Frequently Asked Questions
1. How do payday loans work?
The first step is to fill out our online application. It takes as little as five minutes! If you need assistance, our support team will be happy to assist you. Once your application is submitted, you may be considered for a payday loan of up to $400 as a first time applicant with Cashmate. Then, on your due date, the payday loan amount and fee are automatically withdrawn from your bank account, if you have agreed to pre-authorized debit. It’s just that easy.
2. How much money can I get the first time?
Your loan amount is based on the information you provide in your application, including your income, and your ability to meet our qualification criteria. Re-visiting customers can receive up to $1,500.
3. When is my loan due?
Your loan will be due on your next pay day.
4. Am I eligible for a payday loan?
To be considered for approval, you must:
- 1 piece of Govt. issued Saskatchewan ID (Resident of Saskatchewan)
- Proof of Address (Phone, Cable , Hydro bill etc)
- Most recent pay stub
- Minimum 4-5 month Employment proof with the same employer
- 60 days bank statement from the date of application
- Blank cheque or Pre-Authorized Debit form
What are my payment options?
1. Can I pay off early?
Yes. You can pay off your loan any time before your due date without extra fees or penalties. Just call our friendly customer service at 306-651-3333 to pay off your loan early.
2. How does pre-authorized withdrawal work?
Pre-authorized withdrawal works just like a paper cheque. Once presented to your bank for payment of your loan, the specified payment amount will be withdrawn from your bank account and sent to Cashmate to satisfy the amount due.
3. How do I repay my loan?
Your bank account will be automatically debited on the due date, so there is no need to send payment by mail. If you’re interested in reducing your fee, you can repay your loan early.
4. If I repay my loan early, will my loan fee be reduced?
Yes, we will automatically reduce your loan fee according to the number of days that the loan is repaid early.
5. What if my payment is late?
If your payment is received after the due date, and the pre-authorized debit attempt is dishonored or the cheque is dishonored, you will be charged an NSF fee of $20. You may also incur overdraft fees from your bank. The best way to avoid making late payments is to set up pre-authorized withdrawal and have sufficient funds in your bank account on your payment due date. After two failed attempts to debit your checking account, we may initiate collections procedures.
6. Does Cashmate charge late fees?
Cashmate may charge you a non-sufficient funds (NSF) fee if we attempt to make a pre-authorized withdrawal from your bank account on your due date and there are not enough funds in your bank account. Your bank may also charge you an NSF fee. Please check with your financial institution for their policy on NSF fees.
7. When I pay off my loan, how soon can I receive another loan?
It normally takes two business days for your payment to clear at the bank. Once the payment clears, you can then request a new loan at any time by providing us with proof of payment.