FAQ (Frequently Asked Questions)

What is a Cash Advance?

A Cash Advance, also known as a Payday Loan, is an advance of funds based on your income to meet your short-term financial needs. These types of advances have regulated loan fees and are due on your next income date.

How do I qualify for a Cash Advance?

You would need the following to apply:

  • Must be at least 18 years of age with valid ID
  • An open and active bank account
  • A steady source of income

Note: You will be asked to provide documentation to confirm the information provided on your application.

How long does it take to get my loan approved?

We provide step by step communication during the underwriting of your application, you will receive emails once an Agent has been assigned to your account and when it has been approved. The funding of the loan is contingent on the verification of your application and your signature on the loan agreement.

How do I check on the status of my application?

When you submit your application, you will receive a confirmation email, please reply to that email with any additional information or questions, it will then be linked directly to the agent assigned to you. You are also able to use our website's chat feature.

Will I need to send any documents?

New Customers need to upload or email the following documents to establish an account:

  • Most recent pay stub if applicable
  • 30-60 day Bank statement that shows your last two income deposits and the bank account number (only one deposit is required if it is employment income)
  • A pre-authorized debit form or blank, void cheque
  • Two pieces of ID, color pictures of both
  • A clear picture of yourself holding the ID (unless applying in a store location)
  • A current piece of mail or insurance papers to confirm your address

Returning Customer need to upload or email the following documents:

  • 30-60 day bank statement showing the account number, previous loans debit and current income deposit
  • Current paystub if your pay is not direct deposited

Note: Additional documentation may be requested to help us fund your application

Can I refinance or rollover my loan?

Each advance is a contract in its own entity, and as such, needs to be paid off before a new advance can be funded. You may not use the proceeds of another loan to pay out a previous one.

What are the fees associated with a Cash Advance?

Cash Advances in BC are regulated at an interest rate of 15%. Once approved for an advance your lending agreement will describe the fees in detail for you.

How much do I have to repay?

The principal amount borrowed plus a 15% fee, please see your contract for detailed information including payment due dates.

Why do I need a bank statement every time I borrow?

Having an open and active account as well as a steady income are requirements for a Cash Advance, as such, we request a bank statement during the application to ensure both requirements are met.

What is Decision Logic? How do I use it?

Decision Logic is a program we use that allows us to review a read only version of your bank account. A few FAQ’s about this program:

  • We will send you a link, you would log in using your online banking information
  • This information is private, we cannot see your username or password
  • You can click an option to allow us to refresh the statement when you apply for a loan so you should only need to log in once
  • This does not affect your credit in any way
  • We cannot make any changes or transactions; it is a read only version of your statement so we can see our debit and your income to approve your advance.
Can I have more than one Cash Advance at a time?

Due to provincial regulation and lending guidelines you are only permitted to have one open loan at any given time.

After I pay off my loan can I apply for another one?

Yes, provided your previous loan is paid in full.

Why is it important for me to read and understand my loan agreement?

The loan agreement is a contract between you and the lender, it outlines the terms and conditions of your agreement in detail, it is important you read and understand the agreement before signing. If you have any questions you can reply to an email from your agent, email us at hello@venuefinancial.com or use the chat option on our website.

My payday or bank details have changed, what do I do?
  • If you visit us in store, please bring your updated information and supporting documents with you on your next visit.
  • If you visit us online, please provide the new information and documentation during your the application, or by replying to an email we have sent you. If you have a current loan and need it updated immediately please call us at 1-778-716-3343
What is a PIN number?

When applying with us for the first time we will request a 4-digit PIN number from you. This is for verification purposes in the future should you call in to ask questions, and it is used to unlock your contract when lending online as well as receive your e-transfer funds.

I forgot my PIN number, what do I do?

If you cannot remember your PIN please call us at 1-778-716-3343, an agent will ask verifying questions before assisting you with creating a new PIN.

Am I able to have an Advance for each type of income I receive?

In BC, a customer is only permitted to have one advance at any given time. If there is an opportunity to increase your advance your agent will be in contact with you.

How do I get the funds?

We have two convenient methods of funding:

  1. E-Transfer - For access to your funds from the comfort of your home or on the go
  2. Cash - in one of our store locations
Why do people choose a Cash Advance?

Sometimes consumers find that there is more month then money, something unexpected happens, or they are simply short on cash until payday. A Cash Advance provides quick access to funds and can be the perfect solution to short term financial needs.

Is there a limit to how many Cash Advances I can receive?

A Cash Advance service is meant to offer temporary short-term relief between paydays. While there is no limit to the number of advances allowed over time, in BC you are only permitted to have one loan at any given time.

What if I have poor credit?

You came to the right place then! Instead of using your credit score to rate your eligibility we utilize our own set of risk assessment tools to verify the accuracy of the information you provide. Poor credit will not impact your eligibility.

What if I need copies of my loan documents?

You can reply to any email sent from us to request information or email us at hello@venuefinancial.com

How do I apply for a Cash Advance?

You can have funds in your account in three easy steps:

  1. Apply online
  2. Submit required documentation
  3. Choose how you would like to receive funds (via e-transfer for easy stay at home access to your funds, or cash in one of our store locations)

Note: One of our agents may be in contact with you if additional information/documentation is needed to approve your request

How do I make payments?

Advances are repaid by pre-authorized debit from your bank account. In certain circumstances a repayment in cash in store or via e-transfer are possible but need to be discussed with an Agent.

Do you offer Title or Collateral Loans?

At this time and until further notice we do not have a product for Title or Collateral loans.

What happens if I can’t make a payment?

We understand that life gets in the way at times and difficult situations arise. If you feel that you cannot make your scheduled payment you will need to be in contact with us as soon as possible and we will do what we can to help. It is important to remember that unless payment is received, we will consider all options permitted by law to pursue collections of the debt. Communication is important, if you have any questions please contact us at 1-778-716-3337 to discuss your account.

How much can I borrow with a Cash Advance?

In BC we can lend up to 50% of your Net Pay, not exceeding $1,500.00. At Venue Financial our Cash Advance options range from $200.00 - $1,500.00 depending on your income amount.

How do I upload a Bank Statement or Pay Stub?

During the application process there will be a section allowing you to upload documents/images saved on your device. If this does not work for you, please finish the application, and reply to your confirmation email with the required documents.

How is the payment due date determined?

The due date will be on your next pay date following the origination of your advance. If you qualify for the extended payment plan (EPP) your loan payments will be due on the next 2-3 pay dates following the origination of your advance.

What is the Extended Payment Plan ‘EPP’?

It is a payment plan offered to BC residents who loan three times within a 62-day period. A few FAQ’s about this payment plan:

  • A customer in BC who takes three loans in a 62-day period will qualify for this plan
  • The number of installments depends on your pay frequency. If you are paid Semi Monthly or Weekly/Bi-weekly, you will qualify for three payments. If you are paid monthly, you will qualify for two payments
  • Government regulations mandate that the advance must be set up with these payment options, however, you can choose to repay the advance sooner to apply for a new Cash Advance. You must inform an Agent of your decision otherwise the payment plan will be utilized.
  • Even if one payment has already been made, you are able to pay out the final payment(s) and reapply for a new advance
Why must I sometimes wait to borrow after paying off my loan?

Regulation in BC states that borrowers must be given an EPP if they've previously borrowed 3 times within the past 62 days.  It also states that payments must be due on your pay date, and that loan terms may not exceed 62 days.

A few times a year, it would be impossible to meet all of these criteria for monthly income borrowers who wish to borrow on the same day they've paid out a previous loan.