PERSONAL FINANCE BLOG

Money shouldn´t stop making your plans come true. Learn how personal loans can help you!
iCash Personal Loans Review
15 Aug 2018

iCash Personal Loans

Do you find yourself falling short of money occasionally? iCash personal loans can be in your account in as little as one day, and they offer some great perks the more you use their services.

Watch your loan limit and other perks scale up the more often you borrow.

You are interested if

You need a little bit of money to tide you over until your next paycheck – and especially if this has happened more than once.

 

Key Points

Brief Description iCash personal loans are small cash advances that let you tap into money you don’t quite have yet, but know that you will soon.
Limits and Deadlines First-time applicants can receive up to $750 at a time, while serial borrowers can eventually be granted up to $1500.
Urgency Applications are reviewed by software almost instantaneously, and money is transferred to recipients within just minutes of iCash receiving their signed loan agreement.
APR Range iCash is a provider of short-term loans only, so they structure their fees based on interest rates and not APR. Interest ranges from 15%-23% depending on the province where you live.
Closing/Origination Fees None – what you see is what you get.
Early Payment Fees None, and paying your loan back early is strongly encouraged.
How to Contract the Product Just pull up the application form online and fill it out to find out straight away if you’ve been approved or not, then submit your documentation and signature digitally to finalize the process. You will receive your money almost instantaneously after signing your digital lending agreement.
Main requirements You must be 19+ years of age, have a bank account that has also been open for that long, have a net income of at least $800 per month that you have been receiving from the same source for at least 3 months, receive your pay by direct deposit, and have no previous bankruptcies on file.

About iCash Personal Loans

Main Features

iCash personal loans (also called cash advances by the company) are short-term micro-loans that are targeted at people who don’t have a credit score adequate enough to work with most other lenders. They approve borrowers with income from any source (including social assistance or the Canada Child Tax Benefit) and process applications extremely quickly, so most people will have no trouble getting the money they’re looking for through this lender.

iCash uses an in-house system they call their Trust Rating System to determine how much money a borrower will be offered upon any future applications. It typically takes more than one or two loans paid back in full to be eligible for the full $1500 loan limit, but a repeat borrower will eventually be granted that privilege. Subsequent applications from a previous borrower will be processed more quickly as well. Regardless of this, iCash warns that the mere fact that you were approved once does not guarantee that you will be approved again; each application must still be assessed on its own merits.

iCash also features a cashback program that can net customers up to 20% of their loan amount in free, unrestricted cash when they’ve paid back the original amount in full. While it’s difficult to determine what amount you will receive before you commit to the loan, this program can help mitigate some of the costs of borrowing and make iCash less of a risky choice than many payday lenders.

How Does It Work?

iCash’s lending system was created with efficiency in mind – simply fill out the online application form, upload your documents if approved, and you’ll have your money about 5 minutes after you’ve finished. All of the work of coming to a decision for approval is done by automated systems, making the process not only extremely fast, but very predictable; whatever verdict is reached, you’ll know that there was no bias involved. As mentioned, repeat borrowers will have an easier and faster time reapplying than first-timers will, but the entire process should take no more than a day or so regardless.

iCash offers two repayment options: the cash advance system, which requires you to pay the loan in full on a single occasion, or FlexPay, which spreads that obligation out over 2 to 3 installments. Both will cost the same amount in interest fees assuming identical repayment dates, and both will require repayment to happen via an automated bank transfer system.

If your account lacks the funds to complete this transfer at the scheduled time, you will be charged a fee between $20 and $50 depending on the province in which you live. Contacting iCash’s customer service team at least 3 days in advance of your scheduled payment may allow you to work out an alternative arrangement with them if you are in danger of incurring this fee. In cases of default, iCash has an internal department to pursue collections from borrowers who have missed multiple payments. If this first attempt to collect fails, they warn that your debt will eventually be sent to a collections agency.

Conclusions

iCash personal loans are intended to provide swift, easy access to a little bit of extra money. Their speed is a big point in their favour, and their cashback program is extremely noteworthy for its generosity. While many lenders offer a referral program that they advertise as a way to help pay back your loan, those schemes require you to actively recruit other people. iCash’s system offers the same benefits just for being a good customer, which should be something you were planning on doing anyway. This effectively makes the total cost of the loan lower than it would otherwise be; in combination with their relatively low interest rates for a high-interest loan, you can realize some pretty significant savings over competitors by opting for iCash.

iCash personal loans aren’t too different from other similar products out there, but if you only make use of them on a singular occasion, you’re not getting the best deal they could potentially give you.Their lending process is designed to be of the most benefit to those who keep coming back to it. First-time borrowers get a decent deal, but iCash makes no secret of the fact that there is much more available to those who business with them more frequently.

Even though their lack of familiarity with you and your financial habits justifies this precaution, it may annoy some to see that they are being restricted from some of  iCash’s offerings regardless of the quality of their application. Borrowers who are bothered by this may prefer a lender with a more traditional structure, but should consider iCash’s many benefits before abandoning the idea of borrowing through them altogether.

iCash: Easy Online Lending That Just Gets Better

iCash is an online-only Canadian lender serving Ontario, British Columbia, Nova Scotia, New Brunswick, Alberta, Saskatchewan and Manitoba. Through automation, iCash aims to simplify the application and approval process in order to allow their employees to focus on providing excellent customer service. They provide email and telephone support for customers during the regular working week and pride themselves on doing everything they can to make your experience with them a good one.

What We Think

iCash personal loans are tailor-made for people who frequently find themselves running short on cash. In general, consumers should avoid making a habit out of taking out cash advance loans like this. However, everyone’s financial situation is different, and it may make sense or even be necessary for some to take these kinds of opportunities more frequently. For example, many people finance Christmas purchases with a loan every year and pay that money back a little later. This is a planned expense that is relatively harmless, and iCash’s cashback feature makes it even more benign. If you have plans to make use of loans more than just once or twice in the future, the way that iCash specifically rewards repeat borrowers makes them a great choice for you.

On the other hand, most borrowers will not anticipate needing cash advance services very often, making these graduated steps useless to them. The maximum amount that first-time borrowers can be granted is fairly low and the interest rates they face, while not egregious compared to what is available from competitors in this product category, are not exactly low. You’ll be paying a hefty price for your money even if you pay it all on time, and even more if you find out later that you can’t adhere to such a short repayment deadline. The FlexPay system makes it a bit easier to avoid this issue, but it doesn’t eliminate these problems.

For these reasons, iCash doesn’t typically outshine other lenders in their market. However, they are not what you’d call a bad option either; if you need a quick injection of cash, they can make that happen as easily as most of their competitors can. We advise that you keep them in mind regardless of future borrowing intentions, but also that you pay them special consideration if you know that you’ll likely have the chance to move up the Trust Rating system.