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Date Published: March 21, 2023 (Updated September 1, 2026)
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Key Takeaways
You can borrow up to $1,500 through iCash's online application.
Fees run $14 per $100 borrowed, so a $500 loan costs $70 in fees.
Once you're approved, funds arrive by Interac e-Transfer in about 2 minutes.
Approval is based on your income, not your credit score, and only your first loan involves a credit check.
iCash is a licensed online lender in Canada, not an app or a loan matching service.
A cash loan is a short-term, unsecured loan based on your income rather than property or savings you'd put up as security. Most cash loans in Canada get approved and funded the same day.
Unlike a traditional bank loan, a cash loan skips the multi-day underwriting process and doesn't require a strong credit history to get a decision. Some lenders call this a cash advance or payday advance, and the mechanics are the same either way.
A cash loan makes the most sense when you know exactly what you need the money for and when you’ll be able to pay it back. That could be an unexpected repair or a bill that falls a few days before payday. These loans are short-term, so the balance needs to be repaid on your next payday or by the agreed date.
A cash loan through iCash costs $14 per $100 borrowed. On a $500 loan in Ontario, that works out to $70 in fees, for a total payback of $570. The fee is based on the amount you borrow, so you can work out the borrowing cost before applying. For example, borrowing $300 would mean $42 in fees under the same rate.
Expressed as an annual percentage rate, that's about 365% APR on a 14-day term, or 82.42% APR if the same loan runs 62 days. APR converts the cost of a short-term loan into a yearly percentage, which makes it easier to compare different forms of credit that may have very different repayment periods.
The APR looks high mostly because the term itself is short. A fee charged over two weeks becomes a much larger percentage when calculated as though that borrowing continued for an entire year. Spread over a full year, the dollar cost of borrowing looks very different from the percentage.
What matters day to day is the flat fee, and that fee is set by provincial regulation, not by iCash. Before signing, you'll see the total cost of the loan and the amount you need to repay, so you know the dollar amount upfront.
To qualify for a cash loan, you need to be the age of majority (18 in most provinces, 19 in British Columbia, New Brunswick and Nova Scotia), a Canadian resident, and able to show a steady source of income.
Whether you work for an employer, work for yourself, or receive government assistance, that income may be considered when you apply. It also helps determine how much you can borrow, along with the lending limits in your province. In other words, $1,500 is the upper limit, not a standard loan amount for every borrower.
Most lenders, iCash included, will also need to verify your identity and active bank account. Your credit history is part of the picture, but it doesn’t need to be perfect. Income and whether you can reasonably repay the loan matter more.
You don't need to own a home or bring in a co-signer, and you don't need to have borrowed from a payday lender before. Every application gets reviewed on its own, based on the income and documents you provide at the time you apply.
Getting a payday loan through iCash comes down to three steps:
Complete the short online application
Get a decision
Sign your loan agreement
Once that’s done, your money is sent by Interac e-Transfer and can arrive in about two minutes.
There's no branch to visit and no paperwork to fax. You'll need your banking details and proof of income on hand, and most applicants get a decision within minutes of hitting submit.
Funds move as soon as you accept your loan terms, not days later. For more on how approval speed works, see our guide to instant loans in Canada.
Repayment works the same way funds arrive. On your due date, iCash withdraws the amount owed directly from your bank account, so there's nothing extra to schedule or remember on your end.
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 e-Transfer within 2 minutes. Fast, convenient and hassle-free. Funds are sent 24/7, no matter what.
$1,500 is iCash's maximum loan amount, though what you're approved for depends on your income and province.
For the full breakdown of costs, eligibility, and repayment on a $1,500 loan specifically, read our guide to borrowing $1,500 in Canada.
iCash puts more emphasis on your financial situation today than on your credit score. That means looking at your current income and whether you have the ability to repay the loan. A credit check is still required for your first loan to confirm your identity and existing obligations. Returning customers with an account in good standing don’t go through the same check again.
This approach means a low score or a thin credit file won't automatically rule you out. If bad credit is the main thing holding you back from borrowing, our guide to bad credit loans covers your options in more depth.
A cash loan isn't the only way to cover a short-term gap in your budget.
Below, we list a few other options worth considering:
A line of credit or small loan from a local credit union, often at a lower rate if you already bank there and have some history on file.
An employer pay-advance program, which lets you access wages you've already earned instead of borrowing against a future paycheck.
A registered non-profit credit counsellor, especially if the gap is a recurring pattern rather than a one-time expense. Counselling is usually free and can help you build a longer-term plan.
Borrowing from family or friends, if that’s an option for you and everyone is comfortable agreeing on when and how the money will be repaid.
A short-term cash loan can still make sense when you need money quickly, don’t have collateral, or have limited options because of your credit history. The important thing is choosing the type of borrowing that works for your circumstances and that you can realistically repay—this is what borrowing responsibly is all about.
Let’s use an example to show what typical use of short-term cash loans can look like.
Suppose a rideshare driver's car needs a new alternator two days before payday. Without the car, that driver won’t be able to earn income that week.
She applies online for $400, uploads a pay stub and void cheque, and has a decision within ten minutes. After she signs the agreement, the money arrives by Interac e-Transfer. That afternoon, she can get her car fixed and get back on the road.
That’s the type of expense iCash is meant for: something specific that needs to be paid now, with a clear plan for paying the loan back. Every application is reviewed based on income and ability to repay, and that review happens the same day rather than stretching out over several days.
The reason for applying might be a shift that ended early, a prescription that cost more than expected, or rent coming due a few days before payday. Filling out the application takes a few minutes, but there’s still a real review behind the decision. Each application is looked at individually rather than being treated exactly like the one before it.
The idea is to give you an answer quickly while making sure you know the terms and repayment details before you agree to anything.
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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