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Is iCash legit?
iCash is licensed in every province they lend in, has been lending for a decade and publishes their privacy policy. However, their BBB rating could be stronger and they are not CLA certified.
iCash: Overview
If an unexpected bill lands a few days before payday and you need a few hundred dollars quickly, an online payday lender can bridge the gap the same day. iCash is one of the lenders built for exactly that moment. Finabanx Ltd. has operated iCash from Hawkesbury, Ontario since 2016, with the stated aim of transparent, responsible and fair lending.
They are a women-owned company and a member of the Canadian Consumer Finance Association, and they serve borrowers entirely online and through the iCash app.
Who iCash Works Best For
iCash could be a good fit for you if:
Good Fit If
- You need the money tonight, not next week: Applications run 24 hours a day, weekends and holidays included, the decision is automated, and approved funds arrive by Interac e-Transfer within about two minutes of signing.
- One paycheque can't absorb the whole repayment: In most of their provinces you can spread the loan over several payments and up to 62 days, through Flexpay or Alberta's longer loans, for the same $14 per $100 as paying it back at once.
- Your income is benefits or your credit is bruised: CPP, OAS, EI, disability benefits and the Canada Child Benefit all count toward the $800 monthly minimum, and can be combined with work income. Your credit score is only one part of the decision, and returning customers skip the credit check entirely.
What iCash Offers
iCash offers one product, a payday loan, which you can repay in a single payment or, where Flexpay is available, in two or three.
Payday Loan
An iCash payday loan gives you $100 to $1,500 against your next pay, sent by Interac e-Transfer within minutes of signing. Depending on your province, you repay it on your next payday or spread it over several payments and up to 62 days.
| Loan Amount | $100 to $1,500 |
| Cost | $14 per $100 borrowed |
| Term | Next payday or up to 62 days, depending on your province |
| Funding Time | About 2 minutes after you sign |
Features
- Payments that fit your province: In British Columbia, Manitoba, New Brunswick and PEI, Flexpay lets you repay in two or three equal payments at no extra cost. Alberta loans run 42 to 62 days in two to seven payments, depending on how often you're paid. Ontario and Nova Scotia loans are repaid in one payment, although in Ontario your third loan within 63 days can be paid in installments.
- Cash back on repaid loans: Once a loan is fully repaid, you earn 4% of its cost of borrowing back on your first 10 loans, 8% on loans 11 to 20 and 12% from your 21st loan on. You can redeem once you reach $20, and the program isn't available in Manitoba or New Brunswick.
- A $20 referral bonus: When a friend you refer borrows, you each get $20 in cash back. Referrals aren't offered in British Columbia, Manitoba or New Brunswick.
- A limit that grows with you: Each loan you repay on time builds your standing with iCash, which can raise how much you're able to borrow next time.
- No penalty for paying early: You can clear your loan before the due date without a fee.
- A free credit score check: You can check your score through Equifax in your iCash account at no cost.
How Quickly The Money Arrives
| Stage | Timing |
|---|---|
| Filling in the application | About 10 minutes, online or in the app |
| When you can apply | 24 hours a day, 7 days a week, holidays included |
| Decision | Instant and automated |
| After you sign | Sent by Interac e-Transfer within about 2 minutes |
| Application to money in your account | Usually under 30 minutes, including evenings, weekends and holidays |
What You Need To Qualify
| Requirement | What iCash asks for |
|---|---|
| Income | At least $800 a month from a verifiable source, paid by direct deposit and received steadily for at least three months. Employment, self-employment, CPP, OAS, EI, disability benefits and the Canada Child Benefit all count, and you can combine them to reach $800 |
| Bank account | Open for at least three months, with online banking |
| Age | 18 or older in Alberta, Manitoba, Ontario and PEI, 19 or older in BC, New Brunswick and Nova Scotia |
| Credit | A one-time hard credit check on your first loan, with your score weighed alongside your income |
| Contact details | A valid phone number, email address and permanent address |
| Where you live | Alberta, BC, Manitoba, New Brunswick, Nova Scotia, Ontario or PEI |
Applying With iCash
There are no documents to upload. iCash verifies your details as part of the automated decision, and the same account lets you track your loan, check your cash back and apply again.
The Cost Of Borrowing With iCash
iCash charges $14 per $100 borrowed in every province they lend in. On a 14-day loan that works out to an APR of 365%, and on a 62-day loan, 82.42%. Spreading the loan over more payments doesn't add to the cost, since the same fee is divided between them.
| You borrow | Cost of borrowing | Total you repay | 1 payment | 2 payments of | 3 payments of |
|---|---|---|---|---|---|
| $100 | $14 | $114 | $114.00 | $57.00 | $38.00 |
| $300 | $42 | $342 | $342.00 | $171.00 | $114.00 |
| $500 | $70 | $570 | $570.00 | $285.00 | $190.00 |
| $1,000 | $140 | $1,140 | $1,140.00 | $570.00 | $380.00 |
| $1,500 | $210 | $1,710 | $1,710.00 | $855.00 | $570.00 |
These numbers are for illustrative purposes only. Actual numbers may vary.
If A Payment Doesn't Go Through
While a returned payment can bring a dishonoured payment fee of up to $20 and late interest of up to 35% a year, depending on your province, iCash will set up a manageable repayment plan if you contact them.
Where iCash Is Licensed
iCash is licensed as a payday lender in each of the seven provinces they lend in.
What iCash Customers Say
Claimed since January 2018, with 86% of reviewers giving five stars.
Not BBB accredited. 29 complaints in the last three years.
Lending online since 2016.
What iCash Gets Right
Pros
- Money within minutes: Approved funds go out by Interac e-Transfer about two minutes after you sign, at any hour.
- Repayment you can split: In five provinces you can spread the loan over several payments and up to 62 days at no extra cost.
- Cash back for coming back: Repaid loans earn 4% to 12% of their cost of borrowing back, rising the longer you stay with them.
- Strong borrower feedback: 4.6 out of 5 on Trustpilot from more than 3,200 reviews.
- No early repayment penalty: Pay the loan off whenever you're ready without a fee.
Where iCash Falls Short
Cons
- Payday loan pricing: While a $500 loan costs $70, the fee is fixed, shown before you sign and doesn't rise when you choose Flexpay.
- Split payments aren't available everywhere: While most Ontario and Nova Scotia loans are repaid in one payment, borrowers there still get the same instant funding and cash back.
- A credit check on your first loan: While your first application includes one, your score isn't the deciding factor and every loan after that skips it.
iCash vs Mr. Payday vs Loan Express
Comparing iCash, Mr. Payday and Loan Express on loan amount, interest rate, term, availability, funding time, funding method, repayment options, eligibility and required documents, as listed by each lender.
| Feature |  iCash Payday Loan Apply now Learn more |  Mr. Payday Payday Loan Learn more |  Loan Express Payday Loan Learn more |
|---|---|---|---|
| Loan amount | Up to $1,500 | $100 – $1,500 | up to $1,500 |
| Interest rate | $14 per $100 | $14 per $100 | $14 per $100 |
| Term | Up to 62 days | 14 – 31 days | 14 days |
| Available in | All provinces except NL, QC, SK | AB, BC, ON | AB, BC, MB, NL, ON, SK |
| Funding time | About 2 minutes after you sign, by Interac e-Transfer | Within 24 hours | Within 24 hours |
| Funding method | E-transfer | Interac e-Transfer |
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| Repayment | Automatic pre-authorized debit | Automatic debit | Automatic debit |
| Eligibility |
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Figures are as listed by each lender and can change. Check the lender's site before you apply.
Other Ways To Cover A Short Gap
Try A Cash Advance App
A $300 loan from iCash costs $42, whether you repay it in one payment or three. A cash advance app advances smaller amounts with no interest, for no fee or a low monthly subscription, and takes the repayment from your next deposit. If $100 to $500 would cover what you need and you're comfortable linking an app to your bank account, the saving over a payday loan is significant. The trade-off is size, since starting limits are low and grow gradually.
| Lender | Product | Interest Rate | Amount | Fees | Availability | Apply |
|---|---|---|---|---|---|---|
 Bree | Cash advance line of credit | 0% | Up to $750 | No mandatory feesOptional fee for express delivery |
| Apply |
 Nyble | Credit building line of credit | 0% | Up to $250 | FreeOptional $11.99/month membership fee with added perks |
| Apply |
 KOHO Cover | Cash advance | 0% | Up to $500**Eligibility criteria and Terms and Conditions apply. | Starting at $2/monthCover bundle subscription; KOHO account required |
| Sign up |
 Spark Access | Loan | 28.9%About 29.9% APR with the $1 access fee. May drop as you unlock bigger loans | $100 – $2,500On-time payments unlock higher amounts | One-time $1 access feeOptional Spark Plus: $9.99 bi-weekly |
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Check Out Your City Services
211.ca is a free and confidential directory of community and government help that covers every province iCash serves. Search by postal code to find local programs for rent arrears, utility disconnection notices, food and other urgent costs, many of which are grants that never need repaying. Applying usually takes photo ID and proof of income, and an answer arrives in days rather than minutes. If the bill isn't due tonight, a search there could save you the full cost of a loan.
