Loans like iCash: Payday loans, cash advance apps & installment loans

Compare alternatives to iCash when you need an online loan fast.

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Nyble Credit Line

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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 ASAP, here are alternatives to iCash that are worth considering.

⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. 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. Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.

Payday loans like iCash

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

GoDay Payday Loan

$100 – $1,500
Loan amount
1 – 62 days
Loan Term
2 minutes
Min. Turnaround Time
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 have non-employment income: Cashco

Cashco Financial Payday Loans

$100 – $1,500
Loan amount
1 – 62 days
Loan Term
Undisclosed
Min. Turnaround Time
Cashco is an established installment loan lender that recently entered the payday loan space. It offers quick payday loans with flexible requirements. You can apply if you're currently receiving non-employment income, such as government benefits. Cashco also doesn't do credit checks, so it's possible to get approved with bad credit.
  • Quick decisions and funding
  • Licensed lender
  • Very expensive
Loan amount $100 – $1,500
APR Varies by province
Term Up to 62 days
Min. Turnaround time Same day approval
How to apply Online
Credit Check Yes

Installment loans like iCash

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

Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
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Loans Canada Personal Loan

$300 – $50,000
Loan amount
9.9% – 46.96%
APR
4 - 60 months
Term
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 9.9% – 46.96%
Term 4 - 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: LoanConnect

LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
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LoanConnect Personal Loan

$500 – $60,000
Loan amount
8.99% – 46.96%
APR
3 - 120 months
Term
LoanConnect is a loan search platform that connects borrowers to small and large loans. Fill out one application and get pre-approval within minutes. You can apply with fair or bad credit.
  • Easy application process
  • No fees
  • Not a direct lender
  • Not partnered with banks
Loan amount $500 – $60,000
APR 8.99% – 46.96%
Term 3 - 120 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 small loan you’ll pay back in installments: LoansLoans.ca

LoansLoans.ca Installment Loan
Finder Score:
★★★★★
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LoansLoans.ca Installment Loan

$500 – $1,000
Loan amount
28% – 32%
APR
3 - 12 months
Term
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

Cash advance apps like iCash

If you want no credit check: KOHO

$20 – $250
Loan amount
Starting at 0%
APR
Flexible
Term
Get a zero-interest cash advance ranging from $20 to $250 when you pay a 0% interest with 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 0% interest with a subscription fee starting at $2/month
Turnaround time Immediately
Serviced provinces All provinces and territories

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

Nyble Credit Line

$30 – $250
Loan amount
Starting at 0%
APR
30 days, extendable
Term
Apply online for an interest-free line of credit of up to $250 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 – $250
APR Starting at 0%
Term 30 days, extendable
Fees 0% interest with optional fees
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 a loan with no interest: Bree

Bree Early Pay

$20 – $350
Loan amount
Starting at 0%
APR
Next pay cycle (65 days max)
Term
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 (65 days max)
Fees 0% interest with a $2.99 monthly membership fee
Turnaround time Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and up to 3 business days for standard delivery.

How does iCash compare?

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

Pros

  • High app ratings on the Apple Store and Google Play Store.
  • 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 EI, 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.

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:

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

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Writer

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. See full bio

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Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

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