A Better Way to Get a Cash Advance

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Cash Advances

What is a cash advance? A cash advance is a short term loan that provides a lump sum, which you can then pay back in one or multiple instalments*.

In some ways, it's like getting an advance on your salary, except the money doesn't come from your employer, and you can refund it in a set number of payments.

You can get a cash advance in Canada either from a bank or a private lender. Then there's still the possibility to get a cash advance on your credit card.

Many people choose cash advances because of the fast and simple approval process. Apart from that, the money is available right away, so it's a handy option when you need funds urgently.

The two most common types of advances are cash advance loans and cash advances from credit cards. Both have their share of loyal customers due to the straightforward approval process and the fact that the funds are accessible immediately.

A credit card cash advance allows you to borrow money against your credit card limit. All you have to do is withdraw the money from your credit card, usually from an ATM and then make monthly payments to pay it back with interest.

Getting a cash advance on your credit card requires no effort, let alone a complicated approval process. Most Canadians use these fast funds for emergencies. However, these cash advances come with higher fees and interest rates.

Cash advance loans allow you to borrow up to $1,500, which must then be repaid over a short period with interest. They are the go-to solution when faced with urgent costs that strike at a moment's notice and are not in the monthly budget.

To cover such urgent expenses, you can get a cash advance loan and pay it back when your next paycheck arrives. With iCash, you also have the option to pay back your loan in three instalments in most provinces, allowing you to stretch the repayments over your next three pay periods.*

Even a positive surprise can put you in a tough spot if you don't have any money set aside for unanticipated situations. These are the most frequent reasons people get a cash advance in Canada:

Home repairs
Rent
Replacing broken appliances
Car repairs
Medical emergency
An unexpected bill from the vet
Unpaid bills

We provide cash advance loans in these provinces of Canada

in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, Prince Edward Island.

Cash Advance and Flexpay Loans

We know that everyone's financial situation is different. Get the loan amount and repayment plan* that suits your needs, guaranteed.

Cash advance

With a cash advance loan, you can pay back your loan on your next payday in one single payment

Flexpay

With the flexpay*, you pay back your loan in 2 or 3 equal payments* on your next upcoming paydays. This product, exclusively offered by iCash, allows you to have more time to repay your loan while paying no additional interest.

Same interest fee

Yes, you heard right!
Whichever repayment plan* you choose, the interest fee will not change!

Quick application

You can apply for a loan within the comfort of your home. Simply choose how much you would like to borrow and fill out a quick and easy online loan form. Once our fully automated system establishes that you qualify for an instant cash loan, you will be asked to sign your loan agreement electronically, and your money will be on its way!

Fast receipt

Your funds will be sent within 2 minutes by e-transfer, so you can rest assured that the reception of your funds won‘t take long!

Smooth repayment

You can choose the convenient repayment plan* that suits you best: the cash advance plan gives you the option to repay your loan in 7 to 62 days depending on your pay cycle, while the Flexpay plan* gives you the option to repay your loan in 2 or 3 easy payments in a lapse of 7 to 62 days depending on your pay cycle. With both of these repayment plans, you will be paying the same amount in interest. For your convenience, we will automatically debit the amount due from your bank account on the agreed-upon dates. It's that easy with iCASH!

More Advantage

When you apply for your first loan with iCash, you will be eligible to receive up to $750. Each time you pay back your loan on time, you become more trustworthy to us and your score increases in our Trust Rating System. With this, you will gradually be eligible to borrow up to $1,500.

Get an iCash loan today

iCash has helped more than 850,000 Canadians get instant loans online without hassle.

How our instant loans work

Apply for a Cash Advance Online

Fill out the online application form. Choose your desired loan amount, repayment plan option*, and provide the requested information. It takes most people about 10 minutes or less.

Get Instant Decision

Our fully automated online application will provide you with an instant decision on your cash advance loan. Once approved, all you must do is electronically sign your loan agreement.!

Get a decision instantly after completing our paperless loan application.

Get Your Money

Once your loan agreement is signed, your funds will be sent via e-Transfer in the next 2 minutes, fast and convenient Canadian loans.

Receive your money by e-Transfer within minutes of signing your agreement.

Maximum repayment period 62 days. APR is 109.50%. On a $500 loan of 14 days, the total cost of borrowing is $75, with a total payback amount of $575 and an APR of 391.07%. Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $17 per 100, Ontario $15 per 100, PEI $15 per 100. 372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCash only offers online services. Please note that we cannot accept customers or conduct any transactions from this location.

Earn up to 20% cashback* on the cost of borrowing when you repay your iCash loan.

Borrow and Save! Get up to 20% in Cashback*!

iCash offers a unique Cashback program to reward its customers in Canada. You can get back up to 20% of the cost of borrowing paid once your cash advance online loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real money!*

Frequently asked questions about our loans

What is a cash advance loan?

A cash advance loan is a short term loan that provides you with a sum of up to $1,500 that you can use for whatever financial difficulty you cannot fit into your monthly budget.
People usually need it for unexpected expenses that cannot wait until they receive their next paycheck. These small personal loans are like having part of your salary in advance. However, the money doesn't come from your paycheck.

How do cash advances work?

A cash advance can either be a loan from a private lender or an advance taken on your credit card. When taking out a cash advance on your credit card, you borrow money against your card's line of credit.
There are three ways you can get a cash advance:

ATM: Go to an ATM and enter a credit card and your PIN. You will be able to withdraw the money.

At a bank branch: You can go to your bank and request a cash advance on your credit card.

With a direct lender: You can visit a cash advance loan store or apply online with a direct lender.

Is a cash advance bad for your credit?

A cash advance is not bad for your credit if you repay it as agreed. However, credit card cash advances won't be listed as a separate item on your credit report. So it can indirectly affect your credit score if your credit utilization ratio goes over 30% because of it. That's why if you need a cash loan, it's best to get it from a private lender instead of your card issuer.

How to be eligible for a loan

To qualify for a fast online loan from iCash, you must:

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).

Interest Fees and Transparency

The cost of borrowing is calculated as a percentage of the amount borrowed and range between $15 to $25 according to the payday loan legislation of each province:
Alberta

Interest Fees & Transparency: $15 per $100
Late Fee: $25

British Columbia

Interest Fees & Transparency: $15 per $100
Late Fee: $20

Manitoba

Interest Fees & Transparency: $17 per $100
Late Fee: $20

New Brunswick

Interest Fees & Transparency: $15 per $100
Late Fee: $20

Nova Scotia

Interest Fees & Transparency: $17 per $100
Late Fee: $40

Ontario

Interest Fees & Transparency: $15 per $100
Late Fee: $25

Prince Edward Island

Interest Fees & Transparency: $15 per $100
Late Fee: $48

When you take a cash advance loan or Flexpay loan with iCash, you are always in complete control of how much money you will owe and there are no surprises nor hidden fees. Before signing your loan agreement, we will give you a breakdown of all the costs involved in your loan so you will be able to make an informed decision.

Getting your money

There is nothing easier than getting your money. After electronically signing your contract, you will receive your funds by e-Transfer in the next 2 minutes. We send e-transfers 7 days a week, 24 hours a day. At iCash, we want to ease our clients’ lives since we know that you have more important things to care about. Therefore our services are fast, convenient and hassle-free.

Managing your loan

Can I make repayments early?
Yes, it is possible to repay early, and we encourage you to do it if you are able to! There are also no charges for early repayments. Repaying early is a great choice because:

There are no extra fees
You can improve your trust rating with iCash

Can I increase my loan amount after I get my cash?
As responsible lenders, we only let our customers take out one loan at a time. That's why it's important when you apply for a loan to consider your finances and to choose the loan amount and repayment options that are right for you.

Repaying your loan

What happens on my repayment date?
In order to make the repayment process as straightforward as possible for you, we will automatically debit your bank account on the due date for the amounts specified in the contract. On your repayment date, please make sure you have enough money available in your bank account for the payment in order to avoid any additional fees.
Repayment Plans
We have two repayment plans* you can choose from in order to find one that suits you best.
Cash advance: make a repayment between 7-62 days after you are approved Flexpay: make 2 or 3 repayments between 7-62 days after you are approved

Repeat borrowing

Trust Rating System
When you apply for your first cash advance loan or Flexpay loan* with iCash, you can apply for up to $750. If you pay back your first loan on time and according to the terms and conditions of your loan, you will gradually be eligible to borrow up to $1,500.
A cash advance loan or Flexpay loan* is considered as a short-term loan and is not intended for frequent use. If another situation arises and you do need to borrow money from us again, the loan application process will be quicker than the first time. Since most of your information are saved in your iCASH account, you can simply log in, confirm the existing information, and apply. It's that simple!
As part of our commitment to responsible lending, we may at time make adjustments to ensure that each personal loan we give is in the best interest of our customer's financial health. We consider each application we receive on an individual basis, so repeat borrowers are not guaranteed approval because they have borrowed from us before.

Late fees

To avoid NSF fees, ensure timely payments and sufficient funds for pre-authorized debits. NSF fees vary by Canadian province:
Alberta: $25 British-Columbia: $20 Manitoba: $5 New Brunswick: $20 Nova-Scotia: $40 Ontario: $25 Prince Edward Island: $48
Regarding collections, iCash emphasizes transparent lending so you can clearly understand your repayment responsibilities. Your total repayment comprises the loan amount and interest fee; no extra charges apply. Failure to comply may result in increased repayment amounts. Ensure you have sufficient funds in your account to cover loan payments; missed payments incur fees.
If not repaid on time, the file goes to a collections team and possibly to an external agency, incurring additional fees and affecting your credit file for six years. iCash urges responsible borrowing and offers support during difficult circumstances. Consider other financing options if you're unsure about your loan repayment capacity.

Have more questions? Check out our full FAQ.