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.
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. 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). You may also want to consider payday loan alternatives.
Payday loans like iCash
If you want a payday loan with no documents required: GoDay
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
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
Installment loans like iCash
If you want a loan with flexible income requirements: Loans Canada
Loans Canada is an online loan search platform that matches you with lenders when you fill out its one application. It has a large lender network to help you find the right loan.
Get matches fast
Funding in 24-48 hours
Bad credit is okay
You're limited to Loans Canada's partners
High rates for bad credit
Loan amount
$300 – $50,000
APR
6.99% – 46.96%
Term
3 - 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Origination fee
0
Turnaround time
Receive funds within as little as 24 hours.
If you want a small loan you’ll pay back in installments: LoansLoans.ca
Apply online for an interest-free line of credit of up to $150 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.
Easy application process
No credit checks
No interest
Can improve your credit score
Roll over your loan
$11.99 per month for fast transfers, full credit report and other premium perks
Small loan amounts only
Loan amount
$30 – $150
APR
Starting at 0%
Term
30 days, extendable
Fees
No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
If you want a loan with no interest or mandatory fees: Bree
Bree lets you borrow a small amount of up to $250 to help you cover expenses until your next payday. You won't have to pay any interest or mandatory fees, but a small fee applies if you want funding within 30 minutes.
Easy application process
No credit checks
0% interest and no late fees
Loan amount may not be enough for your needs
Monthly fee for Bree's budgeting tool
Fee for fast transfers
May not improve your credit, unlike Nyble
Loan amount
$20 – $250
APR
Starting at 0%
Term
Next pay cycle (61 days max.)
Fees
No interest or fees to access cash advance, fee for express funding (varies based on advance)
Turnaround time
Within 8 hours for the express option (fee charged based on advance amount) and up to 3 business days for standard delivery
Get a zero-interest cash advance ranging from $20 to $250 when you pay a subscription fee starting at $2/month. You'll need a KOHO account to access this service.
No late fees
0% interest
No impact on credit score
Free financial coaching service
KOHO savings account required
Loan amount
$20 – $250
APR
Starting at 0%
Term
Flexible
Fees
subscription fee starting at $2/month
Turnaround time
Immediately
Serviced provinces
All provinces and territories
How does iCash compare?
You can read our review of iCash for more details, but here are the highlights:
Pros
One of the fastest payday loans you can get because of its automated process.
Get your cash in as little as 2 minutes after signing your contract via e-Transfer.
Accepts all forms of income, including employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance.
Bad credit and no credit are okay.
Cons
Extremely steep rates.
Must have a net income of at least $800 a month to qualify.
Must receive this steady income for the past 3 months.
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.
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.
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
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Frequently asked questions about iCash alternative payday loans
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.
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.
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.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade.
Read our guide to payday loan regulations in your province or territory.
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