iCASH vs other lenders

Best rates for short term loans

Comparison Chart

Navigating through the different short-term and payday loan offers can get overwhelming. Some lenders follow the payday loan regulations and apply a fixed rate on the amount borrowed as the cost of borrowing. Some other lenders do not have a license and charge annual interests and brokerage fees. Even though they offer longer terms, is it really the better option? Trying to figure out the best solution for you can be daunting, especially when you need to go with the fastest option.

iCASH is fast and offers low-cost loans!

Here is an easy-to-decipher comparison chart to help you better understand which short term or online loan solution is right for you (based on the Ontario payday loan rates):

iCASH Traditional Payday Lenders Lenders with brokerage fee and annual interests
Terms 42 day term
(with the 3 repayments option available)		 10 day term 70 day term with 32% interest
Principal issued $500 $500 $500
Broker fee - - $229.31
Cost of borrowing (in percentage) 15% of the amount borrowed 15% of the amount borrowed 32% annual
Cost of borrowing on a 500$ loan $75 $75 $30.68
Total cost of borrowing (interest fees and brokerage fees) $75 $75 $259.99
Pro-rated cost of borrowing   
Pro-rated cost of borrowing per day 1.78$ per day 7.50$ per day 3.71$ per day
Annual percentage rate 130% 548% 271%
Licensed Yes Not all No
Offers a cashback program of up to 20% of the cost of borrowing in return* Yes No No
Paperless Yes No No
Long term client benefits status Yes No No
E-transfer for all customers in 2 minutes Yes No No
   Best Choice!

Often, it takes a breakdown of the information, side-by-side, in order to be able to make an informed decision. Comparing the terms of online short-term loans and payday loans in your province is important in order to get a clear understanding before you sign a loan contract. Each province has different regulations governing the rates for all licensed lenders. If you have any questions about the rates in your province, our Customer Experience Advisors would be more than happy to assist you.

Need help finding out the right amount of your loan? Visit our Budgeting page!