iCash Instant Loan is a short-term payday loan designed for urgent expenses rather than long-term financing. Canadians looking to get a loan can apply online 24/7, with eligibility based on factors including income and ability to repay.
iCash Instant Loan: best loan for short-term emergency expenses
The iCash product is designed for smaller, immediate expenses rather than large purchases or long-term consolidation loans.
Borrowing ranges from C$100 to C$1,500, and iCash discloses the applicable fees and repayment schedule before the agreement is accepted.
For consumers considering low credit score loans, iCash says perfect credit is not required and approval is based on an overall assessment of risk and repayment ability. However, approval is not guaranteed, and a credit check is performed on the first application.
Should I get a payday loan from iCash?
iCash is a licensed Canadian online lender operating in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario and Prince Edward Island.
Since 2016, the company reports issuing more than four million online loans, which provides useful context when comparing companies offering payday loans.
Before you apply for a loan, consider the borrowing cost carefully. iCash charges C$14 per C$100 borrowed, and a C$500 loan over 14 days has an APR of 365%.
Terms also vary by province, so review the agreement and repayment schedule before accepting the loan.
How to get a loan from iCash
To get the iCash Instant Loan, you need to:
- Be a Canadian resident or citizen.
- Be at least 18 years old, or 19 years old in provinces where the higher minimum age applies.
- Have an active Canadian bank account.
- Have a stable source of income.
- Have a valid phone number.
- Have a valid email address.
- Live in a province where iCash operates: Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, or Prince Edward Island.
- Complete the required credit check if this is your first application.
- Meet iCash’s risk and ability-to-repay assessment.
How to apply for the loan
- Go to the iCash online application.
- Select the amount you want to borrow.
- Choose the repayment option available for your province and circumstances.
- Enter the requested personal and financial information.
- Submit your application for a lending decision.
- If approved, review the total repayment amount, fees, and payment schedule.
- Electronically sign the loan agreement.
- Receive the funds by Interac e-Transfer. iCash states that the transfer can be sent within two minutes after the agreement is signed.
FAQ
Can I get a loan from iCash without a job?
iCash requires a stable source of income, but the information provided does not state that traditional employment is the only acceptable source. Eligibility for these payday loans is determined through iCash’s assessment of the applicant’s information and ability to repay.
How much can I get approved for with iCash Instant Loan?
The iCash Instant Loan ranges from C$100 to C$1,500. The amount available when you apply for a loan online depends on your application and iCash’s assessment, and approval is not guaranteed.
How do I pay off iCash Instant Loan?
Your repayment schedule is disclosed in your loan agreement and can vary by province. iCash automatically debits the applicable repayment amount from your bank account on the due date, so check the agreement carefully before accepting this quick cash loan online.
How do I cancel a loan application with iCash?
The information provided does not specify a universal procedure for cancelling an application. If you have already started the apply for a loan process and want to stop it, contact iCash directly for instructions based on the status of your application.