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.

• Payday loans like iCash
• Installment loans like iCash
• Cash advances like iCash

Payday loans like iCash

If you want a payday loan with no documents required: GoDay

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GoDay Payday Loan

$100 – $1,500
Loan amount

1 – 62 days
Loan Term

2 minutes
Min. Turnaround Time

• Info
• Pros + Cons
• 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

Installment loans like iCash

If you want a loan with flexible income requirements: Loans Canada

Finder Score:

★★★★★

Customer Survey:

★★★★★

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Loans Canada Personal Loan

$300 – $50,000
Loan amount

6.99% – 46.96%
APR

3 - 60 months
Term

• Info
• Pros + Cons
• Details

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 in as little as 24 hours.

If you want a fast funding small loan: MDG Financial

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MDG Financial Installment Loan

Up to $1,600
Loan amount

29.78% – 44.8%
APR

Up to 36 months
Term

• Info
• Pros + Cons
• Details

MDG Financial provides cash installment loans of up to $1,600. You can pre-qualify online without impacting your credit score. Once you're approved for a loan, the money will be deposited into your bank account within three hours.

• Easy application process
• Payments reported to credit bureaus
• No penalty for early repayment
• Established provider

• 560 minimum credit score required
• High interest rates
• Some borrowers may need more than $1,600

Loan amount	Up to $1,600
APR	29.78% – 44.8%
Term	Up to 36 months
Min. credit score	560

If you want a small loan you’ll pay back in installments: LoansLoans.ca

Finder Score:

★★★★★

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LoansLoans.ca Installment Loan

$500 – $1,000
Loan amount

28% – 32%
APR

3 - 12 months
Term

• Info
• Pros + Cons
• Details

LoansLoans.ca offers short-term installment loans online. It doesn't do any credit checks and has more lenient requirements than traditional lenders.

• Funding in 24 hours
• No credit check

• High rates and fees

Loan amount	$500 – $1,000
APR	28% – 32%
Term	3 - 12 months
Min. credit score	300
Fees	Late payment fee (2.66% per month), $45 NSF fee, broker fee
Origination fee	$300
Turnaround time	Receive funds in less than 24 hours

Related: Best instant loans

Cash advances like iCash

If you want a loan with no interest: Bree

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Bree Early Pay

$20 – $350
Loan amount

Starting at 0%
APR

Next pay cycle (61 days max.)
Term

• Info
• Pros + Cons
• Details

Bree lets you borrow a small amount of up to $350 to help you cover expenses until your next payday. You won't have to pay any interest, but there's a $2.99 monthly membership fee plus a small extra fee if you want funding within 30 minutes.

• Easy application process
• No credit checks
• 0% interest and no late fees

• $2.99 monthly membership fee
• Loan amount may not be enough for your needs
• Extra fee for fast transfers
• May not improve your credit, unlike Nyble

Loan amount	$20 – $350
APR	Starting at 0%
Term	Next pay cycle (61 days max.)
Fees	0% interest for cash advances but a $2.99 monthly membership fee applies, fee for express funding (varies based on advance)
Turnaround time	Within 8 hours with express delivery (fee is based on the advance amount) and up to 3 business days for standard delivery

If you want a fast loan that can improve your credit score: Nyble

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Nyble Credit Line

$30 – $150
Loan amount

Starting at 0%
APR

30 days, extendable
Term

• Info
• Pros + Cons
• Details

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	0% interest and no fees to access credit, optional $11.99/month membership for premium services like instant funding
Origination fee	$11.99
Turnaround time	1-30 minutes with a paid membership or 1-3 business days with a free membership.

If you want no credit check: KOHO

Go to site

$20 – $250
Loan amount

Starting at 0%
APR

Flexible
Term

• Info
• Pros + Cons
• Details

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:

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.

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 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
• Money Mart

Keep in mind, Bree and Nyble are not payday loan providers and offer smaller loan amounts up to several hundred dollars.

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.

Frequently asked questions about iCash alternative payday loans

• 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, you can opt for a cash advance app, like Bree or Nyble, which are typically much cheaper compared to payday loans. You can read our guide to getting a $50 loan to learn more about your options.

• 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.