What is CashnGo?
CashnGo is an online cash lender based in Parramatta, Sydney, that specialises in providing small, quick loans. These loans are available from as little as $300 up to $2,000, with repayment terms of two, three or four months on offer. They’re designed to be used for a wide range of purposes, from paying your car rego to covering the bond on your new rental.
The loan application process is entirely online, taking up to one business day but with instant funding in minutes or even seconds once all the documents are signed. All you’ll need to apply is your bank details and the details of the card linked to your transaction account, as well as being prepared to answer questions about yourself and your current financial situation.
CashnGo fees and rates
Because all CashnGo loans are at or below $2,000, they each have the same fee structure. This is as follows:
- Establishment fee: 20% of your loan amount
- Monthly fee: 4% of your loan amount
Your establishment fee will be built into your repayments, which are made in even instalments and set up to be direct debited from your account. This means that, for example, a $500 loan would come with a $100 establishment fee and $20 monthly fee. Over three months, you’d repay $660 in total.
What are some alternatives to CashnGo?
There are a few clear alternatives to using CashnGo to access quick funds. These include:
- Applying with a different provider: you aren’t limited to CashnGo when choosing your lender, of course. There are plenty of other providers out there, including those partnered with Savvy, who can allow you to borrow up to $5,000 with a small cash loan.
- Pay advance app: an alternative funding solution is to use a pay advance app like MyPayFast or MyPayNow. Instead of giving you a lump sum to repay over months or years, you can usually borrow up to 25% of your upcoming payslip and have it deducted automatically when it hits your account.
- No Interest Loans (NILs): these loans, which are available through Good Shepherd and other not-for-profit organisations, can grant you up to $2,000 to $5,000 for certain approved purposes. These can vary from household essentials like appliances to rental bonds and even cars. They can be repaid with no interest or fees.
- Centrelink advances: if you’re a Centrelink income recipient, you may be able to have part of your future payments advanced as a lump sum. Check whether you’re eligible to receive one and how much you can advance if you’re in this situation.