Our iCash review examines this short-term lender. iCash takes pride in providing a quick and easy service and offers loans ranging from $100 to $1,500.
Their lenient qualification criteria make it easy for anyone to apply for a loan. This means you could obtain financing from iCash even if your credit score is poor or you receive an unconventional income.
Unexpected events happen, and if you don’t have the resources to deal with them, you may find yourself in a bind. While you can get a loan from a bank, a friend, or a family member, it may not be fast enough. Short-term loans can help in this case.
In this iCash review, I’ll walk you through their loan products. I’ll also cover their customer service and support, as well as the cost of getting a loan.
Let’s dive right in.
What Makes iCash a Good Option?
iCash offers a variety of financing options, including payday loans for bad credit and installment loans.
Knowing more about these services will assist in establishing whether iCash is a good option for your needs. And this iCash review is intended to do just that.
You can apply for a loan from the comfort of your home using their mobile app or on their website. The funds you requested will be deposited directly into your account within a few minutes of getting approval.
iCash is transparent about the fees and cost of their loans. As a result, you’ll know exactly what you’re getting into and be able to work repayments into your budget.
Depending on your location, you can pay off your loan in one, two, or three installments.
The Pros and Cons of iCash
One of the most crucial sections of this iCash review can be found within this section. Here we’ll discuss the advantages and disadvantages associated with the products and services offered by iCash.
The Pros
Here’s what customers like about iCash.
Easy Qualification
You can apply for funding even if you have poor credit.
High Approval Rate
They approve over ninety percent of applications that come their way.
Instant Funding
You will receive your funds in as little as five minutes after approval.
Convenience
You can apply for a loan online at your convenience without having to leave your home.
Flexible Repayment Plans
As long as it’s permitted in your province, you can repay your loan in up to three installments.
Transparent Fees
You won’t have to look far to determine how much interest their loans carry. Interest rates and costs are readily available on their website.
No Prepayment Penalty
You can pay off your loan early without incurring any charges.
The Cons
Here’s what users think iCash can do better.
Province Variations
You may be subject to low or high interest rates and fees based on where you live. Your location may also prevent you from splitting your repayment into more than one installment. This is because of the laws that regulate iCash’s operations in particular provinces.
Automatic Bank Account Withdrawals
To get a loan, you must allow iCash to make automatic withdrawals from your bank account. These will be made on dates you agree upon in advance. If they attempt to withdraw what you owe and you have insufficient funds, your bank may charge you an overdraft fee.
High Interest
They charge a fixed amount of interest for a loan. This varies by province and ranges from $15 to $19 per $100 borrowed.
Possible Debt Cycle
With short-term loans, it’s possible to sink into debt that you can’t escape. As a result, before taking out a loan, one should make sure they have the financial means to pay it back.
Long Waiting Times
You may have to wait several hours for them to approve your application.
Products Offered by iCash
Next, let’s look at the specific products offered by iCash. This will help to confirm whether iCash can provide you with what you need. And it plays an essential role in this overall iCash review.
They provide a variety of short-term financing in Nova Scotia, Alberta, Ontario, British Columbia, Prince Edward Island, Manitoba, and New Brunswick. These include personal loans, unsecured loans, and payday loans.
Some of their loans are contingent on your income to debt ratio rather than your credit score. For example, approval for their bad credit loan depends on whether you can cover repayments with your current income.
You can apply for a loan of any amount between $100 and $1,500. First-time borrowers are eligible for a loan of up to $750. The amount you can borrow will gradually increase as you repay your loan and build trust with iCash.
The repayment period is 7 to 62 days. You also have the option of repaying early without incurring prepayment penalties.
You can make one repayment if you take out a payday loan. However, a flexpay loan allows you to make two or three equal payments.
Both the repayment period and payment frequency vary by province. If you live in Ontario or Nova Scotia, you only have the option of making one payment.
How it Works
You’ll have to complete an online application and sign the digital contract with your electronic signature. You’ll also have to allow iCash to make automatic debits from your bank account.
Bear in mind that during the approval process, they may perform a credit check.
You will receive an e-transfer of the funds you applied for as a direct bank deposit once your application is approved. This is typically within five minutes.
The money you receive will have to be paid back to iCash. You will pay the principal amount plus interest.
They will make an automatic withdrawal from your bank account of the amount you owe on the agreed-upon dates.
Cost of Using iCash Products
While you now have a better grasp of the products offered by iCash, knowing what these products are is vital. In this section of the iCash review, we’ll detail the costs you can expect for using their services.
While they fund loans faster than some traditional lenders, they typically come with high costs. Therefore, calculate the price of a payday loan beforehand.
The annual percentage rate (APR) is 109.5%. The amount of interest charged is fixed per $100 borrowed. Interest charges by province are as follows:
- Alberta, British Columbia, New Brunswick, Ontario, and Prince Edward Island is $15 per $100
- Manitoba is $17 per $100
- Nova Scotia is $19 per $100
Ensure you can cover repayments because these will be automatically withdrawn from your bank account. If you don’t repay your loan on time, they will charge a non-sufficient fee (NSF) of up to $48, depending on your location. The interest rate on late payments is 59% per year.
How Safe and Legitimate is iCash?
iCash is a licensed short-term lender that’s been in business since 2014. Over 500,000 customers have used their products.
They are a member of the Canadian Consumer Finance Association (CCFA). And they adhere to regulations and laws imposed by the government and local authorities to make borrowing ethical and safe.
While there are plenty of positive reviews of iCash, it goes without saying that you should read your loan agreement thoroughly.
iCash Customer Service and Support
If you have any queries, you can contact them by email. Alternatively, you might consult their help centre and find an answer there.
Besides offering information for each of the different short-term loans you can get with them, they have a ‘learn’ section on their website. It’s packed full of valuable information on topics ranging from budgeting to debt management.
They also maintain a blog where they share articles on similar topics as in their educational sections.
How to Get Started with iCash
In this portion of our iCash review, we’ll take you through the application process step-by-step.
Their application process is fast and straightforward, taking about two minutes to complete. You can apply online at any time and on any day of the week, including weekends and holidays.
Applying for a loan involves the following steps:
- Visit their homepage and click the ‘get a loan’ button in the upper right corner of the screen.
- Provide relevant information and documentation.
- Review your application and submit it for approval.
- Get approved and revise the loan agreement. Once you do, you can close the deal with your electronic signature.
Eligibility criteria
To qualify for an iCash loan, you must:
- Be a Canadian citizen and resident of Alberta, Prince Edward Island, Nova Scotia, Ontario, Manitoba, British Columbia, or New Brunswick
- Be at least 19 years old
- Have a consistent source of income for the past three months
- Have a combined net income of at least $800 per month
- Have a Canadian chequing or savings account that has been open for at least three months.
- Have online banking and a valid phone number, email, and physical address.
Required Documentation and Information
For the approval of your loan, you must submit the following documents and information:
- Proof of income, residence and ID
- Valid contact information
- A void cheque or direct deposit form.
Alternatives to iCash
You might find that iCash isn’t the right fit for your needs. Or perhaps you want to look into other lenders for a short-term loan. Regardless of the reason, it’s a good idea to consider other lenders.
GoDay
GoDay is similar to iCash in terms of features. They offer loans ranging from $100 to $1,500 as well.
However, they have a longer funding time. You get your money within an hour of approval, which is much slower compared to iCash.
On the plus side, they cover a larger geographic area in Canada than iCash.
They charge fees on a fixed basis per $100 borrowed as well. These range from $15 to $25, depending on the province.
Cash4you
Cash4you is another short-term lender to consider.
They provide installment loans with a maximum loan amount of $15,000. Payday loans are available in amounts ranging from $120 to $1,500.
You can apply online and have the funds sent to your account, or you can pick them up in person.
Last Word on This iCash Review
In this iCash review, we’ve detailed all aspects of the products and services offered by the financial services provider. And we hope that the information provided will assist you in deciding whether to make use of their services.
When an emergency arises, you may have no choice but to seek assistance from a short-term lender like iCash.
Despite financing loans in less than five minutes with a high approval rate, iCash may not be the best option if you have a time-sensitive expense.
Depending on the volume of loans they’re issuing, approval times could be a few hours or days. In this case, I advise you to plan ahead, if possible. Saturdays are busy, so you may have to wait several hours for approval.
Keep in mind that if you don’t pay your payday loan on time, they’ll charge you a hefty fee. As a result, before taking out a loan, make sure you can repay it.
Our iCash review details their personal, unsecured, & payday loans. Discover the benefits, drawbacks, cost & application process involved.
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