iCASH hits $100M in loans funded in under three years, saving millions for Canadians

iCash hits $100M in loans funded in under three years, saving millions for Canadians

Canadian fintech company iCash this month celebrates three years of successful lending operations. In that short time, the company has helped to innovate and redefine direct-to-consumer lending for the digital age. They have seen substantial growth in members, loans issued, and a number of notable “firsts,” while helping several hundred thousand Canadians to improve their finances, obtain financial support, and get them through occasional financial stress.

iCash was the first lender in Canada to offer a loan application that takes less than eight minutes to complete and receive their funds. In addition, they were the first to offer instant loan decisions, providing customers with an immediate approval and eliminating the stressful waiting period typical with most loans. iCash was also the first in Canada to offer e-transfer loans to all of its customers, providing funding to borrowers in as little as two minutes after signing their loan agreement.

In just three years, more than 250,000 people across Canada have become members, and Tens of thousands of people uses regularly the iCash mobile application. Perhaps the most impressive statistic supporting iCash’s success is the total loan amount issued to date, which tops a staggering $100M and the millions of dollars it has helped Canadians save.

iCash has not only set the new standard in terms of online lending technology, but they’ve set themselves apart from other lenders with their commitment and focus on doing what’s right for the customer. In particular, iCash helps members to reduce their debt cycle, allowing customers to repay their loans over time with up to three instalment payments, rather than requiring a single lump-sum repayment. This makes it easier for customers to manage and repay their loans. It also underscores the philosophy of iCash — to make lending faster, easier, and more convenient for customers, driving innovation in technology, processes, and systems to achieve those goals. It’s all about helping people to better cope with and manage their finances, including the very real financial struggles that many Canadians face every day.

The struggle is real

Recent studies have shown that most Canadians do not have sufficient savings set aside to handle unexpected financial needs. Auto repairs, home repairs, replacing an appliance, and urgent dental or veterinary bills are common occurrences that can devastate a family’s budget. Too often, these expenses end up creating hard choices for Canadian families.

This is due in part to the fact that 46 per cent of Canadians polled in a recent Ipsos/MNP study indicated they were $200 or less away from being unable to pay their bills. A similar study from the Financial Consumer Agency of Canada (FCAC) indicated that 37 per cent of Canadians could not cover their expenses for a month if they lost their main source of income, and nearly 17 per cent said they could not cover them for even a week without borrowing money.

With wages that haven’t kept up with inflation, and ever-increasing costs for everyday purchases, many people struggle to get ahead and save. It stands to reason, therefore, that many Canadians can benefit from access to quick cash and credit solutions, and that’s exactly what iCash offers.

About iCash and how it’s different

iCash’s goal is to provide short-term credit to Canadians, to help improve long-term financial health. Accessible via browser or iCash iOS and Android mobile app, iCash is characterized by a simple and speedy online loan application, with no need for travel, an appointment, documentation, or waiting. They offer online lending, with loans available for borrowers of up to $1,500. Applications are entirely digital, completed online in just minutes. Advanced technology allows iCash to provide an instant approval decision for loan applications, as well as extremely fast funding via e-transfer.

In addition, the iCash platform enables loans to be issued 24/7/365, greatly increasing access and flexibility for borrowers. The company provides loans to more borrowers, even those who have bad credit, which has traditionally been a major impediment to getting a loan in Canada.

Helping Canadians with a more secure financial future

At its core, iCash is about helping Canadians to have a more secure financial future. Membership and application is completely free. To learn more about iCash, or to complete the online loan application, visit the website at https://icash.ca. With iCash, customers can be more prepared for and responsive to whatever financial hurdles life might throw at them.

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