Instant Loans in Canada

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Instant Loans

What is an Instant Loan?

Sometimes in life, you need to have access to an easy, instant loan. Whether it’s due to unexpected overage charges on your phone bill, or an untimely leaky roof, there are times when money is needed fast.

Instant loans in Canada are short term loans designed to assist individuals who need additional funds to cover unexpected expenses or emergencies. Considering this, the application and approval process moves at an expedited pace. Generally, Canadians can apply and be approved in a matter of minutes.

When it comes to applying for an instant cash loan, you can visit a payday loan store, pawnshop, or an online private lender like iCASH. In Canada, lenders can issue fast small loans as high as $1,500 dollars to help you cover any monetary shortfalls you might experience ahead of your next paycheque. On your next pay cycle, simply pay back the loan (including any interest and fees) on the pre-agreed on to avoid potential additional charges.

Prior to signing the loan agreement, it is important to do your research. Find a direct lender that has reputable business practices and positive reviews. Make sure that you can afford to pay back what you’re borrowing. With that in mind, understand the fees and repayment schedule in your loan agreement. The goal with pursuing fast loans with instant approval should be to assist your financial situation, not to put you in further debt.

We find that the best companies who provide instant loans in Canada are the ones who are transparent about this particular information.

Lastly, keep an eye out for questionable lenders that aim to take advantage of people in financially fragile situations. Some of these institutions will seek upfront payment to evaluate your credit or financial history, which is a definite red flag. Also, be certain that any money lender that you work with is licensed in your province, as these licenses and their attached regulations are in place to keep customers protected.

Maximum Cost of Borrowing in Canada

In Canada, the cost of borrowing money is regulated by provincial laws. While, the cost of borrowing $100 for two weeks in Ontario is $15, not all provinces have the same fees. You can review this information in the chart below.

Province Maximum cost of borrowing for a $100, 2-week payday loan Cooling off period to cancel the payday loan Maximum penalty for a returned cheque or pre-authorized debit
Alberta $15 2 business days $25
British Columbia $15 2 business days $20
Manitoba $17 48 hours, excluding Sundays and holidays $20
New Brunswick $15 48 hours, excluding Sundays and holidays $40 (default penalty)
Nova Scotia $19 Next business day $40 (default penalty)
Ontario $15 2 business days n/a
Prince Edward Island $25 2 business days n/a
Saskatchewan $17 Next business day $25

The average instant loan taken out by Canadians is $300 for a term of two weeks. As indicated in the cost of borrowing chart, private lenders charge fees of 15% to 25%, depending on the province. This means that if you were to borrow $300 from an instant online loan company for a two-week period, initial fees would range from $45 to $75 dollars, depending on the province in which you reside.

More specifically, if you live in Prince Edward Island and were to receive instant approval for a $300 loan on a two-week term, your fees would total $75. Comparatively, an Albertan would pay fees of $45 for the same loan. Please be aware that these fee totals do not include financial penalties that could occur if a loan is not paid back on time.

When you decide to pursue a easy same day loan, it is important to find a trusted lender and ask questions about its costs and conditions. Find out about the fees attached to taking out a loan, as well as the implications if you can’t pay it back on time. It’s also important to understand how and when penalty fees could be issued.

Additionally, ensure that there is a “cooling off” period attached to your loan. Generally, this is a one- or two-day period in which you can cancel your loan (without an explanation) and not face any charges. It is recommended that this condition be present in any instant loan contract you are asked to sign.

Lastly, read that instant loan contract carefully before signing it and keep a copy for your records. Having documentation that outlines your loan conditions and borrowing fees can prove helpful.

Benefits of Instant Loans

The biggest benefit attached to instant loans in Canada, is the ease in which one can be received. Normally, banks and traditional financial institutions use your credit score to determine how much risk is associated with lending you money. A low credit score could signal to these outlets that you may not be able to pay back your loan in time. Thus, approval becomes less likely.

Fortunately, direct lenders (many of which are privately owned) are much more risk adverse and do not have the same lending criteria as banks and traditional financial institutions. Thanks to this, instant loan companies are more willing to assist those who may not have the best credit score but need money for an urgent matter.

Helping that process along is simplified in-store and online applications provided by short term lenders for the purpose of getting you money quickly. These applications request straightforward information like personal contact details, your current employment situation, and paycheque schedule. Once approved, fast loan institutions can place money into your account in a matter of hours.

There are also a number of different instant loans in Canada that are available to people with good and bad credit, including:

• Cash advances
• Small personal loans
Payday advance
Easy loans
Same day loans
• 14-day loans
• 30-day loans
Fast cash loans

Since these types of loans are considered unsecured, they do not require any collateral.

Instant Loans Online

Instant loans online make receiving money in times of need a much more efficient process. Instead of having to find the time to locate and visit a brick-and-mortar lender location in your town, you can simply apply anywhere using your computer or mobile device. With 24/7 availability, receiving an online instant loan in Canada is as easy as ever.

When applying for instant loans online, simply create an online account with the lender, fill out an application and submit it electronically, there is no need to print out a single sheet of paper.

In Canada, online instant loans can be approved for as much as $1,500, regardless of your credit score. To get started, follow the steps of the online application offered by the private lending company. Here, you will be asked to provide your contact information, as well as details about your employment, income, pay schedule, etc. Private lending companies each have their own online applications, so it is wise to be prepared for different questions and information requests.

Nevertheless, online instant loan applications are intended to be a quick and easy process. Considering that you are hoping to receive money in an expedited fashion to cover the cost of fixing that drafty bedroom window, private lenders do not want to hold you up with lengthy, complicated applications. They want you to receive your funds as soon as possible.

Once your application is submitted from your computer, mobile phone, or tablet, your online loan will receive instant approval. As soon as that is accomplished, you will be guided toward the loan agreement. Here, you will learn about the fees that come with the loan you’ve requested, pay back details, as well as the private lenders’ condition. Please take the time to read through the agreement thoroughly.

After you sign off on the agreement and pre-authorized debit forms provided, the funds will be e-transferred to your account shortly thereafter. If you happen to need assistance during the process, customer support will be available to offer you a hand.

For those who decide to pursue an online loan with iCASH, do note that we have an amazing instant loan app. Here, you can create an account, complete the paperless and confidential application form, choose your repayment plan, get a decision instantly, and receive your money fast. The app is free to download from the App Store (Apple) or Google Play (Android).

Instant Approval Loans

The beautiful part about instant approval loans is how timely and convenient they are. When you get laid off from a job, or require funds for that unexpected household renovation, the last thing you want to do is wait for a bank to help you out. Whether you have good credit, or bad credit, traditional financial institutions can take a long time sorting out a loan for you.

Instead, you should turn to a Canadian payday loan store, pawnshop, or an online lender, because they offer instant loan approvals of up to $1,500. Considering that short term loans are usually required as soon as possible by the borrower, private lenders do their best to make the application and approval process quick.

Applications will require your contact and employment information, as well as questions related to your current income and payday schedule. These details will help the instant loan company determine the amount of money you should receive.

Typically, responsible lenders want to supply you with only as much money as you are capable of paying back – not put you further into debt. As a result, you may not receive instant approval on a loan for the exact amount you requested. However, if you pay back that loan on time and need a re-loan later on from the same lender, you could potentially be approved for a larger loan.

Within minutes of submitting your loan application either in-store, or online, at your selected borrower, you will receive instant loan approval. At this stage you will be asked to review and sign a loan agreement, as well as a pre-authorized debit form. Once that is complete, an e-transfer, or wire-transfer, will deposit the funds into your bank account in just hours.

At iCASH, you can apply and be instantly approved for a e-transfer loan 24/7, thanks to our intuitive online review system. Here, your application can be evaluated and given the greenlight in minutes. We understand that you need money fast and do not want you to wait days or weeks for it. With instant approval loans, you will be able to get back to your day-to-day routine without having to worry about whether or not funds are coming.

Instant Loans for Bad Credit

Even with bad credit, or no credit at all, you can still be approved for an instant loan of up to $1,500. While banks primarily use the strength of your credit score to determine whether or not to lend you money, best lenders do not.

When applying for a bad credit instant loan in Canada through a private lending company, a credit check is performed to confirm your identity, income, and employment information. From there, the private lender will review additional aspects of your application to determine the loan you are eligible for. In some cases, a private lender will approve a loan that is less than the amount requested if certain requirements are not met.

If you happen to receive less funds than you requested, don’t fret. With certain private lenders, those who require re-loans will see their loan amount approvals go up if they continue to pay back their loans on time.

The point of receiving an instant cash loan should be to help carry you past a temporary financial obstacle, like fixing your truck’s brakes – not to increase your debt. With that in mind, you should also always be cognizant of the fees connected to your bad credit instant loan.

Private lenders charge 15%-25% fees on a $100 instant loan on a two-week term, depending on the province you live in. What’s more, there are also penalty fees that can be charged if the repayment deadline is not met. If you have bad credit, but still need an instant loan, it’s recommended that you read your loan agreement thoroughly so that you are entirely aware of all terms and conditions.

Life happens and sometimes certain situations – out of your control – can negatively impact your credit score. We don’t believe that these unforeseen circumstances should result in you not having access to future financial assistance. Even if the banks tell you “no,” or can’t provide you with a loan when it’s needed most, instant loans for bad credit customers are widely available.

At iCASH, we do not have minimum credit score requirements, nor do we reject applications based on their credit scores. We are here to see that you have the opportunity to cover unanticipated expenses, right when they need to be covered.

Why Should You Choose iCASH for an Instant Loan?

We at iCASH pride ourselves on being the best instant loan provider in Canada. To accomplish this, we offer you a straightforward, customer-friendly approach designed to help you through a financial pinch.

For an instant loan in Canada, we do not require any additional paperwork from you. Rather, we ask that you fill out the easy online application via your computer or mobile device. Our automated application process moves in real-time, 24 hours a day, seven days a week. Thanks to this sophisticated decision system, we can review and approve your loan request in just minutes.

Even if you have bad credit, you can still be approved for an instant loan through us. Do note that as a responsible lender, we may approve borrowers for a lower amount than they requested if it looks as though they would not be able to pay back the entire amount. We do this to help Canadians break the debt cycle.

You can trust that iCASH will be open and transparent regarding any fees attached to your loan. What’s more, any personal information you share with us is 100% secure, thanks to our 256-bit encryption technology. Furthermore, if you have any questions regarding the application process, our Customer Care Advisors will respond to them quickly.

Loans Offered by iCASH

We offer customers great comfort and flexibility when it comes to instant loans. With the Cash Advance loan option, you can opt to pay back the loan on your next scheduled payday with a single payment. However, if that option doesn’t work for you, we also offer Flexpay. With Flexpay, you can choose to pay back your loan in two or three equal payments, from your next two or three paycheques. This unbelievably convenient and flexible loan product is offered exclusively through iCASH.

What makes Flexpay all the more attractive is that you pay the same interest rate on it as you would with the Cash Advance loan. That is right, you can extend the window of time in which you will need to pay back the instant and not have to worry about dealing with additional fees.

The Flexpay option allows you seven to 62 days (depending on your pay cycle) to repay the loan. To keep this process as convenient as possible, iCASH will automatically debit the payment amount due, from your bank account, on the agreed upon dates.

How to be eligible for an instant loan with iCASH:

• Be at least 19 years old
• Be a Canadian citizen and a resident of Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island
• Be employed with the same employer for the past three months
• Have a net income of at least $800/month
• Receive your pay by direct deposit
• Have a Canadian bank account that has been open for at least three months
• Have a valid mobile phone, email address, and home address

We also accept income assistance, insurance benefits, or government benefits. As long as you meet the minimum requirements noted above, you can apply for a loan with us. Just fill out the Employment Details section of the application with the details of your benefit income.

Instant Loan Application Process

At iCASH, people are provided with a straightforward route toward accessing an easy loan, when it’s desired, thanks to our easy-to-use application process. Here is how that works:

• Visit the iCASH website or mobile app and create a user account
• Select the loan amount you need, as well as how many repayments you’d like to do. The instant loans we offer begin at $100, while the maximum loan amount is $1,500
• As soon as your phone number has been validated, you will be asked to enter some of your personal information, including your name, social insurance number, marital status, the number of dependents you have, as well as the highest level of education you have achieved
• iCASH will also request your address, employment, salary, and financial details (i.e. bankruptcy history, credit score)
• Once your bank account is attached to your iCASH profile, you will be pre-approved for the loan requested
• If your loan request is approved, you will receive a response within two hours. Occasionally, the waiting period for your instant loan could be four hours, depending on the volume of applications on a given day
• As soon as you are approved for a personal loan, you will receive an email confirmation
• From your iCASH profile, accept the terms of your instant loan and sign the attached agreement, followed by a pre-authorized debit form
• Upon completion, you may be able to receive your funds in as little as an hour, depending on the deposit method selected and time of day.

FAQ about Instant Loans

What are instant online loans?

  • An instant online loan is a short term loan that’s primary purpose is to assist you in case of an unexpected financial emergency (i.e. vehicle troubles, broken furnace)
  • Because of the urgency often attached to this kind if of, the online application and approval process is a lot quicker than what you would experience with a bank
  • The maximum amount of money you can receive through an instant loan is $1,500

How can I get an instant loan?

  • You can receive an instant loan through a payday loan store, a pawnshop, or an online private lender like iCASH. Each will have a set of requirements you must meet in order to successfully apply
  • To secure your loan, you will need to fill out an application and provide pertinent contact, employment, and income details. Depending on the lender, applications can be completed in-store or online
  • Once your loan is approved, funds will be automatically deposited or e-transferred into the bank account of your choice. The speed of the deposit or transfer can vary depending on the lender

How to get an instant loan with bad credit?

  • Check your credit card score to see where you land on the bad credit range. The closer you are to 600, the better shot you have at being approved
  • Research lenders to determine which would best serve your needs. Pay particular attention to the interest rates and terms of each loan provider
  • Once you’ve chosen your lender, fill out the application and be ready to supply any additional documentation (i.e. government issued ID, pay stubs, etc.) that may be required

How fast can I get an instant loan?

  • An instant loan can be approved within minutes of completing an application
  • After you have been approved, take a few minutes to sign the loan agreement and complete your pre-authorized debit form
  • The money will then be deposited into your account within hours

20%

CASHBACK

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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 instant approval loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real Money!!

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Apply in a few simple steps and get the money today. Complete the quick and easy loan application on our website – provide some personal information about yourself, select the amount of money you need, and the loan repayment schedule.

INSTANT LOAN APPROVAL
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As soon as you send us your online loan application. You’ll receive instant approval on your loan 24/7 so you can take care of anything that life throws your way. Quick, easy, trustworthy loans from a licensed Canadians lender.

GET SAME DAY FUNDING
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Your money will be sent to you via e-transfer in 2 minutes or less. Email money transfer means that the funds from an instant loan can be accessed anytime, day or night, 24/7. Safe, loans online with same day funding.

Minimum, maximum repayment period 62 days. Maximum APR for 62 days is 109,50%. For a $300 loan, the maximum total cost of borrowing is of $354.
Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $19 per 100, Ontario $15 per 100, PEI $25 per 100.
372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCASH only offers online services.
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