Are you tired of waiting every two weeks for your paycheck? If you're like most people, you probably are. In some cases, waiting for your paycheck isn't an option, especially when unexpected expenses arise, like needing extra groceries, a car repair, vet bills, etc. But what if there was a way to get paid early? With a pay advance loan from iCash, you can!
iCash is an instant payday loan service. When you need money, but can’t afford to wait until your next paycheck, iCash can supply you with a quick loan to cover your expenses. Before we get into how it works, let's take a look at what a payday advance loan is, and the pros and cons of getting one.
What is a Payday Advance Loan?
A payday advance loan is a short-term loan that is typically used to cover unexpected expenses or to tide you over until your next paycheck. Payday advance loans are different from traditional loans in that they are typically much smaller in amount and are due on your next payday.
Can You Get a Payday Advance From Your Employer?
You may be wondering if you can get a payday advance from your employer. The answer to this question is maybe. Some employers offer payroll advances to their employees. However, not all employers offer this benefit.
If your employer does offer payroll advances, the process is typically very simple. You would just need to submit a request. Your employer would then review your request and determine whether or not you are eligible. If you are approved, the funds would be deposited into your account, as usual. While a payday advance is not a typical loan, it should be noted that any advance funds received would be deducted from your next paycheck.
What Are the Benefits of a Payday Advance Loan?
There are several benefits of payday advance loans, including:
Convenience: You can usually apply for payday advance loans online and it typically only takes a few minutes to complete. Once approved, the funds would be deposited directly into your bank account, making it easy to access your money when you need it.
Flexibility: With payday advance loans, you can choose how much money you want to borrow, up to your approved limit. That means you only pay interest on the amount you actually borrow, and not a penny more.
Peace of Mind: Knowing that you have the option of a payday advance loan can help ease financial stress and give you peace of mind in knowing that you have a safety net in case of an unexpected expense.
What Are The Risks of a Payday Advance Loan?
As with any loan, there are some risks associated with payday advance loans. These include:
Higher-Interest Rates: Payday advance loans typically have higher interest rates than traditional loans, which means you could end up paying more in the long run. However, at iCash, we only charge $15-$17 per $100 borrowed and have a
Short repayment terms: Payday advance loans are typically due on your next payday, which can be as little as two weeks from the time you borrow the money. That means you need to be sure you can repay the loan in full within that time frame, or you could end up paying late fees and additional interest.
Limited borrowing options: Payday advance loans are typically only available in small amounts, which may not be enough to cover your needs if you have a large unexpected expense. Our loans go up to $1,500.
Before taking out a payday advance loan, be sure to consider all of the risks and make sure you can afford to repay the loan in full and on time.
Are There Different Types of Cash Advance Loans?
Yes, there are a few different types of cash advance loans:
Payday loans: These loans are typically for smaller amounts and are due on your next payday.
Installment loans: These loans are typically for larger amounts and are paid back in installments over time.
Title loans: These loans use your car title as collateral and typically have higher interest rates.
Line of credit: This type of loan allows you to borrow against a set limit and can be helpful if you have ongoing or unexpected expenses.
Can You Receive a Payday Advance Via Direct Deposit?
Yes, you can usually receive a payday advance via direct deposit. This is a great option for those who need money fast and do not have the time to wait for a traditional loan to be processed. Direct deposit payday advances are typically processed within 24 hours, so you can get your money fast.
Why Choose iCash for Your Payday Advance Loan?
If you are in need of funds before your next payday, there are many reasons why you should consider iCash. Our application process is quick and can be done by simply downloading the iCash app, or visiting our website. And while other payday lenders typically process and send your funds within 24 hours, iCash will send your money within one hour of applying and signing your digital agreement, via secure e-Transfer.
It’s also very easy to qualify for an online loan from iCash. You must simply meet the following requirements:
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.
Have a valid mobile phone number, address, and email address (VoIP numbers are not accepted)