đź’ˇ Struggling With Debt? Seek Debt Relief NOW.
iCASH, just like any other alternative lender, is very expensive. If you’re feeling overwhelmed by payday loans or credit card bills, consider a nonprofit alternative like Consolidated Credit Canada. They help Canadians consolidate and manage their debt without taking on more high-interest loans.
What is iCASH?
iCASH is a fintech lender that operates exclusively online, providing fast payday loans of up to $1,500 to Canadian residents. The application takes minutes, and money can be sent via e-Transfer almost instantly once approved.
Who is it For?
iCASH is geared toward Canadians with fair to poor credit who need quick access to cash. However, these loans come with high costs and are meant for short-term emergencies—not ongoing financial problems.
Key Features
- Loan Amounts: $100 – $1,500
- Term Length: 7 to 62 days
- Interest & Fees: $15 to $21 per $100 borrowed, depending on province
- Approval Time: Often within minutes
- Repayment: Single or multiple installments via pre-authorized debit
Pros and Cons
| Pros | Cons |
|---|---|
| Fast approval & e-Transfer | High borrowing costs |
| No minimum credit score required | Short repayment periods |
| Flexible installment plans | Only available in select provinces |
How Does iCASH Compare?
When evaluating iCASH against other Canadian lenders, it’s important to understand the difference between payday loans (short-term, high-interest, often paid in a lump sum) and personal installment loans (longer-term, structured payments). Here’s how iCASH stacks up as compared to others in the category:
| Company | Min. Credit Score | APR Range | Loan Type | Notes |
|---|---|---|---|---|
| iCASH | No minimum | 109.50%+ | Payday & Installment | High cost; varies by province |
| GoDay | No minimum | 29% – 34% | Payday loans | Online-only; short-term focus |
| Fairstone | 580+ | 19.99% – 39.99% | Personal loans | Licensed lender; long-term terms |
| Spring Financial | 600+ | 18.99% – 29.99% | Personal loans | Offers credit-builder loans |
Note: APRs on payday loans are often higher than personal loans because they’re calculated over a very short loan term. Always compare the total repayment cost before committing.
When to Avoid iCASH
If you’re already in debt or struggling to pay off credit cards, payday loans like iCASH can lead to a debt spiral. These loans should generally be avoided or be used only as a last resort, and never as a long-term financial solution.
đź’ˇ Need a Better Way Out of Debt?
Instead of borrowing again, talk to Consolidated Credit Canada for a personalized, nonprofit debt solution.
Final Verdict
iCASH is definitely fast, convenient, and accessible—but it’s also expensive and risky due to high APRs. If you’re truly in a pinch and have no other option, it may serve a short-term need. Otherwise, explore lower-cost lenders or nonprofit credit counselling services first.
đź’¬ iCASH Canada FAQ (Frequently Asked Questions)
1. Can I have multiple loans with iCASH at the same time?
No. iCASH only allows one active loan per customer at a time. You must fully repay your existing loan before applying for another, even if you’re eligible for a higher amount.
2. How does iCASH verify my employment and income?
iCASH uses a combination of real-time bank account verification (via third-party platforms like Plaid or Flinks) and AI-powered underwriting to assess your income and spending habits. You may not need to upload pay stubs, but your recent banking activity will be analyzed for eligibility.
3. Does iCASH help build or improve my credit score?
No. iCASH does not report on-time payments to credit bureaus, so borrowing from them won’t help you build credit. However, late or defaulted payments may be sent to collections, which can negatively affect your score.
4. Can I get a lower rate with iCASH if I’ve used them before?
Possibly. Returning borrowers in good standing may be offered slightly better terms, such as a higher borrowing limit or a longer repayment window—but the APR doesn’t usually change much. iCASH doesn’t publish a formal loyalty program or tiered discount system.
5. Does iCASH offer installment loans in all provinces?
No. iCASH offers installment loans only in provinces where payday lending regulations permit longer-term repayment options. For example, in Alberta and Ontario, you may only qualify for a single-payment loan. Check with iCASH directly or during the application flow to see what’s available in your province.
6. Are iCASH loans considered payday loans under Canadian law?
Yes. Despite their branding, most iCASH loans fall under the category of payday loans or payday-style installment loans, which are regulated under provincial payday lending legislation. This means the cost of borrowing is subject to provincial caps (e.g. $15 per $100 in Ontario).
7. Can iCASH be used to pay rent or utility bills?
Technically yes, but it’s not advisable. Payday loans should be used for one-time emergencies like urgent car repairs or medical expenses. Using iCASH to pay recurring bills like rent or utilities can lead to a cycle of debt if you don’t have a clear plan for repayment.
8. What happens if my bank account doesn’t have funds on the due date?
iCASH will attempt to withdraw the funds automatically from your linked account. If the transaction fails, you may face NSF (Non-Sufficient Funds) fees from your bank and iCASH, and the account could be sent to collections. Always contact iCASH in advance to reschedule if needed.
9. Can I cancel my iCASH loan after being approved?
Yes. Under Canadian payday loan laws, you typically have a 2-day “cooling-off” period (varies by province) during which you can cancel the loan without penalty. You must return the full amount borrowed to void the agreement.
10. Is iCASH regulated by the government?
Yes. iCASH is a licensed payday lender in every province where it operates. It must comply with local consumer protection laws and disclose full loan terms, APR, fees, and cancellation rights to borrowers upfront.
Mark Turner is a retired financial writer that now enjoys blogging about different financial topics, such as commodities, inflation, debt, retirement, alternative investments and Canadian politics.
