Loans like iCASH

Payday loans in Canada are readily available when you’re facing a financial emergency. If you’re thinking of taking out an iCASH payday loan but want to consider your options first, here’s a look at alternatives that have similar features but may better suit your needs.

3 loans like iCASH

If you’re looking for no documents required: GoDay
If you’re looking for flexible income requirements: Cash Money
If you’re looking for 24/7 approval and funding: Money Mart

If you’re looking for no documents required: GoDay

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GoDay Payday Loan

$100 – $1,500
Loan amount

1 – 62 days
Loan Term

60 minutes
Min. Turnaround Time

• Info
• Features
• Details

Like iCASH, you won't need to send GoDay any documents to get approved. Instead, you'll need to give GoDay view-only access to your bank statements via instant bank verification.

• Apply online within minutes to receive an instant pre-approval on your application.
• If you accept your contract, receive funds within the hour via Interac e-Transfer.
• Apply with bad credit, no credit and if you're self-employed or receive benefits.

• Extremely steep rates
• Repayment terms of 14 days, or your next payday, Up to 62 days.
• First-time borrowers can only get approved for up to $500.

Loan amount	$100 – $1,500
APR	Varies by province
Term	Up to 62 days
Min. Turnaround time	As little as 2 minutes with INTERAC e-Transfer®
How to apply	Online In Store
Credit Check	Yes

If you’re looking for flexible income requirements: Cash Money

Read review

Cash Money Payday Loan

$100 – $1,500
Loan amount

5 – 40 days
Loan Term

15 minutes
Min. Turnaround Time

• Info
• Features
• Details

While some lenders insist that you must be employed for at least 3 months with minimum income requirements, Cash Money is an iCASH alternative that's open to any recurring sources of income, including unemployment and disability benefits. Its priority is ensuring you have adequate funds to repay the loan you're taking out. Proof of income includes bank statements or benefits letters.

• Apply online, in-store or over the phone.
• If approved, get your money in as little as 15 minutes via Interac e-Transfer&reg
• .
• Instant decisions on your loan application.

• Extremely steep rates
• Must repay by your next payday, up to 40 days.

Loan amount	$100 – $1,500
APR	Varies by province
Term	5 - 40 days
Min. Turnaround time	As little as 15 minutes with INTERAC e-Transfer®
How to apply	Online In Store
Credit Check	Yes

If you’re looking for 24/7 funding: Money Mart

Read review

Money Mart Payday Loan

$120 – $1,500
Loan amount

1 – 62 days
Loan Term

60 minutes
Min. Turnaround Time

• Info
• Features
• Details

Apply for a Money Mart loan in-store or online and receive a decision right after you submit your application. Funds are released quickly as long as Money Mart can verify your information and you've signed off on the loan agreement. New customers may be required to provide documents to establish an account, such as recent pay stubs, a voided cheque and government-issued ID.

• Apply online or in-store in a matter of minutes.
• Fast approvals of about 2 hours after being approved.
• Collect your funds in person, through direct deposit or via Interac e-Transfer.
• More than 120 store locations across Canada if you need in-person help.

• Extremely steep rates
• Repayment terms of 2 weeks up to 62 days, depending on where you live.
• Watch out for NSF fees, late fees and other charges.

Loan amount	$120 – $1,500
APR	Varies by province
Term	1 - 62 days
Min. Turnaround time	As little as 1 hour after getting approved
How to apply	Online In Store
Credit Check	No

How does iCASH compare?

You can read our review of iCASH for more details, but here are the highlights:

Features of payday loans like iCASH

A payday loan is an unsecured loan of up to $1,500. It must be paid back at the same time that you receive your paycheque, hence the term “payday loan.” Key features include the following:

• Small loan amounts.
  How much you can borrow may depend on the province or territory you’re in, but you can usually get small loans $100 up to a maximum of $1,500.
• Short terms.
  Payday loans are designed to be short-term solutions to your financial problems. When you apply for a loan, the lender asks you how frequently you’re paid to determine your final repayment due date.
• Incredibly high rates and fees.
  Expect fees between $14 to $17 for every $100 borrowed. With fees like this, APRs are roughly 400% or more, making payday loans one of the most expensive ways to borrow money.
• Quick access to cash.
  Most payday lenders will provide you with a decision within minutes. If you clear verification of your identity and income, you could receive funds immediately after approval via e-Transfer. Learn more about e-Transfer payday loans.
• Use the funds for any purpose.
  Once you’re approved for a payday loan, you have the freedom to use the money as you’d like as long as you use the funding for legitimate and legal purposes. Payday lenders don’t keep tabs on how you’re making use of your loan.
• Bad credit is okay.
  Payday loan providers will usually accept applications from people with poor credit because they prioritize your income and ability to repay your loan on time over your credit score.

What do I need to apply for a payday loan like iCASH?

While the application process for any iCASH alternative varies from lender to lender, the following eligibility criteria usually need to be met:

• Age. You must be the age of majority in your province or territory.
• Residency. You’ll need to be a Canadian citizen or a permanent resident and have a valid Canadian address.
• Income. You’ll need proof that you have some form of income, whether it’s employment income or government benefits.
• Bank account. If you’re applying online, you will need a working bank account. If you apply in person at a store, you may not need a bank account.

Remember that meeting the eligibility requirements does not guarantee the approval of your payday loan.

Required information

Lenders may not ask for all of these, but to speed up the process as much as possible, prepare these in advance:

• Valid ID with name and address
• Valid phone number
• Proof of income
• Net and gross income amounts
• Bank account information (chequing account, routing and institution numbers)
• Reference

What are some apps like iCASH?

If you’re looking to borrow money fast via an app, the following loan providers have them:

• Cash Money
• Pay2Day
• Bree
• Nyble

Keep in mind, Bree and Nyble are not payday loan providers and offer smaller loan amounts up to $200.

What do I need to watch out for?

Aside from the sky-high fees you’ll pay to borrow money and the quick repayment terms, look out for these risks with payday loans like iCASH:

• Disreputable lenders. Not all lenders follow provincial or territorial laws and regulations. Check to make sure the payday lender you’d like to work with is licensed and isn’t a scam. Always choose a reputable company that has positive feedback from real customers.
• Cycle of debt. Unless you have a clear-cut plan to pay off your loan by your next payday, you could end up in a spiral of debt. With steep interest rates and more penalties for not repaying your loan on time, payday loans can trigger a snowball of debt if you don’t have an exit strategy. This could have a negative effect on your credit rating too.

Legitimate payday loans

Bottom line

A payday loan should be used as a last resort option when you’re facing a financial emergency. While iCASH is a viable option that provides a quick application process, a speedy decision on your loan request and a smooth process to receive funds, there are plenty of iCASH alternatives too. If you believe a payday loan like iCASH is right for you, always compare your payday loan options to find the best deal available to you.

Compare payday loan options

Sort by:

Name	Product	Loan Amount	Loan Term	Interest Rate	Turnaround Time	Serviced Provinces	Offer	Table description
GoDay Payday Loan GoDay Payday Loan		$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer®	AB, BC, MB, NB, NS, ON, PEI, SK		To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.	Go to site View details	Compare	loading Fetching your data...
iCASH Payday Loan iCASH Payday Loan		$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer®	AB, BC, MB, NB, NS, ON, PEI	Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.	Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. 24/7 instant approval and e-Transfer funding. Income of at least $800/month required.	Go to site View details	Compare	loading Fetching your data...

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Frequently asked questions about iCASH alternative payday loans

• Can I cancel a payday loan?

  Yes, you can. Most provinces offer a cooling-off period of about 2 business days where you can cancel the payday loan without penalty.

  The cooling-off period of 2 business days is available in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario and Prince Edward Island. Saskatchewan’s cooling-off period is the next business day only.

• What happens if I miss a payment?

  If you’re late or miss a repayment, you may be charged other fees, such as late payment fees, NSF fees, arrears fees and even collection fees if your account remains unpaid.

  Contact the lender as soon as possible if you’re having trouble repaying your loan on time. If you don’t inform them, your loan eventually goes into default. Having a defaulted loan on your credit report causes your credit score to drop, making it difficult to qualify for financing in the future.

• How do I get my payday loan?

  You can receive your payday loan in a number of ways:

  • Interac e-Transfer or direct deposit. Your lender can send your money via an Interac e-Transfer or direct deposit. If you opt for Interac e-Transfer, you’ll need to be registered with your bank first.
  • Cash. If your lender has a physical location close to you, you can head over and apply for and receive your payday loan in cold hard cash.
  • Loaded onto a prepaid card. A few payday lenders transfer funds directly onto a prepaid card tied to your payday loan account. Read more about getting a payday loan on a prepaid card.

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