THE SHORT TERM HASSLE-FREE LOAN
The funds you need when you need them.
Why Choose My Online Cash
That alternative to the old payday loan that you’ve been waiting for
At My Online Cash, we know how important flexibility is to financial success. We take into consideration all the relevant details of your financial situation to ensure whichever of our repayment plans you choose, we can keep your rate as low as possible. Whether you’re borrowing $100 or $1500, repaying in a single payment or 2 or 3 installments, our advanced algorithm is working out the best rate for your situation.
If you’re worried that your credit score may prevent you from having access to our great short-term loans, don’t tie yourself in knots over that. A credit score is a result of what happened back some time in the past. This is now and if you can repay a loan today why shouldn’t you have the opportunity to deal with the unexpected financial challenges that we all have to cope with from time to time? That’s why we look at the big picture of your financial situation.
Our repayment options help you find a solution to your financial challenges that will help keep those rates down. Have a closer look and you’ll be pleasantly surprised at how competitive our rates are.
People are surprised to discover that often our rates actually beat out what they’d pay one of the major credit cards. You can have access to the funds to make your financial life more pleasant, without excessive fees, as long as you meet the repayment plan you choose in your loan agreement.
1.
Apply online
Complete our simple online application with your personal information, choose your loan amount and repayment plan. The process is straightforward and secure.
2.
Get a decision
We'll review your application and inform you of your qualification status. If approved, you'll receive your loan terms and electronic contract to review and sign.
3.
Receive funds
Once your contract is signed, your loan funds will be transferred to your account via e-transfer, typically within the same business day.
Our eligibility requirements are basic.
My Online Cash - Licensed and regulated lending services.
Required
- Are a Canadian citizen or Perminate Resident.
- Live in a province where we do business.
- Are 19 years of age or more.
- Received the same income source for at least 3 months.
- Have at least a monthly net income of $800.
- Are in possession of a Canadian bank account for the last 3 months from which you can do online banking.
- Have valid email and home address, and a mobile phone.
Can I be approved quickly?
Once you've filled out your application, our decision system reviews your information and provides a response within the same business day.
Most of our customers receive their funds the same day. Once you're approved and you sign your electronic agreement, our e-transfer system will send the funds to your bank account.
Is there a borrowing limit?
Currently we offer loans between $100 and $1,500. These come with flexible repayment options. Our advanced algorithm helps us identify the loan amount that suits your financial circumstances best.
How Much Income do I Need?
Our minimum monthly requirement is an income of $800. A lot of sources, which you might not expect, though, can be counted toward this total. That includes child tax credits, ODSP benefits and pensions, among others. Include such income sources in the Employment Details of your application and we’re ready to go.
How about repayment?
We make repayment simple and convenient. Once repayment day arrives, we will debit the amount stipulated in your loan agreement from the same bank account into which we made the original loan. All you have to do is ensure there are sufficient funds to cover the repayment. The process is automated for your convenience.
Interest fees & transparency
Licensed Short-Term Loans
Borrow up to $1,500 from a licensed and regulated lender. Simple online application with flexible repayment options. Same-day e-transfer available.
We do things differently
My Online Cash is a provider of short-term loans to help Canadians get on with their lives, when financial uncertainty arises. We provide safe and quick access to the funds that really make a difference in people’s lives.
Our fast, easy, transparent and secure lending practices allow you to get your life back on track, when unexpected expenses arise. When you need some help getting over a current financial challenge, we’re there to help.
Short-term loans are high-cost loans. Loan amounts depend on net pay and other qualifying
requirements. Repayment terms: 62-180 days.
Example: A $500 loan over 90 days at 32% APR would cost $39.45 in interest, with total repayment of $539.45.
British Columbia Residents: The maximum fee allowed for a short-term loan in BC is 14% of the
principal. We charge $14 per $100 borrowed. For example, a $300 loan over 62
days has a total borrowing cost of $42, requiring repayment of $342, with an
APR of 82.45%
Manitoba Residents: The maximum allowable charge is 14% of the principal. We charge
$14 per $100 loaned. Example: A $300 loan for 62 days costs $42 to borrow, with
total repayment of $342 and an APR of 82.45%. Contact Manitoba Consumer Protection
Office at 1-204-945-3800 or visit gov.mb.ca/cp/cpo.
Nova Scotia Residents: Cost of borrowing is $14.00 per $100 on a $300 loan for 62
days (82.45% APR).
Ontario Residents: Maximum cost is $14 per $100 borrowed. We charge $14 per
$100. A $500 loan for 90 days costs $70 to borrow, with total repayment of
$570 and an APR of 56.89%.
Saskatchewan Residents: Maximum cost is $14 per $100 borrowed. We charge $14 per
$100. A $300 loan for 62 days costs $42 to borrow, with total repayment of
$342 and an APR of 82.45%.
| Borrowed Amount | Period | Monthly Interest | Total Interest | Total Payback Amount | APR |
|---|---|---|---|---|---|
| $10,000 | 3 months | $291.67 | $875.00 | $10,873.00 | 35% |
| $20,000 | 3 months | $500.00 | $1,500.00 | $21,500.00 | 30% |
| $50,000 | 6 months | $1,041.67 | $6,250.00 | $56,246.00 | 25% |
| $100,000 | 6 months | $1,666.67 | $10,000.00 | $110,000.00 | 20% |