How To Renegotiate A Loan When Your Credit Improves
If you've improved your credit score, you may be able to renegotiate your loan rate and terms with your lender. Find out how to renegotiate your loan.
Available in 5 provinces, iCash is an online-based source of fast, small loans, which can be used for any emergency purpose. Approved applications are processed within the same day and no documentation is required prior to the transfer of your funds. While loans can typically be paid off in 2 or 3 bi-weekly installments, you’ll have the option of paying your full balance whenever you want, free of charge, as long as it falls within the designated time limits.
iCash offers cash loans with a fast turnaround, the ‘i’ referring to the instantaneous nature of approval. With one single service, iCash offers loans for which you can apply online and receive an immediate response.
iCash offers flex-pay cash advance loans, meant to address a shortfall in money when an emergency arises. You can choose either a cash advance loan that you can repay in a single payment. Alternatively, there is an option for a flexpay arrangement where you can repay the amount over the course of either two or three installments.
In order to incentivize borrowers, iCash features an intuitive interface where you can complete the application process online, from any device. The automated system enables you to qualify for the loan immediately. Upon approval, you are issued a loan agreement which you must sign electronically using your digital signature. Though it’s online, this signature is effective contractually. Once the contract is executed, your loaned money is deposited directly into your account.
To determine whether it is the right choice for your financial situation, evaluating the advantages (and weighing them against potential drawbacks) is important.
Unlike traditional payday lenders that require an in-person signature and ID, you can access a payday loan directly through the website. The entire process can be completed from the comfort of your home.
If you’re facing a financial issue, the last thing you want is to wait to be approved for financing. Whether it is a dental emergency or a mechanical problem with your car, getting funds fast requires efficient approval. The automated system uses an algorithm to determine eligibility, eliminating the chance of human bias or error. This lets you get an answer within moments, rather than hours or days.
A major perk of using this service is that you get your funds within minutes (literally). The money is sent to you via e-transfer, using the email address you supply during the application. You receive the e-transfer, deposit it into the account of your choosing, and are ready to spend the funds within mere minutes.
Budgeting means knowing all the costs associated with a purchase, not only the ones on the surface. iCash positions itself as a company that is transparent in its pricing and is clear from the start when it comes to fees. It’s easy to access information on the site, enabling you to make a fully informed decision as to the cost.
Environmentally friendly and designed for convenience, iCash loans allow you to complete the process anywhere you have an internet connection and access to a device. Instead of storing your records on paper, you can easily access the loan papers digitally. The system relies on e-transfers and is completely contactless.
The iCash system lets you earn points, store them, and redeem the points for loan savings. It’s worth noting that the cash back it offers pales in comparison to the money you could save by not choosing a payday loan. If you stumble into points, it can be a nice perk, but the company is a for-profit, and the cashback will never exceed what you pay for the service.
In each province where iCash lends, the company recuperates its investment in two key ways: interest and fees. Differing based on the loan location, the specific costs vary. The prices associated with payday loans in each jurisdiction are as follows:
Province | Interest | Non-Sufficient Fund Fee |
British Columbia | $15 per $100 borrowed | $20 |
Alberta | $15 per $100 borrowed | $25 |
Manitoba | $17 per $100 borrowed | $5 |
Ontario | $15 per $100 borrowed | $25 |
Nova Scotia | $19 per $100 borrowed | $40 |
New Brunswick | $15 per $100 borrowed | $20 |
Prince Edward Island | $15 per $100 borrowed | $48 |
Understanding how iCash works, and how much you can borrow, is important when determining whether it’s a good approach for you. iCash has its own set of lending policies, make sure they fit your needs before submitting an application.
The first time you use iCash for a payday loan, you can borrow up to $750. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower. Eventually, you can get up to $1,500. This is the maximum payday loan amount you can borrow, per Canadian laws.
The term of a standard payday loan is embedded in the name. It is equal to one pay cycle. So, if you’re paid biweekly, then it is due in two weeks. If you are paid monthly, then the loan is due after one month’s time. With iCash, the interest remains the same regardless. However, it offers an extra perk at no additional cost. Flexpay loans let you repay the amount over two or three pay periods. Repaying it in equal amounts each time, you can stretch the loan term to lighten the burden on your finances and avoid the risk of getting caught up in a payday loan cycle.
The interest on payday loans is highly regulated in Canada. With iCash, the cost of borrowing is fixed based on the province (see the chart above). Though you can phrase it as an interest, it doesn’t compound. Instead of being 15%, for example, it is $15 per $100. Any extra cost comes in the form of an NSF charge, which can also add up if you fail to repay the loan in a timely manner.
One of the best features of this lender is the instantaneous approval time. Instead of waiting for hours or days to find out if you’re eligible, you know within moments. It saves you time and effort since you neither have to wait nor travel to get approved for the loan. Provided you qualify (have a steady paycheck, bank account, etc.), this lender is reasonably simple to get a payday loan with.
The system relies on one funding method, e-transfers. When you sign the loan agreement, within moments, the lender sends the transfer. It takes as little as two minutes (though a system delay can result in an e-transfer taking up to half an hour to show up). You then can choose the account into which it’s deposited.
Loans from iCash are available in most (but not all) Canadian jurisdictions. The eligible areas include:
It’s simple to get a loan with iCash, taking only four steps to submit the digital application. These include:
In order to qualify for iCash, there are some basic requirements:
The online system peers into your online banking profile, so there is no need for documentation. You fill out the application online from a computer or on a smartphone using the app. This gives the system access to all the information it needs. Provided you earn $800 monthly, it is easy to get a loan. You can use anything from social assistance to stock dividends to back the loan amount.
The company itself takes all the necessary technical measures to be a safe purveyor of payday loans. It encrypts the information using a 256-bit system and underwrites the security requirements in a fairly standard manner. However, the system is digital, relying on e-transfers. There is an opportunity for human error on the part of the borrower, without human oversight from the lender to prevent it. On the lender’s end, there is the chance of a system error or technical issue. All things considered, though, it is within the security threshold of any standard payday lender that operates online.
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
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Payday Loan | Up to $1,500 |
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I was able to use Icash for a couple of small payday loans of 100$, and became an Elite customer. They suddenly decided that the exact same bank I had... read more
I had a good first experience and then my second loan for $100 went very bad because they took 2 separate payments back to back. One for the $115 and ... read more
Easy. Tried other payday loan places but couldn’t get approved. I have non-existent credit. Icash allows me to borrow money and it’s repay... read more
Very quick online application. Takes just a few mins. Had my pay day loan in my account in about a hour and a half. And its 24 -7. $15 intrest on ever... read more
They are the best from the rest. There is no lender who can stand behind your back as these guys do. Honestly and Extremely there is no replacement fo... read more
Fast and friendly service. Hassle free money via etransfer in 5 mins. Highly recommended ! I’m Happy with their service ! Trusted and reliable !... read more
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If you've improved your credit score, you may be able to renegotiate your loan rate and terms with your lender. Find out how to renegotiate your loan.
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