iCash Review

About lender

iCash stands as a premier online platform catering to the financial needs of Canadians, offering a swift and efficient solution for those seeking accessible e-Transfer loans in Canada. As a trusted name in the industry, iCash provides a seamless borrowing experience through its user-friendly interface and prompt approval process. Whether it's bridging the gap between paychecks with payday loans or obtaining quick funds via e-Transfer loans, iCash serves as a reliable source for individuals facing unforeseen expenses or financial emergencies.

With a commitment to customer satisfaction, iCash prides itself on its transparent and responsible lending practices. Thousands of satisfied customers attest to the effectiveness of iCash's services, showcasing how the platform has positively impacted their financial well-being. From its user-friendly website to its round-the-clock customer support, iCash strives to ensure that borrowers can access the funds they need swiftly and efficiently, without unnecessary hassle or delay.

Features

• Instant Approval. Get instantly approved, often within minutes of application submission.
• E-Transfer Loans. Receive funds directly into your bank account within 2 minutes via Interac e-Transfer, eliminating the need for lengthy waiting times.
• Payday Loans. Access short-term financial support to cover unexpected expenses, bridging the gap between paychecks.
• Bad Credit Loans. Regardless of your credit score, iCash considers various factors for loan approval, providing opportunities for individuals with less-than-perfect credit histories.
• Flexible Repayment Options. Choose from various repayment plans tailored to your financial situation, including installment plans for added flexibility.

Pros and cons

Pros

Cons

Reliability

iCash demonstrates a high level of reliability, as evidenced by its consistently positive ratings and reviews across various platforms. With a Trustpilot rating of 4.6 and over 2,478 reviews, iCash has garnered trust and satisfaction from a significant number of customers. Furthermore, the platform boasts an impressive rating of 4.8 out of 14.4K ratings on the App Store, indicating strong user satisfaction with its mobile application. Additionally, iCash maintains a stellar 4.7-star rating out of 23.3K reviews on Google Play, further solidifying its reputation for reliability and customer satisfaction. These ratings reflect the platform's commitment to providing reliable and efficient financial solutions, earning the trust and loyalty of thousands of users across Canada. In addition, relevant licenses to operate in Canadian provinces are displayed on the iCash website.

How to apply for an iCash loan?

1. Visit the iCash Website. Start by visiting the official iCash website using your preferred web browser.

2. Create an Account. If you're a new user, you'll need to create an account by providing basic information such as your email address and phone number. Follow the prompts to set up your account securely.

3. Apply Online. Once logged in, you'll need to fill out the loan application form. This typically includes details such as your personal information, contact details, employment status, income, and banking information. Ensure that all information provided is accurate and up-to-date.

4. Choose Your Loan Amount. Select the desired loan amount based on your financial needs and eligibility. iCash offers loan amounts ranging from $100 to $1,500, depending on your province of residence and income.

5. Review and Submit. Before submitting your application, carefully review all the information you've provided to ensure accuracy. Take note of any terms and conditions associated with the loan.

6. Await Approval. After submitting your application, iCash will assess your information and determine your eligibility for a loan. In many cases, applicants receive instant approval, while others may require manual review, which could take a few hours.

7. Sign the Contract. If approved, carefully review the loan agreement provided by iCash. Sign the contract electronically to confirm your acceptance of the terms and conditions.

8. Receive Funds. Upon signing the contract, funds will be transferred directly to your bank account via Interac e-Transfer. In most cases, funds are disbursed within 2 minutes of contract completion, providing swift access to the money you need.

Conditions

• Loan Amount. iCash offers loan amounts ranging from $100 to $1,500, depending on eligibility and provincial regulations.
• Loan Term. The loan term ranges from 7 to 62 days, allowing borrowers to choose a repayment period that suits their financial situation.
• Interest Rate. iCash charges an interest fee of $15 for every $100 borrowed in Alberta, British Columbia, Ontario, Nova Scotia, and Prince Edward Island. In Manitoba, the fee is $17 per $100 borrowed, and in New Brunswick, it's $15 per $100 borrowed.
• Repayment Options. Borrowers can make one to three equal payments, depending on their province of residence and loan terms.
• Renewal Options. Borrowers won't be able to take out multiple loans at a time, but they may be able to take out a second loan as soon as their first loan is paid off.

Requirements

• Age. Borrowers must be at least 19 years old to apply for an iCash loan.
• Canadian Residency. Applicants must be Canadian residents residing in a province where iCash operates, such as Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, or Prince Edward Island.
• Valid Contact Information. Borrowers must provide a valid cell phone number, email address, and residential address.
• Minimum Income. Applicants must have a minimum monthly income of $800, deposited into a Canadian bank account, and maintained for at least the past three months.
• Stable Income Source. Borrowers must demonstrate a consistent source of income, which can include employment income, government benefits, pensions, or other forms of regular income.
• Bank Account. Borrowers must have a Canadian bank account that has been open for at least three months and offers online banking facilities.
• Application Details. Borrowers are required to provide accurate and complete information during the application process, including personal details, employment information, income sources, and banking information.
• Credit Check. While iCash considers various factors beyond credit scores, applicants should be aware that a credit check may be conducted as part of the loan approval process. However, bad credit or no credit history does not necessarily disqualify applicants from obtaining a loan.

Ways to receive the money

• Interac e-Transfer. Upon approval of the loan application and signing of the loan agreement, iCash disburses the funds directly into the borrower's bank account via Interac e-Transfer. This electronic transfer method ensures swift access to the loan amount, typically within 2 minutes of contract completion. Borrowers can then access the funds immediately and use them for their intended purposes.
• Direct Deposit. Alternatively, borrowers may opt to receive their loan funds via direct deposit into their designated bank account. Similar to Interac e-Transfer, this method provides a quick and secure transfer of funds directly into the borrower's bank account. While the processing time may vary depending on the recipient bank's policies, direct deposit offers a convenient way for borrowers to access their loan funds without the need for physical checks or paper transactions.

Products

• Payday Loans. iCash's payday loans offer short-term financial assistance to bridge the gap between paychecks. Borrowers can access funds quickly to cover unexpected expenses or financial emergencies.
• E-Transfer Loans. iCash's e-Transfer loans provide a seamless and efficient borrowing experience, with funds transferred directly into the borrower's bank account via Interac e-Transfer.
• Bad Credit Loans. iCash offers bad credit loans to individuals with less-than-perfect credit histories. These loans provide an opportunity for borrowers to access funds despite having poor credit scores.
• Government Benefit Loan. iCash provides government benefit loans to individuals receiving various forms of government assistance, including employment insurance, child tax benefits, disability benefits, pensions, and social assistance.

Reasons you may be denied an iCash loan

• Insufficient Income. iCash requires applicants to have a minimum monthly income of $800 deposited into a Canadian bank account. If your income falls below this threshold, your loan application may be denied.
• Inaccurate Information. Providing inaccurate or incomplete information on your loan application may lead to rejection. Ensure that all details provided, including personal information, employment details, and income sources, are accurate and up-to-date.
• Unstable Employment. iCash may consider the stability of your employment when assessing your loan application. If you have recently changed jobs or have a history of frequent job changes, it may impact your eligibility for a loan.
• Recent Address Change. If you have recently changed your residential address, it may raise concerns about stability and reliability, potentially affecting your loan application.
• Inability to Verify Identity. iCash may be unable to verify your identity based on the information provided in your application. Make sure to provide valid and verifiable identification details to avoid any issues with identity verification.

How to repay an iCash loan

1. Review Loan Agreement. Start by reviewing the loan agreement provided by iCash, which outlines the terms and conditions of your loan, including repayment details such as the total loan amount, repayment schedule, and any applicable fees.
2. Understand Repayment Options. iCash offers various repayment options, including one-time payments and installment plans, depending on your province of residence and loan agreement. Review the repayment options available to you and choose the one that best fits your financial situation.
3. Make Payments on Time. Ensure that you make payments on time according to the agreed-upon schedule outlined in your loan agreement. Late payments may result in additional fees or penalties, so it's essential to adhere to the repayment schedule to avoid any issues.
4. Set Up Automatic Payments. To streamline the repayment process and avoid missing payments, consider setting up automatic payments through your bank account. This ensures that your loan payments are deducted automatically on the scheduled due dates, providing peace of mind and convenience.
5. Monitor Your Bank Account. Regularly monitor your bank account to track loan payments and ensure that they are processed successfully. If you encounter any issues or discrepancies with your payments, contact iCash's customer support team for assistance.
6. Repay Early. If you're able to do so, consider repaying your iCash loan early to save on interest fees and pay off your loan sooner. iCash does not charge any fees for early repayment, allowing you to repay the loan at your own pace without incurring any penalties.

Editorial opinion

Important

How to Choose a Lender

1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

• iCash Online Banking
• How to Apply for iCash Loan
• How to PayOff iCash Debt
• iCash Mobile App
• iCash Personal Loans for September 2024
• iCash Loans Calculator
• iCash Customer Reviews

Sources

• iCash.ca Website