Headquartered in Edmonton, Alberta and serving about 50,000 clients across one of the biggest countries in the world, that’s not surprising.
However, you may be surprised by our purpose, our story, and our big idea.
Our purpose is to “provide relief today and hope for tomorrow.” This means that we always want to find a way to say yes to every client today, but also to help them build a better financial future by providing a full suite of innovative products and intimate one-to-one advice-based service.
Our story is about how Cashco profitably transformed from a payday lender into a new entity, a category of one, as the first and only alternative lender in Canada to collaborate with a mainstream financial institution to offer bank accounts to those under-served by traditional banks.
Our big idea nudges individuals, families, and communities toward a better more hopeful economic future by providing meaningful banking services and credit programs that work for the way our clients borrow, save, and spend.
We call it real world banking.
You see, In Canada, 30% of the working population live paycheque to paycheque barely earning enough money to cover living expenses. Even a small unexpected expense can cause significant hardship to these financially vulnerable individuals.
Although all federally regulated financial institutions in Canada are required to provide access to basic banking, many are excluded from access to credit due to their bruised credit files. They’re excluded because they’re not profitable for banks and their shareholders.
Consequently, most bank accounts and services are designed for the financial lifestyles of those on the upper rungs of the ten rung “credit ladder.” While more than 2 million Canadians on the lower rungs with credit scores below 600 remain under-banked, un-respected, and under-served.
We have seen that restricted access to credit and banking is a key contributor to the cycle of debt and near poverty issues that affect so many.
Unfortunately, without an adequate financial support system to pave a path to the future, they will continue to struggle day and day out.
This is wrong! Our big idea makes it right.
So far over 6,200 happy account holders agree.