This review is for Apple Cash Loans and Apple Tree Cash loans. When you borrow from online lenders, you should choose a licensed lender.
It’s important to use caution with payday lenders. In our research of Apple Cash Loans and Apple Tree Cash loans we did not find evidence that this was a licensed lender in Canada. Also, they do not appear to follow payday loan regulations and do not disclose any details about the total cost of borrowing.
Advantages of Borrowing with Apple Cash
Borrow – loans up to $1,500
Fast – claims of getting your loan within 20 minutes
Eligibility – good credit not required.
Disadvantages of Borrowing with Apple Cash
Interest rates – unclear and mentions the ‘cost of borrowing varies by province’
Possible prepayment penalties – There might be penalties for early repayment
Other – Does accept many other types of social assistance income (CTC, ODSP, CPP)
Applying with Apple Cash Loans
Requirements of applying with Apple Cash include:
- At current job for amore than 90 days
- Must be 18 or older
- A citizen or permanent resident of Canada
- Income of $500/month or more after taxes
- An active checking account in your name
Apple Cash also requires a current home and work phone numbers along with a valid email address.
What to Know about Apple Cash Loans
This is a good example of red flags to watch out for when looking for a reliable payday loan option to help you. This business is missing a few things to watch for.
– evidence of being licensed in provinces operating
– not being transparent with loan costs
– a published physical address
– possible upfront fees
Borrowers need to be careful when they use payday loans. While they’re a convenient way to access the funding you need, they come with high interest rates and short repayment terms. It’s for this reason that installment loans are recommended when borrowing.