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Date Published: April 13, 2023 (Updated November 3, 2026)
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A low or bad credit score doesn't have to stop you from getting the money you need. iCash is a licensed Ontario lender, and we look at your current income, not just your credit history. One fast online application is all it takes: apply online and qualify for a loan amount from $100 to $1,500.
Key Takeaway
Licensed in Ontario (#4733142)
Fully online, no store visit
Funds by Interac e-Transfer®
Available 24/7
Over 90,000 local residents assisted
Amount | $100 to $1,500 range |
Cost | $14 per $100 borrowed |
Decision | Quick decision process, usually within minutes |
Funds | Interac e-Transfer, 24/7 |
Credit check | One check on your first application only |
Requirements | 18+, steady income for 3 months, $800+ a month after tax, an online bank account |
Key Takeaway
Bad credit doesn't rule you out. iCash looks at your current income, not just your credit history, so eligible residents can borrow $100 to $1,500 through our bad credit loans and receive cash by Interac e-Transfer in as little as 2 minutes.
Can I get approved with bad credit? Missed payments are rising faster here than in the rest of Canada, which affects many people's credit scores. Our approval decision is based mostly on your income today, so many applicants with bad credit get approved. Whatever your score, we will review your application.
Will applying hurt my credit score? iCash runs one credit check on your first application only, and none on any application after that. You also live in one of only two provinces where you can see your TransUnion score for free as part of your consumer disclosure, so it's easy to find out where you stand. And once you're an iCash customer, you can also check your Equifax report for free, wherever you live in Canada.
My mortgage renewal pushed my payments up. Can I still apply? Yes, and you can still be approved. You're far from alone: more homeowners in the province are falling behind on everyday bills as housing costs rise. If a renewal pushes your score into bad credit territory, we will look mostly at your current income, not the missed payments.
What if I need more than $1,500? iCash offers payday loan amounts in the $100 to $1,500 range. For larger amounts, compare the other options below first, such as installment loans.
There is no official provincial statistic showing exactly how many Ontarians have bad credit. Credit scores are kept by private credit bureaus, and Statistics Canada does not publish how many residents fall into each score range.
But the numbers we do have tell a clear story. The provincial insolvency rate was still below the national rate in 2025, yet filings are now growing faster here than in the rest of the country, and more Ontarians are falling behind on bills. If your score has taken a hit lately, it's usually a sign of rising costs and financial pressure, not of poor choices, and thousands of your neighbours are in the same spot.
Missed payments: 1.95% of consumers in the province were 90+ days behind on a non-mortgage payment, versus 1.83% nationally, up 8% in a year
Average non-mortgage debt: $23,289 per local consumer, versus $22,699 nationally (Equifax Canada, Q2 2026)
Consumer insolvency rate: 3.9 per 1,000 adults in 2025, versus 4.1 nationally
Insolvency filings: 55,968 consumers in the province filed in the 12 months to June 30, 2026, up 8.8% year over year, compared with 5.9% nationally (Office of the Superintendent of Bankruptcy)
Financial pressure also varies by region. The northeast had the highest provincial insolvency rate in 2025, at 4.6 per 1,000 adults, while Stratford and the Bruce Peninsula had the lowest, at 2.6.
Credit scores vary from city to city, too. The average Canadian score is 679, according to Borrowell's 2026 data. Among the province's largest cities, Markham has the highest average at 714, while Brampton and Hamilton share the lowest at 658, more than 20 points below the national average. Ottawa sits near the top at 702, while Toronto, the province's largest city, averages 693. See how bad credit loans in Toronto work with iCash.
Right now, the biggest pressure is jobs. US tariffs have hit local factories hard: the province lost 8,400 manufacturing jobs in 2025, and its unemployment rate rose to 7.7%, the highest since 2012 outside the pandemic (Financial Accountability Office of Ontario). Cities that export to the US felt it most. Windsor (9.7%) and Oshawa (8.7%) had the highest unemployment in the province, and Brantford jumped from 5.4% to 8.0% in a year. When a paycheque stops, bills slip and scores follow.
Housing adds to the strain for homeowners. Among local mortgage holders, the share 90+ days behind on other bills rose 27% in a year, and missed mortgage payments in the province have climbed every quarter for four years.
Other common reasons:
Young workers struggling to find steady work: the province's youth unemployment rate reached 16.0% in 2025, the highest since 2012 outside the pandemic
A medical emergency, car repair or personal crisis that emptied your savings
High-interest card debt where you can only pay the minimum
Arriving in Canada with no credit history yet
None of these make someone a bad borrower. A credit file shows your past. iCash focuses on your income today. That's how our bad credit loans in Canada work in every province where we're licensed.
Option | Typical amount | What to expect with a low score |
Bank or credit union personal or installment loan | $2,000+ | Lowest interest rates, but low scores are often declined and approval can take days |
Credit card cash advance | Your available limit | No new approval, but high interest rates start the day you withdraw |
Subprime installment loan | $1,500 to $15,000 | Approval possible, but rates up to 35% annual percentage rate, the federal legal maximum, and multi-year terms |
Payday loan from a licensed online lender like iCash | $100 to $1,500 | Flexible, income-based decision in minutes, flat fee capped by provincial law, fast cash by Interac e-Transfer |
Family or employer pay advance | Varies | Low cost, but the money isn't always available when you need it |
If your debts are bigger than short-term loans can cover, a non-profit credit counsellor can help you compare the best options for your personal situation, such as a debt management programme. A reputable agency won't charge for the first meeting. Find an accredited agency near you through Credit Counselling Canada.
If you're struggling to cover the basics, a great place to start is Ontario Works, which offers provincial financial assistance for food and rent if you're in financial need. A single person can receive up to $733 a month.
Borrowing with bad credit usually means you pay more, because lenders price for risk. Personal loans from big banks offer the lowest interest rates to people with good credit, while bad credit personal and installment loans can carry rates as high as 35% annual percentage rate. Their loan term often runs for years, so compare the total cost first.
Payday loans work differently from installment loans. Under provincial rules, you pay one flat fee of no more than $14 per $100 borrowed, instead of interest rates that build up over time. You repay in days or weeks, not years. Borrow $300 and you pay back $342, and you will know that total before you sign. Payday loans are best for small, short-term cash needs, like a car repair, and can help you bridge a gap until payday.
At iCash, your credit score doesn't change the price, and every fee is shown up front with no hidden fees, so it's easy to compare. Check the full fees and repayment rules before applying.
We look at how much you earn, how regularly it arrives and whether the repayment amount fits your budget. To qualify, you need to meet these requirements:
Be at least 18 years old
Live in Ontario (or another Canadian province where we operate)
Have had the same source of income for the last 3 months (we're flexible about the source: employment, Ontario Disability Support Program, Canada Child Benefit, Canada Pension Plan (CPP) and other pensions, Employment Insurance and self-employment income all count)
Earn at least $800 a month in take-home pay
Have an online bank account that accepts pre-authorized debits, so you can pay back automatically*
Have a valid Canadian mobile number (internet phone numbers aren't accepted), address and email
*Please note that KOHO accounts do not qualify as they do not support pre-authorized debits.
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.
Credit Canada: a non-profit agency with local offices, including Ottawa and Mississauga, offering free credit counselling and debt programmes.
Credit Counselling Society: a registered non-profit serving the province, including Toronto, with free counselling and a debt management programme.
Credit Counselling Canada: the national association of accredited non-profit counsellors. Use its locator to find one near you.
Looking to improve your credit score? Taking steps that help improve credit can open up far more borrowing options whenever unexpected expenses arise.
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.
