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iCASH payday loans review
Get fast access to emergency cash and a flexible repayment plan designed to fit your budget.
If you need a bit of extra cash to make ends meet between paycheques, you might like to check out a payday loan from iCASH. This online lender provides financing through its convenient mobile app, and you should be able to qualify in a matter of minutes.
It’s important to remember that any type of payday loan will typically cost much more than a traditional loan due to high fees and interest rates. That’s why it’s important to look at other debt solutions to deal with long-term financial issues before you go this route.
How does borrowing from iCASH work?
You can apply to borrow up to $1,500 by filling out an online application or by submitting a request through the iCASH mobile app. Your money will then be deposited by Interac e-transfer within a couple of minutes of being approved.
What types of loans does iCASH provide?
iCASH offers payday loans ranging from $150 to $1,500. These loans can be repaid over the course of one, two or three installments and are usually approved in as little as one hour from the moment you submit your online application.
Once you’re approved, your money will be e-transferred to you in as little as five minutes. While this is a convenient and easy way to cover short-term financial problems, keep in mind that you’ll pay high fees for this type of loan.
That’s why you should make sure that you limit how much and how often you borrow money. You should also make sure that you have enough money coming in to repay your loan so that you don’t get sucked into an unmanageable cycle of debt.
How much will I have to pay for an iCASH loan?
You’ll usually end up paying hundreds of dollars in fees for this type of loan. The fees you’ll pay for your specific loan will be outlined in your loan contract and are listed below for each province:
|Province||Fee per $100 borrowed||Fee to borrow $500|
|Alberta, Ontario, New Brunswick and British Columbia||$15||$75|
|Manitoba and Saskatchewan||$17||$85|
What are the benefits of an iCASH loan?
You’ll be able to take advantage of a handful of benefits when you apply for a payday loan with iCASH (though a traditional loan is a much better option if you’re looking for more than $1,500).
- Easy application. You can apply for a loan with iCASH in a matter of minutes.
- Fast approval. Your application will be approved in a couple of minutes and your money will be e-transferred to your bank account as soon as you get the green light.
- Flexible repayment. You can choose to pay your loan back in one, two or three easy instalments so that you don’t exceed your monthly budget.
- Mobile app. You’ll be able to apply for financing online or through an easy-to-use mobile app.
- Unsecured loans. You won’t risk losing any of your assets (like your home or vehicle) if you can’t make your repayments.
- Bad credit doesn’t matter. You can still apply with bad credit because your credit score won’t factor into your loan decision.
- No fee for early repayment. iCASH doesn’t charge hidden fees and you can repay your loan early without any penalties.
- Cash back program. You may be able to get 20% of the fees you pay back as soon as you pay off your loan.
What should I watch out for?
Payday loans often have more disadvantages than traditional loans that come from the bank or a low-cost lender. The main drawback of a payday loan is the high fee you’ll pay to borrow. This can lead some borrowers into a vicious cycle of debt that’s difficult to get out of.
Another downfall of getting a payday loan with iCASH in particular is that you can only access financing in certain provinces. These include British Columbia, Alberta, Saskatchewan, PEI, Manitoba, New Brunswick and Nova Scotia.
What should I know before I apply?
To apply for a loan from iCASH, you need to meet the following criteria:
- Be at least 18 years old (or 19 in some provinces)
- Have a Canadian bank account
- Have a steady form of income
- Be residing in a province that iCASH services
Required documents and information
- Proof of ID. You’ll have to show a government-issued piece of ID like your driver’s licence or passport to prove your identity.
- Proof of address. You may be required to submit a utility or cell phone bill to prove that you live at a stable address in Canada.
- Void cheque. You’ll likely have to supply a void cheque or direct deposit form to facilitate withdrawals from your account.
- Income verification. You could be required to submit pay stubs, bank statements or other financial documents to prove your income.
How to apply
If you think you meet all the eligibility criteria and you’re ready to get started with your loan application, you just need to follow the steps below:
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and negotiate the terms of your loan if you meet the eligibility requirements.
iCASH is an online payday loan provider that lets you borrow up to $1,500 at a time, depending on how much income you have coming in. You’ll just need to make sure that you don’t use these funds to solve any long-term financial problems that you may have as this could lead you further into debt. Use this post to find out what you need to qualify and start your application today.