How to be Eligible for a Loan
To qualify for a fast online loan from iCASH, you must:
- Be at least 19 years old.
- Be a Canadian citizen and a resident of British Columbia, Alberta, New Brunswick, Saskatchewan, Ontario, Nova Scotia or Manitoba.
- Be employed with the same employer for the past 3 months.
- Have a Net income of at least $800/month.
- Receive your pay by direct deposit.
- Have a Canadian bank account that is open for at least 3 months.
- Have a valid mobile phone, email address and home address.
- Not have filed in the past or have the intention to file bankruptcy.
Interest Fees and Transparency
The cost of borrowing is calculated as a percentage of the amount borrowed and range between $15 to $23 according to the payday loan legislation of each province:
| Province |
Interest Fees & Transparency |
Late fee |
| Alberta |
$15 per $100 |
$25 |
| British-Columbia |
$17 per $100 |
$20 |
| Manitoba |
$17 per $100 |
$20 |
| New Brunswick |
$15 per $100 |
$20 |
| Nova-Scotia |
$22 per $100 |
$40 |
| Ontario |
$15 per $100 |
$48 |
| Saskatchewan |
$23 per $100 |
$50 |
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 5 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.
Can I change the repayment date?
Since we do not offer rollovers, if you think you might not have enough money in your account to cover the repayment amount owed, please let us know at least 3 days in advance. If we already tried to debit the owed amount from your account and it was declined, you might be charged a missed payment fee and your bank may also charge you a NSF (Non-Sufficient Funds) fee. We always try to accommodate our clients as they try to work with us to find an agreement.
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
You can avoid any non-sufficient fund fees by making payments on time and ensuring that money is available for pre-authorized debits in your account on the due dates. NSF fees are broken down as follows, depending on each of the following Canadian provinces: British Columbia, Alberta, New Brunswick, Saskatchewan, Ontario, Nova Scotia and Manitoba.
| Province |
NSF |
| Alberta |
$25 |
| British-Columbia |
$20 |
| Manitoba |
$20 |
| New Brunswick |
$20 |
| Nova-Scotia |
$40 |
| Ontario |
$48 |
| Saskatchewan |
$50 |
Collections
iCASH's lending process is fully transparent so you can clearly understand your repayment responsibilities. Depending on your pay period this daily fee may change. Your total amount to be repaid is the loan amount plus the interest fee, no additional fees will be charged to you.
The only way that your repayment amount would increase is if you do not comply with your loan repayment agreement. You must make sure that your bank account has enough funds to cover the preauthorized debit on the date you agreed to make a loan payment. If your bank account has insufficient funds at the time of the preauthorized debit, you will be charged a missed payment fee, and your bank may also charge you a non-sufficient funds fee. From there on, collection interests will be applied to the remaining balance of your loan until it is fully repaid.
From that point on, your file will be passed on to our professional collections team who will do their best to come to an agreement with you. Unfortunately, if you do not work with us to repay your loan in the agreed-upon time frame, iCASH will have no other choice but to pass on your file to an external collection agency.
The transfer of your file to an external collection agency may also generate additional fees for you, it can lead your credit file to a negative note and could damage your file for six years. Your credit file information can be passed on to other organizations by credit agencies and fraud protection agencies for verification purposes or to track your whereabouts in order to recover the sums owed.
This is why we reiterate that it is extremely important to respect your commitments with us. iCASH is a company with a human side and we understand that difficult situations may happen. If this is the case, please contact us as soon as you can so we can find an arrangement that can reduce costs for you and that will allow you to meet your commitments. However, iCASH strongly recommends that you think seriously before applying for a loan. If you have any doubts about your capacity to reimburse this loan according to the established terms, we recommend you to find another source of financing.
