Here at iCash, we take pride in knowing that over 850,000 Canadians have trusted us to help them get out of a sticky financial situation. With our easy-to-qualify for loans, Canadians have had the flexibility to pay for unexpected financial emergencies quickly and pay those loans back with flexible terms.
In some cases, customers may choose to pay off their loan early, should they have the funds do to so. In this blog, we’re going to look at what that process is like, explore the advantages and benefits of doing so and a few other things to help you understand the entire process!
A Brief Look at How iCash Loans Work
Before we get into the benefits you’ll receive from paying off your iCash loan early, here’s a quick reminder of how easy it is to apply for an instant loan with us!
Step 1: Fill out our completely digital application
As long as you have a computer/laptop or smartphone, you can apply from the comfort of your home! Simply download our smartphone app, or create an account on our website, then follow the instructions provided to fill out the application.
Step 2: Receive an instant approval decision
Next, you'll find out instantly if you're approved. You have a very high chance of getting approved since we accept a wide variety of credit scores. We use an automated AI process to determine your eligibility so you won't have to wait around for hours, or even days, to find out if you qualify!
Step 3: Get your funds via e-Transfer
If you’ve been approved, then simply sit back and relax, because your funds will be sent to you via e-Transfer in two minutes. That’s 24/7, by the way. Yes, that includes weekends and holidays!
Step 4: Easily Repay Your Loan
The beauty of step 4 is that you don’t have to do anything - we’ll take care of everything for you! Depending on the agreed-upon repayment schedule, we will simply deduct the amount owed directly from your account. That’s it!
Our Loans Are Easy to Qualify for
In order to qualify for a loan with iCash, you must 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)
How to Repay Your iCash Loan Early
If you find yourself with the funds to repay your iCash loan early, you may decide you’d like to pay it off earlier than the agreed-upon date. That’s not a problem at all!
If you want to repay your loan early, all you need to do is send an email (to [email protected]) or send a quick text message (647-952-6644), and one of our Customer Care Representatives will get in touch with you and assist you with the process. Typically, it’ll be as easy as a pre-authorized debit or an e-Transfer to pay us back.
For more information about repaying your loan early, including certain conditions and limitations, please read our extensive FAQ page on this subject.
The Benefits of Early Loan Repayment
One notable advantage is the opportunity to reapply for another loan right away (this depends on the regulations in your province though). By paying off your existing loan early, it shows that you are capable of responsible borrowing behavior, which establishes a positive relationship with iCash. This can potentially enable you to get access to instant loans even faster if the need arises.
Also, paying off your loan early helps you avoid incurring late interest fees. Life can be unpredictable, and there may be instances where making timely payments becomes challenging due to unforeseen circumstances, but by paying off your loan early, you prevent any accumulation of late interest that could potentially burden you further. By staying on top of your loan obligations, you preserve a positive relationship with us, which can be advantageous for future loans with us!
Getting Another Loan from iCash
After successfully repaying your iCash loan early, it's important to note that you need to wait until we confirm the funds have been received and processed. By receiving this confirmation, you will know that the loan account has been closed, and all outstanding obligations have been met.
After receiving this confirmation, you can reapply for another loan immediately, depending on your province's regulations*. Before applying for a new loan, you must allow sufficient time for the repayment to be processed and the confirmation to be received. As long as you follow this process, you will be able to address your financial needs quickly and efficiently, ensuring a smooth transition from one loan to another.
*Please note that repaying by e-Transfer in advance will NOT allow you to reapply immediately for residents of Alberta, Manitoba, and Nova Scotia. In Alberta and Nova Scotia, you will not be able to reapply until the final payment due date that was scheduled in your loan agreement. In Manitoba, you will have to wait 7 days after your final payment date before you can reapply for a new loan, in accordance with Manitoba regulations.
Any Questions?
It's understandable if you have questions or concerns when it comes to loans and repayments. Every step of the way, iCash strives to provide exceptional customer service. So if you have any questions at all, feel free to contact us any time. Shoot us an email at [email protected] and we’ll get in touch as quickly as possible!
Whether you have inquiries about the early loan repayment process, reapplication procedures, or any other aspect of our services, we're dedicated to providing you with the information you need!
