iCASH review: 24/7 payday lender
Get an instant decision and e-transfer 24/7 with an iCASH loan.
iCASH offers some flexibility in how you’ll repay your payday loan, although certain restrictions apply. Residents of BC, Alberta, Manitoba, New Brunswick and PEI can repay their loan in 2 to 3 installments. Residents of Ontario and Nova Scotia must make 1 repayment.
$100 - $1,500
7 - 62 days
Varies by province
iCASH Canada at a glance
- 24/7 application, 24/7 approval, 24/7 funding
- Get your payday loan in 1 hour or less
- Bad credit is okay
- Extremely expensive
- Short repayment terms
What is iCASH?
iCASH Canada is a direct lender offering payday loans. It has an office in Hawkesbury, Ontario, but loan applications are online only.
iCASH operates 24/7, 365 days a year. It uses software to swiftly review your application and provide instant approval. Once you sign your contract, you can get your money in as little as 2 minutes with INTERAC e-Transfer, making iCash one of the fastest payday lenders in Canada.
Is iCASH legit?
Yes. iCASH is a licensed payday lender. It is a member of the Canadian Consumer Finance Association (CCFA) and has served more than 500,000 customers since 2014.
Features of the iCASH loan
|Loan amount||$100 – $1,500|
|Loan term||7 - 62 days|
|Where is it available?||AB, BC, MB, NB, NS, ON, PEI|
|Repayments||Make 1 to 3 equal payments depending on your province|
|Fees||If you default on your loan, you may be charged NSF fees and late fees.|
|Basic eligibility requirements|
|Types of income it accepts||Many types, including employment, employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS, social assistance and more|
What we like about the iCASH loan
- Easy application. You can apply for an iCASH loan in a matter of minutes.
- Instant approval. Most applicants will get approval instantly and complete the process in 1 hour or less.
- 24/7 customer support. Few payday lenders offer 24/7 customer support. If your application needs a person to review it, iCASH reviews applications 24/7, so you don’t have to wait until the next day if you apply outside of business hours.
- E-transfer 24/7. You can get your money in as little as 2 minutes after signing your contract. You’ll need to be registered for e-transfer with your bank.
- Accepts many types of income. iCASH is flexible in the types of income it accepts. If you receive government benefits, you can apply.
- Unsecured loans. You don’t need to put up any collateral.
- Bad credit or no credit doesn’t matter. As a payday lender, iCASH has flexible requirements and will consider your application if you have bad credit or no credit.
- No fee for early repayment. You can repay your iCASH loan early without any penalties.
- Grace period. iCASH will give you 5 extra days to repay your loan, which is a perk that other payday lenders don’t offer.
- Secure. iCASH says it uses bank-level security to keep clients’ information secure.
- Repay in installments. iCASH offers a repayment plan called Flexpay, meaning you repay your loan in 2 or 3 equal payments. But this feature comes with a few restrictions.
- Cashback program. You may be able to get 20% of the borrowing fee back as soon as you pay off your loan. The program is not available to customers in Manitoba.
What to watch out for
- Extremely high rate. Payday loans in general are one of the most expensive ways to borrow money, and iCASH is no exception. Consider all your alternatives before getting a payday loan.
- Short repayment term. Payday loans are risky because you’ll usually need to repay your loan in full by your next payday. Before getting an iCASH loan, make sure you’ll have enough income left for other debts or expenses once your repay your loan. Otherwise, you may find you need another loan.
- Payday loan regulations vary by province. Protect yourself as a borrower by becoming familiar with the payday loan regulations of your province.
Summary of iCASH reviews
iCASH reviews are mostly positive. People have consistently commented on iCASH’s fast, easy application process.
|BBB rating||Not available|
|BBB customer reviews||iCASH reviews not available|
|Trustpilot score||4.8 out of 5 stars, based on 1,912 iCASH reviews|
|Customer reviews verified as of||July 20, 2022|
How much can I borrow with an iCASH loan?
- If you live in Ontario or BC, you can borrow up to $1,500 or up to 50% of your net income, whichever is less.
- If you live in Manitoba or New Brunswick, you can borrow up to $1,500 or up to 30% of your net income, whichever is less.
- If you live in Alberta, PEI or Nova Scotia, you can borrow up to $1,500.
What are the iCASH loan requirements?
Requirements for an iCASH loan include the following:- At least 19 years old
- Canadian resident in a province that iCASH services
- Valid cell phone number, address and email address
- Net income of at least $800/month deposited into bank account
- Receiving the same source of income for the past 3 months
- Have a Canadian bank account that's been open for at least 3 months with online banking
iCASH does not require any documents. However, it will use the information on your application to validate your identity and income and to get a credit report if you’re a first-time customer.
Can I get an iCASH loan with bad credit?
Yes, iCASH specifically states that it accepts customers of all types of credit scores, including bad credit. While iCASH will check your credit score, it will not fixate on it and instead will consider other factors, such as your income. According to iCASH, more than 90% of its applicants are instantly approved, and most complete the whole process in 30 to 60 minutes.iCASH will only check your credit once. It will not check your credit if you are a returning customer.
How do I apply for an iCASH loan?
Applying for an iCASH payday loan is similar to other payday loans:
- Head over to the iCASH website.
- Register for an account using your email address and phone number.
- Provide details such as your name, Social Insurance Number, date of birth, marital status, number of dependents and level of education.
- Provide details about your residence, including your address, rent/mortgage payments and number of years at your address.
- Provide details about your employment and income.
- Provide details about the purpose of the loan, any active loans and any bankruptcies.
- Provide a reference, such as a friend or family member.
- Agree to the terms and conditions.
iCASH is one of the standout payday lenders in Canada because you can get your payday loan in 1 hour or less 24/7. However, just like all other payday loans, the iCASH loan should only be a last resort because it’s extremely expensive. Before applying for an iCASH loan, make sure you’re not using it to solve long-term financial problems. Also check first that you’ll have enough income left for other expenses once you repay the loan.
⚠️ Warning: Be cautious with payday loansPayday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider payday loan alternatives:
- Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
- Debt relief companies. There are services to help you reduce your debt payments.
- Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
- Side jobs. Sell unwanted items online, sign up for food delivery and more.
Compare iCASH to other payday loans
Maximum borrowing costs per provinceAlways refer to your contract for exact repayment amounts and costs as they may vary from our results.
|Province||Maximum allowable cost of borrowing|
|Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island||$15 per $100 borrowed|
|Manitoba, Saskatchewan & Nova Scotia||$17 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||Up to $60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|