Loans & Apps Like iCash for Fast Funding

iCash is one of the most popular payday lenders in Canada. However, they’re not the only major player in the marketplace of fast, short-term loans. If you’re facing an emergency and need a small loan right now, here are alternatives to iCash that are worth considering.

Lender	Key features
KOHO	0% interest cash advance with no credit check or income requirements
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Nyble	Free 0% interest line of credit with no credit check and instant funding for a fee
Bree	0% interest cash advance with no credit check and instant funding for a fee
Wagepay	24/7 payday loan, no credit check and funding within 2 minutes
GoDay	Payday loan with no paperwork required and funding within 2 minutes
Loans Canada	Loan comparison platform offering installment loans, partnered with 60+ lenders
LoanConnect	Loan comparison platform offering installment loans with quick pre-approvals, even to those with bad credit
Green Loans	Small installment loans with no credit check and funding within 24 hours

Related: Cash advance apps in Canada

Related: Same day loans guide

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Summary of apps like iCash

Lender	Instant?	Credit check required?	iOS app	Android app
KOHO	Yes	No	4.8 stars	4.3 stars
Bree	Yes	No	4.9 stars	4.8 stars
Nyble	Yes	No	4.8 stars	4.8 stars
Wagepay	Yes	No	4.6 stars	4.1 stars

What other apps are similar to iCash?

Other lenders offering loans like iCash include:

• Credit Club Loans
• Money Mart
• PAY2DAY

How does iCash compare?

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

Are cash advance apps better than payday loans?

Cash advance apps are generally better than payday loans because they offer more affordable options. For example, Bree and Nyble both offer advances with no interest or mandatory fees, making the APR 0%. Payday loan APRs, on the other hand, reach triple digits. The downside of cash advance apps is that their loan amounts are lower than those of payday loans.

Features of payday loans like iCash

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

Small loan amounts

The amount you can borrow may depend on the province or territory you’re in, but you can usually get small loans ranging from $100 up to $1,500 maximum.

Short loan 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 of $14 for every $100 borrowed. With fees like this, APRs are typically over 300%, making payday loans one of the most expensive ways to borrow money.

Quick access to cash

Most payday lenders will give you a decision within minutes. If you clear the income and identity verification process, you could receive funds via e-Transfer immediately after approval. 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 however you want, as long as it’s legitimate and legal. Payday lenders don’t keep tabs on how you’re making use of your loan.

Bad credit is okay

Payday loan providers usually accept applications from people with poor credit because they prioritize income and the ability to repay loans on time over credit scores.

Related: Best payday loans in Canada

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 must usually be met:

• Age. You must be of the age of majority in your province or territory.
• Residency. You need to be a Canadian citizen or permanent resident and have a valid Canadian address.
• Income. You need proof that you have some form of income, whether it’s employment income, pension or government benefits.
• Bank account. If you’re applying online, you 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 doesn’t guarantee you’ll get approved for a payday loan.

Required information

Lenders may not ask for all of this information, but to speed up the application process as much as possible, gather these details in advance:

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

What do I need to watch out for?

Aside from quick repayment terms and the sky-high fees you’ll pay to borrow money, 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 negatively affect your credit rating, too.

How do I get my payday loan?

You can receive your payday loan in several ways:

• Interac e-Transfer. This is one of the fastest options, and instant funding is possible.
• Direct deposit. Get your money in a few hours or the next day.
• Cash. If your lender has a physical location close to you, head over and apply for a payday loan to receive cold, hard cash.

Canadians’ finances in 2024 vs 2025

According to the Finder: Consumer Sentiment Survey January 2025, Canadians appeared to be in a weaker financial position compared to the same time last year. Just 30% said they were in a stronger financial position, down from 33% in January 2024. Meanwhile, 30% said they were not in a stronger position, up from 27% the year before.

Bottom line

A payday loan should be used as a last resort 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 for receiving 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.

Frequently asked questions

• How can I borrow $50 instantly in Canada?

  If you need to borrow $50 instantly, you're going to have to look into iCash alternatives, since the minimum amount you can borrow from iCash is $100. Instead, opt for a cash advance app like KOHO Cover, Bree or Nyble, which are typically much cheaper than payday loans. Learn more about your options in our guide to getting a $50 loan.

• Can I cancel a payday loan?

  Yes, you can. Most provinces offer a cooling-off period of about two business days in which you can cancel a payday loan without penalty.

• What happens if I miss a payment?

  If you're late or you 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 your 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.

• Which iCash alternatives are available in Quebec?

  Since iCash doesn't service Quebec, you may be wondering what loans like iCash are available in the province. Lenders like Loans Canada, Green Loans, KOHO, Nyble and Bree all offer loans that Quebec residents may be eligible for.