What You Need to Qualify for CaptainCash Loans

CaptainCash is one of the reputable payday loan providers in Canada offering quick loans if you are strapped for cash. The application process, approval and cash dispatch to your account typically takes 24 hours. You may want to know whether or not you are eligible to receive the loan before applying as well as what may hinder you from getting approved.

Age Limit

Like most financial services, you must be 18 years and over to qualify for quick CaptainCash Loans. Proof of age is definitely required and it is important that you are upfront about your age when applying the loan otherwise you could hurt your chances of getting approved.

Stable Employment

You have to be employed to qualify for a loan from CaptainCash. It is alright if you just started a new job but you need to have worked there for at least three months and have proof of this.

Regular Income

Related to the previous point, payday loans are easy to get but you need to show the lender that you can actually pay back the money you are requesting. A monthly income of at least $1200 is proof enough for most lenders including CaptainCash. You may have a problem getting approved if you receive your payment in cash as cheques and direct deposits are preferred.

Citizenship

You must be a Canadian citizen to qualify for a CaptainCash loan.

Stable Financial Situation

In the interest of the lender ensuring repayment, it is essential that you are not thinking of declaring bankruptcy. Entering a consumer proposal also hurts your chances of qualifying for a loan from CaptainCash.

Active Bank Account

You need to have an active Canadian bank account where you receive your income via direct deposit. The account must also be active for at least the past three months. The account should have little or no insufficient funds transactions.

Little or No Short-term Loans

Applying for multiple payday loans in quick succession can definitely hurt your chances of getting approved for a new loan. CaptainCash prefers that you have little or no short-term debt ratio and no other payday loans or active short term loans that you are servicing.

Factors that Might Hurt Your Eligibility

Declaring a consistent or regular income definitely increases your chances of securing the loan you are looking for. There are however a few sources of income that CaptainCash does not consider including;

  • General insurance income
  • Private pension
  • Self-employment
  • Student loans
  • Social assistance
  • CPP

You can visit the CaptainCash website to learn more about their financial services and your eligibility for a short-term loan.