iCash review: 24/7 payday lender

What is iCash?

iCash Canada is a licensed direct lender offering payday loans in several provinces. It has an office in Hawkesbury, Ontario, but loan applications are online only. It’s one of the most well-known payday lenders in Canada.

Related: Best payday loans in Canada

Is iCash legit?

Yes. iCash is a licensed payday lender. It is a member of the Canadian Consumer Finance Association (CCFA) and has served more than 500,000 customers since 2014.

iCash displays its payday loan licences on its website

• License #341941 – Alberta, Oct 31, 2024
• License #4733142 – Ontario, March 17, 2024
• License #67639 – British Columbia, Oct 31, 2024
• License #74162 – Manitoba, May 1st, 2024
• License #180004440 – New Brunswick, May 03, 2024
• License #232535468 – Nova Scotia, July 31, 2024
• License #40955 – Prince Edward Island, March 23, 2024

As of January 22, 2024

iCash loan features

Feature	Details
Loan amount	$100 – $1,500
Loan term	7 - 62 days
Where is it available?	AB, BC, MB, NB, NS, ON, PEI
Interest rate	$15 for every $100 borrowed in Alberta $15 for every $100 borrowed in Ontario $15 for every $100 borrowed in BC $17 for every $100 borrowed in Manitoba $15 for every $100 borrowed in New Brunswick $15 for every $100 borrowed in Nova Scotia $15 for every $100 borrowed in PEI
Repayments	Make 1 to 3 equal payments depending on your province
Fees	If you default on your loan, you may be charged NSF fees and late fees.
Basic eligibility requirements	At least 19 years old $800 minimum income
Types of income it accepts	Many types, including employment, employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance

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How long does iCash take?

iCash Canada provides instant approval for most customers. Once it receives the signed contract, it can provide funding in as little as 2 minutes via Interac e-Transfer.

If your application needs a manual review, approval may take a few hours. Your application may need a manual review if you recently changed your address, switched jobs or have errors on your application.

What we like about the iCash loan

• Easy application. You can apply for an iCash loan in a matter of minutes and get an instant decision.
• 24/7 customer support. This perk is not common among payday lenders in Canada. If your application needs a person to review it, iCash reviews applications 24/7, so you don’t have to wait until the next day if you apply outside of business hours.
• E-Transfer 24/7. You can get your money almost instantly after signing your contract, but you’ll need to be registered for Interac e-Transfer with your bank.
• Accepts many types of income. iCash is flexible in the types of income it accepts. Many types qualify, including employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance.
• Unsecured loans. You don’t need to put up any collateral.
• Bad credit or no credit doesn’t matter. As a payday lender, iCash has flexible requirements and will consider your application if you have bad credit or no credit.
• No fee for early repayment. You can repay your iCash loan early without any penalties.
• Grace period. iCash will give you 5 extra days to repay your loan, which is a perk that other payday lenders don’t offer.
• Secure. iCash says it uses bank-level security to keep clients’ information secure.
• Repay in installments. iCash offers a repayment plan called Flexpay, meaning you repay your loan in 2 or 3 equal payments. But this feature comes with a few restrictions.
• Cashback program. You may be able to get 20% of the borrowing fee back as soon as you pay off your loan. The program is not available to customers in Manitoba.

• Flexpay details

  iCash’s installment repayment plan comes with a few restrictions:

  • This is available to residents of Manitoba, BC, New Brunswick, Alberta and PEI, but not Ontario or Nova Scotia.
  • Two-payment loans are only available to borrowers who are paid weekly, bi-weekly, twice a month or receive 2 monthly government income.
  • Three-payment loans are only available to borrowers who are paid weekly, bi-weekly or twice a month from the same income.

  On the day your payment is due, iCash will automatically withdraw from your bank account.

• Cashback program details

  To get your cashback, you must meet several requirements. This list is not exhaustive, so be sure to visit iCash‘s terms and conditions page to get more details.

  • Must not have paid your loan early
  • Must not be in bankruptcy, consumer proposal or a debt consolidation program
  • Must not have any current or previous loans written off with iCash
  • Your iCash account must not be fraudulent and must be in good standing
  • Must have a minimum of $20 available in cashback in order to redeem

What to watch out for

• Extremely high rate. Payday loans in general are one of the most expensive ways to borrow money, and iCash Canada is no exception. Consider all your alternatives before getting a payday loan.
• Short repayment term. Payday loans are risky because you’ll usually need to repay your loan in full by your next payday. Before getting an iCash loan, make sure you’ll have enough income left for other debts or expenses once your repay your loan. Otherwise, you may find you need another loan.
• Payday loan regulations vary by province. The provinces have different rules regarding loan amounts, fees, extensions and cancellation periods, so make sure you know what applies to you.

Summary of iCash reviews

iCash reviews are mostly positive. People leaving positive iCash reviews have consistently commented on iCash’s fast, easy application process. A common trend throughout negative iCash reviews is customers complaining about long troubleshooting processes with customer support that lasted hours or days.

Feature	Details
BBB accredited	No
BBB rating	B+
BBB customer reviews	2.33 out of 5 stars, based on 6 iCash reviews
Trustpilot score	4.6 out of 5 stars, based on 2,467 iCash reviews
iOS iCash app	4.8 out of 5 stars, based on 13,800+ ratings
Android iCash app	4.7 out of 5 stars, based on 22,000+ ratings, 100,000+ downloads
Customer reviews verified as of	January 22, 2024

How much can I borrow with an iCash loan?

• If you live in Ontario or BC, you can borrow up to $1,500 or up to 50% of your net income, whichever is less.
• If you live in Manitoba or New Brunswick, you can borrow up to $1,500 or up to 30% of your net income, whichever is less.
• If you live in Alberta, PEI or Nova Scotia, you can borrow up to $1,500.

Am I eligible for an iCash loan?

Requirements for an iCash loan include the following:

- At least 19 years old
- Canadian resident in a province that iCASH services
- Valid cell phone number, address and email address
- Net income of at least $800/month deposited into bank account
- Receiving the same source of income for the past 3 months
- Have a Canadian bank account that's been open for at least 3 months with online banking

What documents do I need to apply?

iCash does not require any documents. However, it will use the information on your application to validate your identity and income and to get a credit report if you’re a first-time customer.

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Can I get an iCash loan with bad credit?

Yes, iCash specifically states that it accepts customers of all types of credit scores, including bad credit. While iCash will check your credit score, it will not fixate on it and instead will consider other factors, such as your income. According to iCash, more than 90% of its applicants are instantly approved, and most complete the whole process in 30 to 60 minutes.

iCash will only check your credit once. It will not check your credit if you are a returning customer.

How do I apply for an iCash loan?

Applying for an iCash payday loan is similar to other payday loans:

1. Head over to the iCash Canada website.
2. Register for an account using your email address and phone number.
3. Provide details such as your name, Social Insurance Number, date of birth, marital status, number of dependents and level of education.
4. Provide details about your residence, including your address, rent/mortgage payments and number of years at your address.
5. Provide details about your employment and income.
6. Provide details about the purpose of the loan, any active loans and any bankruptcies.
7. Provide a reference, such as a friend or family member.
8. Agree to the terms and conditions.

How much will an iCash loan cost me?

The overall cost of your iCash loan will depend on where you live and how much you borrow. Let’s say you live in Ontario and want to borrow $500 over 14 days. In that case, your iCash loan will cost $75 in fees ($15 for every $100 borrowed), which works out to an APR of 391%.

Bottom line

iCash is one of the standout payday lenders in Canada because you can get your payday loan in 1 hour or less 24/7. However, just like all other payday loans, the iCash loan should only be a last resort because it’s extremely expensive. Before applying for an iCash loan, make sure you’re not using it to solve long-term financial problems. Also check first that you’ll have enough income left for other expenses once you repay the loan.

Compare iCash Canada to other payday loans