Turbo Cash

FAQ

What do I need in order to be eligible for a loan?

These are the criteria you must meet to qualify for a loan:

Be a Canadian citizen
Be an adult (18 years or older)
Make over $ 1200 per month in income, received by check or direct deposit from your employer
Have reliable employment, with at least 3 months in their employ.
Own a Canadian bank account in which you receive your pay by direct deposit
Bank active for 3 months or more.
Not be on the cusp of bankruptcy or about to enter into a consumer proposal
Have little or no insufficient funds transactions
Have a low short term debt ratio (other active short term or loans)

We regret that the following sources of income are not accepted:

Self-employment
Social assistance
Student loan
CPP
Child tax
Private pensions
Disability payments
Other income from insurance

When could approved funds arrive?

Complete the application online. If approved and required checks are complete, eligible funds may be sent by Interac e-Transfer. Timing varies by application and financial institution.

How does TurboCash review my application?

TurboCash reviews current income and banking information to assess eligibility. Submitting an application does not guarantee approval or funding.

Will my funds be available via Interac e-transfer and how does it work?

Eligible approved loans may be funded by Interac e-Transfer. Availability and timing vary, including on weekends and holidays.

How are payments divided?

All our loan options are the same. The capital and interest are summed up and equally split into either 3, 6, 8, 10 or 12 instalments, depending on your pay schedule.

What is a Paperless application?

Our offering is unique in that we don’t require a single piece of paper from you, and includes instant verification and an e-signature. When you grant us a secured view-only access to your account, you can have your application for a loan approved without the arduous process of submitting paperwork.

What is instant Banking Verification, or IBV?

Instant verification is a fast and secure process that grants us viewing privileges to your bank account. Your personal information remains safe and secure, since Instant Verification shares the same level of security as your bank.

All we are provided is a copy of your bank statement: we never log in to your account, nor do we ever see your ID or password information. By logging into your account you verify your identity and grant us a 90-day read-only copy of your bank statement. While logging into your financial institution your private information remains private.

With IBV we can make a quick decision regarding your application, meaning you can get your funds quickly and easily. This is our recommended process as it allows us to serve you best by providing a fast and secure way to get your loan approved.

Are all payments eligible for a deferral?

Unfortunately the first and last payments of your loan cannot be deferred. Also, we cannot defer your next payment if you missed your previous payment, nor can we defer two consecutive payments.

What should I do if I missed my payment?

If you have missed a loan payment, contact your account manager as soon as possible to discuss your options. Missed payments can incur fees and additional charges.

What are the requirements?

In order to be accepted, you need to be of legal Canadian age which is 18 or older and be a resident of Canada. You will be refused if you are on ODSP, EI, CERB, Disability or Self Employed.

Borrow what you need with clearer terms.

Borrow with clear loan information

Apply Online

Eligibility Review

Electronic Funding

Review the term and total cost before applying.

$500 LOAN

32%

90–180 days

$835

Loan Requirements

FAQ