Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply For iCash

Advertiser Disclosure

iCash offers a variety of short-term loan options tailored to meet the immediate financial needs of Canadian residents. It offers payday loan options, designed to provide quick access to cash to bridge the gap between paychecks, and e-Transfer payday loans, ensuring a seamless and efficient process by delivering funds directly into the borrower's bank account within 2 minutes.

These loans cater to individuals facing unexpected expenses or cash shortages, providing a swift solution to their financial challenges. With flexible repayment options and accessible application processes, iCash strives to offer convenient and reliable financial assistance to its customers across Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, and Prince Edward Island.

How to apply for an iCash loan

  1. Visit the iCash Website or Mobile App. Begin by visiting the official iCash website or downloading the mobile app from your app store. You can easily access the application process from either platform.

  2. Create an Account. If you're a new user, you'll need to create an account with iCash. Click on the "Get A Loan" or "Apply Now" option and provide your email address. You'll receive a registration email to validate your email address. Follow the instructions in the email to finalize your account creation, including entering your personal details such as your name, password, and province of residence.

  3. Complete the Loan Application. Once your account is set up, you can proceed to complete the loan application. Provide all the necessary information as accurately as possible. This includes personal details, contact information, employment status, income details, and the purpose of the online payday loan.

  4. Agree to Terms and Conditions. Review the terms and conditions of the loan carefully. Ensure you understand the repayment terms, fees, and any other relevant information. By agreeing to the terms and conditions, you acknowledge your understanding and acceptance of the loan agreement.

  5. Submit Your Application. After completing the application and agreeing to the terms, submit your application for review. iCash will assess your application promptly.

  6. Receive Approval. In many cases, applicants receive instant approval for their loan. However, if your application requires manual review, it may take a bit longer. Rest assured that iCash reviews applications promptly, including outside of regular business hours.

  7. Receive Funds. Upon approval, iCash will send the funds directly to your bank account via Interac e-Transfer. This process is typically completed within minutes, providing you with quick access to the cash you need.

Conditions

  1. Loan Amount. Borrowers can access loans ranging from $100 to $1,500, depending on their eligibility and province of residence.

  2. Loan Term. The loan term ranges from 7 to 62 days, offering flexibility in repayment options.

  3. Interest Rate. iCash charges varying interest rates based on the borrower's province of residence, typically ranging from $15 to $17 for every $100 borrowed.

  4. Repayment Options. Borrowers have the flexibility to make 1 to 3 equal payments, depending on their province, making repayment more manageable.

  5. Fees. If a borrower defaults on their loan, they may incur NSF (Non-Sufficient Funds) fees and late fees, which are outlined in the loan agreement.

  6. Cashback Program. Eligible borrowers may participate in the Cashback Program, allowing them to receive 20% of the borrowing fee back upon loan repayment.

Requirements

  1. Age. Applicants must be at least 19 years old to qualify for an iCash loan.

  2. Residency. Borrowers must be Canadian residents residing in a province where iCash operates.

  3. Income. Borrowers must have a minimum monthly net income of $800, deposited into a Canadian bank account.

  4. Income Stability. Applicants must demonstrate consistent income from the same source for the past 3 months.

  5. Bank Account. Borrowers must have a Canadian bank account that has been open for at least 3 months and supports online banking.

  6. Identification. Applicants must provide valid identification, such as a driver's license or passport, to verify their identity.

  7. Contact Information. Borrowers must provide accurate contact information, including a valid cell phone number, address, and email address.

  8. Credit Check. While iCash accepts applicants with all types of credit scores, they may conduct a credit check for first-time customers. However, having bad credit does not disqualify applicants.

Reasons for rejection

  1. Insufficient Income. If the applicant's monthly income does not meet the minimum requirement of $800, their application may be rejected.

  2. Inconsistent Income. Applicants must demonstrate a stable income source for the past 3 months. If there are inconsistencies or gaps in income, it may lead to rejection.

  3. Invalid Information. Providing inaccurate or incomplete information on the loan application can result in rejection. It's essential to ensure all details provided are correct and up-to-date.

  4. Unverifiable Information. If the information provided by the applicant cannot be verified, such as employment details or income source, the application may be rejected.

  5. Banking Issues. Issues with the applicant's bank account, such as recent changes or account discrepancies, may lead to rejection.

  6. Credit Issues. While iCash considers applicants with bad credit or no credit history, certain credit-related factors may still lead to rejection, such as recent bankruptcies or outstanding debts.

  7. Existing Loans. If the applicant already has an outstanding loan with iCash or another lender, it may impact their eligibility for a new loan or result in rejection.

Additional resources

Sources

FAQ

How long does it take to get approved by iCash?

iCash offers an expedited approval process for most applicants, often providing instant approval within minutes. However, in some cases where manual review is required, approval may take slightly longer. This typically occurs if there are discrepancies in the application or if additional verification is needed. Nevertheless, iCash endeavors to review applications promptly, even outside of regular business hours, ensuring borrowers receive timely decisions regarding their loan applications.

How quickly funds can be received?

Once approved, borrowers can expect to receive their funds swiftly through iCash's efficient disbursement process. Funds are typically sent directly to the borrower's bank account via Interac e-Transfer within minutes of approval. This rapid transfer ensures that borrowers have quick access to the cash they need to address their financial requirements without delay, making iCash a convenient option for those in need of immediate financial assistance.

How trustworthy is iCash?

iCash is widely recognized as a reputable and trustworthy lender in the Canadian financial landscape. As a licensed payday lender and a member of the Canadian Consumer Finance Association (CCFA), iCash adheres to strict regulations and industry standards, ensuring transparency, fairness, and responsible lending practices.

Additionally, iCash has served over 500,000 customers since its establishment in 2014, garnering numerous positive reviews from satisfied borrowers. With its commitment to customer satisfaction, security, and compliance, iCash stands as a reliable and trustworthy option for individuals seeking short-term financial solutions in Canada.

Does iCash verify income?

Yes, iCash does verify the income of loan applicants as part of its application process. Applicants are required to provide information about their income source, including details such as employment status and monthly income amount.

While iCash accepts various types of income, such as employment income, government benefits, and pension payments, it verifies this information to ensure that borrowers have the means to repay the loan according to the terms of the agreement. Verification of income helps iCash assess the borrower's financial stability and determine their eligibility for the loan.

Does iCash hurt your credit score?

iCash may conduct a credit check for first-time borrowers to assess their creditworthiness. However, this credit check typically does not impact the borrower's credit score. iCash is a payday lender that specializes in providing short-term loans, and its credit checks are often soft inquiries that do not leave a lasting impact on the borrower's credit profile.

Additionally, iCash may consider applicants with bad credit or no credit history, making it accessible to individuals with varying credit backgrounds. Therefore, while iCash may verify credit information, it generally does not have a detrimental effect on the borrower's credit score.

Financial products
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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100.00 – 1500.00 C$
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88.31 – 2391.07 %
Term
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Loan term for the financial product

7 days – 62 days
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