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iCash vs Other Lenders

iCash is the fastest and most convenient way for Canadians to get a quick loan online. Over 950,000 members trust our fast funding, flexible repayments*, and 24/7 online services.

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Best rates for short term loans

iCash operates 24/7, entirely online. We offer the best rates for short-term loans thanks to our flexible repayment options*. You can repay your loan over your next three pay periods in most provinces, and earn cashback when your loan is repaid!*

Navigating through the different short-term loan options can be overwhelming. Some lenders follow the Canadian payday loan regulations and apply a fixed rate on the amount borrowed. Other lenders, however, do not have a license and charge annual interest and brokerage fees. Trying to figure out the best solution for you can be daunting, especially when you need to go with the fastest option.

Borrowing money from iCash is fast and affordable

Here is an example comparison chart to help you better understand which short-term loan solution is right for you (based on British Columbia payday loan rates):

Swipe to compare.

Terms
Principal issued
Broker fee
Cost of borrowing
(in percentage)
Cost of borrowing on a $500 loan
Total cost of borrowing
(interest fees and brokerage fees)

iCash loans

42 day term
(up to 62 days with
three instalments)
$500
-
14% of the
amount
borrowed
$70
$70

Traditional
payday lenders

10 day term
$500
-
15% of the
amount
borrowed
$75
$75

Lenders with brokerage fee and annual interests

70 day term with
32% interest
$500
$229.31
32% annual
$30.68
$259.99

Prorated cost of borrowing

Prorated cost of borrowing per day
Annual percentage rate
Licensed
Offers a cashback program with returns of up to 12% of the cost of borrowing*
Paperless
Long-term client benefits
E-Transfer for all customers in 2 minutes
$1.78 per day
130%
Yes
Yes
Yes
Yes
Yes
BEST CHOICE!
Best choice.
$7.50 per day
548%
Not all
No
No
No
No
$3.71 per day
271%
No
No
No
No
No

In the example above, the prorated cost of borrowing with iCash is $5.72 lower per day than a payday lender that structures their loan to be repaid in full the following pay period. iCash customers can repay their loans in three instalments in most provinces, which makes it easier to repay and lowers the daily cost of borrowing.

Comparing the term options of your loan is important so that you have a clear and informed understanding before you sign a loan contract, especially if you are applying for a loan with bad credit in Canada. Each province has different regulations that govern the rules and 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.

Calculate how much your instant loan will cost

Curious about the cost of your instant loan before you apply? No problem! Use our loan calculator to figure out any fees associated with your iCash loan.

A better way to get a cash advance

iCash is a licensed, direct lender offering quick, online loans to Canadians. With our 100% online application process, you’ll receive your funds, via e-Transfer, within minutes making us a fantastic alternative to in-store payday lenders!

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4.8 out of 5

Get up to 12% in cashback*

Earn money every time you borrow with iCash! Our unique cashback program is designed to reward you for being a loyal customer and can help you save on future loan payments. After successfully repaying your first iCash loan, you'll receive 4% of the cost of borrowing credited to your account. You can earn up to 12% depending on how many iCash loans you have repaid.

Earn up to 12% cashback* on the cost of borrowing when you repay your iCash loan.

Frequently asked questions

How do flexible repayments work?

Depending on the province in which you live, you’ll have the option to repay your loan in three repayments*, to be paid on your next pay days. So essentially, for your next three paychecks, you’ll be allocating a certain amount towards the repayment of your loan. To be eligible for our flexible repayment option, you must be paid weekly, bi-weekly, or twice a month from the same income source.

How much money can I borrow?

With iCash, you’ll be able to borrow anywhere from $100 to $1,500. However, we will only lend an amount you can afford to repay comfortably.
The amount you are allowed to borrow on your first loan will be determined once you’ve filled out the digital application.

What is a broker fee?

A broker fee is a charge that is paid to a broker for providing certain services. The amount of the fee depends on the type of service being provided and the complexity of the transaction. Banks often charge this type of fee, though they may call them “annual fees,” “transaction fees,” etc.

What are the long term client benefits?

There are several benefits to being a customer with iCash. Not only will you enjoy a faster re-loan process, but there’s also no credit verification required for re-loans and you’ll be able to take advantage of increased borrowing amounts and up to 12% cashback* on the cost of borrowing.

How long does it take to get funds?

The great thing about iCash is that, once you’ve been approved for your instant loan, you’ll receive your funds via e-Transfer within just 2 minutes!

What are the requirements to get approved?

To get an instant loan with iCash, you must meet the following criteria:
  • Be at least 18 years old (19 years old for applicants in British Columbia, New Brunswick, Nova Scotia)
  • Be a resident of any of the provinces in which we operate (AB, ON, BC, MB, NB, NS, PEI).
  • Show that you have been receiving the same source of income for the past three months.
  • Have a total net income of at least $800/month.
  • Have access to an online bank account, in which pre-authorized debits can be performed.*
  • Have a valid Canadian mobile phone number, address, and email address (VoIP numbers are not accepted)

*Please note that KOHO accounts do not qualify as they do not support pre-authorized debits.

Can I still get a loan if I have bad credit?

With iCash, you absolutely can get a loan with bad credit! Our lending decisions are NOT determined by your credit score. We look at other factors, like your source of income and your net income.

What forms of income do you accept?

At iCash, we accept the following types of income as acceptable sources of repayment:
  • Employment Income
  • Child Tax Credit Benefits
  • CPP & Private Pension
  • Unemployment Insurance & Workers Compensation
  • Disability Income
  • Province specific incomes like ODSP & AISH
  • Other types of welfare support
  • Self-employed income

Are there any other membership perks?

Yes! iCash also has a referral program*. Once you have successfully repaid at least one loan according to the dates and terms of your loan agreement, you will be eligible for this program.
Simply send a referral link (available in the iCash app) to your friends and family residing in an eligible province, and once they have successfully repaid their first loan with us (according to the dates and terms of their loan agreement), you BOTH receive a cashback* bonus! It's that easy!
Below is a breakdown of how much cashback* you can earn for each referral:
  • 1-5 referrals: $20
  • 6-15 referrals: $25
  • 16-25 referrals: $30
  • 26-35 referrals: $35
  • 36-45 referrals: $40
  • 46-55 referrals: $45
  • 56 and more: $50

Have more questions? Check out our full FAQ.

Get an instant loan today

iCash has helped more than 950,000 Canadians get instant loans online without hassle!

Sign up today to loan up to $1,500.