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:
With a cash advance loan, you can pay back your loan on your next payday in one single payment
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.
Yes, you heard right!
Whichever repayment plan* you choose, the interest fee will not change!
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!
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!
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!
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.
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.
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.!
Once your loan agreement is signed, your funds will be sent via e-Transfer in the next 2 minutes, fast and convenient Canadian loans.
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!*
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