments have cleared. The maximum credit limit is $500. Please log into the loan administration portal to determine your personal credit limit.. (Subject to approval based on payment history and employment verification).

Q: How do I apply?

A: Select 'Click Here to Apply Right Now' from the home page of the loan administration portal.

Q: Will I need to submit anything?

A: Employment verification is required. There are several ways to provide that information including uploading documents in the loan administration portal, downloading a fax cover sheet and faxing documents or having our loan officers call your Human Resources department.

Q: What happens if a payment goes NSF?

A: An NSF fee is added to your loan balance. Your bank account will then be debited for the appropriate loan borrowing fees, NSF fees, and principal loan amount on the DAY BEFORE your next pay date.

Q: How much does it cost to borrow?

A: Please select Loan Calculator on this website, the days until your next pay date and the amount that you would like to apply for.

Q: What happens if I can't make a payment?

A: Payments cannot be skipped but payment arrangements are available to borrowers in distress.  Please contact us if that is the case.

Q: What are your hours of operation?

A: 9am to 5pm EST/EDT. Closed on Bank Holidays.

Q: How do I qualify for a payday loan?

A: To qualify for a payday loan you must verify your identity, your employment, your banking information and meet our underwriting criteria which is based on a credit lending matrix.

Q: How can I update my personal information?

A: Log into the loan administration portal and select change my personal information.

Q: What happens if I don't make my payments?

A: Borrowing and default fees accumulate until the loan is paid in full. Payment arrangements can be made by logging into the loan administration portal and selecting my loan is in arrears and scheduling a payment in full. Loans over 45 days in arrears without being paid in full may be assigned to a third party for collections.

Suggestions?

If you have a suggestion for a question that you would like answered on this page please forward it by email to faq @ nationalcash.ca for review.

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