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Provider Details

Who is iCash?

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.  

What Products Does iCash Offer? 

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. 

Loan Details

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. 

How It Works

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. 

Benefits Of iCash

To determine whether it is the right choice for your financial situation, evaluating the advantages (and weighing them against potential drawbacks) is important. 

Online Application Process

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.

Fast Approvals

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. 

Fast Funding

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.

No Hidden Costs

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. 

Paperless Loan

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.

Earn Cash Back 

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. 

Cost Of Borrowing From iCash

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: 

ProvinceInterestNon-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

iCash Overview

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.

Loan Amount  

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. 

Approval Time  

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. 

Funding Method  

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. 

Geographical Availability

Loans from iCash are available in most (but not all) Canadian jurisdictions. The eligible areas include:

  • Alberta
  • British Columbia
  • Manitoba
  • New Brunswick
  • Nova Scotia
  • Ontario
  • Prince Edward Island

How To Apply For A Loan With iCash? 

It’s simple to get a loan with iCash, taking only four steps to submit the digital application. These include: 

  1. Go to the iCash website and click on the application link. It will direct you to the next step. 
  2. Follow along with the digital application and indicate your details. These include your name, email, government-issued identification, proof of income, and other pertinent documents. 
  3. The lender will prompt you to review the information prior to submitting your loan. 
  4. Receive your verification and negotiate your loan. Whether this means flex pay or loan amount, the site enables you to maneuver the loan specifics to meet your needs. But there is a catch, you may only qualify for a certain set of loan terms, especially if it is your first time with the system. Over time, it becomes easier to borrow more and spread it out for longer. 

What Are The Requirements For A Loan With iCash?

In order to qualify for iCash, there are some basic requirements:

  • Must be at least 19 years of age.
  • Must be a Canadian citizen who resides in one of the provinces where service is provided.
  • You must have received a consistent income for the previous three months, coming from the same source.
  • You must earn at least $800, deposited into the account directly. 
  • You must have a bank account that’s been open for at least three months and is associated with online banking. 
  • You must provide a valid phone number, permanent address, and email. 

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. 

Is iCash Safe? 

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. 

iCash FAQs

Can I get a payday loan on the weekend?

The loan application is available 24/7. Their customer care line is open Monday to Friday 24 hours a day. On weekends, it’s open from 7 am to midnight EST.

Does iCash require a credit check?

Yes, iCash needs a credit check, though it is not the sole metric used to determine eligibility. To get to a full understanding and a fair judgement, the lender requires your credit score as a part of its calculations. It purportedly doesn’t impact your credit score. iCash notes that returning customers, who come back within a short period, are exempt from the credit check.

Can I get a new loan after I pay off my first one?

In some provinces, no. You can repay the loan early without any penalty, no matter where you are. However, Alberta and Nova Scotia regulate applications. You cannot reapply immediately after repayment, instead of having to wait until the due date in the agreement. The idea is to help customers avoid a debt cycle common to payday loans.

Can I get a loan if I have bad credit?

Like many other alternative lenders, iCash does not base your eligibility solely on credit but a number of other criteria. Income level, employment stability and debt-to-income ratio are some of the other factors that iCash will look at when determining your eligibility.

Can I pay off my payday loan with a credit card?

In general, you can use your credit card to pay off your payday loan by taking a credit card cash advance. At iCash, you can use your credit card to make a payment if your current loan is in default. To do so, you must call their collection department to facilitate the transaction.

Can I repay my payday loan early?

Depending on your contract, you may or may not be able to pay off your loan early. If you are able to, be sure to review your contract for possible fees or penalties you might have to pay. At iCash, you can pay off your loan early without any penalty fees.

Services & Products

iCash Offered Services

Payday Loan

Loan Range
Up to $1,500
Interest Rate
15% - 23%
Terms (Months)
Funding Time
Within 24 hours
Funding Method
Direct deposit E-transfer
Repayment Options
Automatic debit
  • 19 years of age or older
  • Canadian citizen
  • Live in BC, Alberta, New Brunswick, Saskatchewan, Ontario, Nova Scotia, or Manitoba
  • Employed at same place for last 3 months
  • Monthly income of $800, after taxes
  • Active bank account, access to online banking
  • Working phone number and email address
  • Home address
Requirements & Documents


Reviews & Rating

See what others have to say about iCash

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

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

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

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

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