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. Is it better to go with a lender with a lower interest rate but who charges a brokerage fee or a higher interest but no brokerage fee? And how will it affect your wallet if you take a 10, 42, or even 70 day term? Trying to figure out the best solution for your particular financial situation can be daunting, especially when you are in a monetary crisis.

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

iCASH
– 42 day term
Traditional Payday Lenders
– 10 day term
Lenders with brokerage fee
– 70 day term with 32% interest
Principal issued $500 $500 $500
Broker fee - - $229.31
Cost of borrowing (interest) $75 $75 $30.68
Total cost of borrowing $75 $75 $259.99
Pro-rated cost of borrowing   
42-day term 15% 63% 31%
Annual interest rate 130% 548% 271%
Licensed Yes Not all No
Offers cashback program for more savings Yes No No
Paperless Yes No No
Long term client benefits status 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!