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Date Published: April 13, 2023 (Updated June 25, 2026)
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A payday loan is a small, short-term loan meant to cover pressing expenses between pay periods. It is not a long-term credit product. It is designed for situations where you need funds quickly and can repay them on your next payday.
iCash offers loans from $100 to $1,500 based on your income and eligibility. In Ontario, these loans are repaid in a single payment on your next payday, unless you are taking out your third loan within 63 days, in which case you may qualify for more than one repayment.
The borrowing fee with iCash is $14 for every $100 borrowed, a flat rate with no hidden charges, no compounding interest, and no additional fees. This is the maximum rate permitted under provincial regulations in Ontario.
You will see the full cost of your loan before you sign anything. As an example, borrowing $300 means a total repayment of $342: the $300 loan plus $42 in fees. The same ratio applies at every loan amount from $100 to $1,500.
Getting an online loan with us is fast and easy. Simply select your loan amount, repayment plan* and provide some personal details.
Our online loan application will tell you if you’re approved instantly. Once approved, all you have to do is electronically sign your contract. It’s that easy!
Once you sign your digital agreement, your cash advance will be sent by Interac e-Transfer within 2 minutes. Fast, convenient and hassle-free. Funds are sent 24/7, no matter what.
To apply for a payday loan with us, you need to meet the following requirements:
Be at least 18 years old
Be a resident of any of the provinces in which we operate
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, in which pre-authorized debits can be performed.*
Have a valid Canadian mobile phone number, address, and email address (VoIP numbers are not accepted)
*Please note that KOHO accounts do not qualify as they do not support pre-authorized debits.
iCash accepts a broad range of income sources: employment wages, self-employment income, CPP and private pensions, Employment Insurance, disability benefits, child tax benefits, and provincial programs such as ODSP (Ontario Disability Support Program).
Your first loan application includes a one-time credit check. After that, every future application is exempt from any credit check. So even if your credit history is not where you would like it to be, it does not have to prevent you from accessing short-term funds when you need them.
Did You Know?
Across Ontario, the most common reason iCash borrowers apply for a loan is groceries, making up over 36% of all applications. Rent and mortgage payments account for another 17%. For many Ontarians, a payday loan is not about an emergency. It is about covering the essentials when the timing between bills and income does not line up.
Cashback Rewards: Earn up to 12% cashback on the cost of borrowing as a repeat customer, a benefit you will not find with cash advance apps or in-store payday loan providers.
Referral Program: Refer friends or family and earn rewards through the iCash Referral Program. Share your referral link, and when someone you know applies and gets approved, you both benefit.
Trusted by Canadians: Over 1 million Canadians have used iCash. See what real customers are saying on Trustpilot, where we hold a 4.7 out of 5 rating.
All Credit Welcome: Your credit score does not define your eligibility. We accept all types of credit, so a low score does not have to stand in your way.
Oshawa spent a century as Canada's automotive capital, and the GM plant's near-closure and scaled-down return left a mark the city is still working through — fewer assembly jobs, more households commuting west on the GO Lakeshore East line to work in Toronto. The local economy has diversified into education and health care, but the transition has been uneven, and auto-sector exposure remains real for the parts plants and suppliers that stayed. For many Oshawa households, the result is a budget built on income that feels less certain than it did a generation ago, in a Durham Region housing market that no longer offers the discount it used to.
On the surface, Oshawa looks more affordable than Toronto. Rent is lower, groceries are comparable, and the neighborhood's feel more spacious. But commuter communities carry costs that are easy to underestimate. The median household income is approximately $92,000 per year (Statistics Canada, Table 98-10-0024-01, 2021). Here is where it goes:
Rent: $1,587
Groceries: $700
Transit: $134.28 (monthly pass, adult)
Average consumer debt load: $22,955 (Equifax Canada, Ontario average)
Renters as share of households: 35.8% (Statistics Canada, 2021 Census)
With a rent-to-income ratio of 20.70% and an unemployment rate of 7.5% (Statistics Canada, Labour Force Survey, Oshawa CMA), the cost of living looks affordable compared to Toronto on paper. But when a car repair or unexpected bill lands in the middle of a tight month, the margin disappears fast.
In 2025 alone, more than 90,000 Ontarians turned to us for short-term funds.
For free financial guidance, Family Services Durham offers support to Oshawa-area residents.
Payday loans work best when they are used as a short-term bridge, not as an ongoing source of funds. Before applying, take a look at your upcoming expenses and make sure the repayment fits comfortably within your next pay period.
In Ontario, payday loans are repaid in a single payment on your next payday. If you are taking out your third loan within 63 days, you may qualify for more than one repayment. Know the exact date your payment is scheduled and budget around it.
If a payday loan does not feel like the right fit, other options may be worth considering. You could reach out to your service provider about a payment extension, look into provincial assistance programs, or connect with a nonprofit credit counsellor in your area. The Financial Consumer Agency of Canada (FCAC) is a good starting point for learning about your rights and options as a borrower in Ontario.
Whether you live or commute across Durham Region, We work the same way wherever you are. You can also get a payday loan in Whitby, Ajax, or Pickering— all online, with no branch visit and same-day e-Transfer funding.
Behind each review is an experience that matters
Since 2016, we've helped over 1.6 millions Canadians get instant loans online.
Since 2016, we've helped over 1.6 millions Canadians get instant loans online.
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Earn money every time you borrow with iCash! Our unique cashback program is designed to reward you for being a loyal customer and can help you save on future loan payments. After successfully paying off your first online loan, you'll receive 4% of the cost of borrowing credited to your account. You can earn up to 12% depending on how many iCash loans you have repaid.
Have more questions? Check out our full FAQ.
