iCash Review: A Convenient 24/7 Payday Loan, But Expensive

What is iCash?

iCash Canada is a licensed direct lender that offers payday loans in several provinces. It has offices in Ontario, BC, Alberta, New Brunswick and Nova Scotia, but loan applications are online only. It’s one of the most well-known payday lenders in Canada.

Related: Best payday loans in Canada

Is iCash legit?

Yes. iCash is a licensed payday lender. It’s also a member of the Canadian Consumer Finance Association (CCFA) and has served over half a million customers since 2016.

iCash displays its payday loan licences and expiry dates on its website

• License #341941—Alberta, Oct 31, 2026
• License #4733142—Ontario, March 17, 2026
• License #67639—British Columbia, Oct 31, 2026
• License #74162—Manitoba, May 3, 2026
• License #180004440—New Brunswick, May 3, 2026
• License #242535468—Nova Scotia, July 31, 2026
• License #40955—Prince Edward Island, March 23, 2026

As of January 27, 2026.

iCash loan features

Feature	Details
Loan amount	$100 – $1,500
Loan term	7 - 62 days
Where is it available?	AB, BC, MB, NB, NS, ON, PEI
APR	$14 per $100 borrowed
Repayments	Make one to three equal payments depending on the province
Fees	If a loan goes into default, NSF and late fees may apply
Basic eligibility requirements	Be at least 18 years old (for applicants in Alberta, Manitoba, Ontario and PEI) or be at least 19 years old (for applicants in British Columbia, New Brunswick and Nova Scotia). $800 minimum income
Types of income it accepts	Many types, including employment, EI, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance

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How long does iCash take?

In our experience, iCash Canada provides instant approval for most applicants. Once the contract is signed, funds can be sent in as little as 2 minutes via Interac e-Transfer.

We found that applications requiring manual review, such as those with recent address or employment changes, can take a few extra hours to process.

What we like about the iCash loan

• Easy application. When we tested it, iCash‘s online application took less than 10 minutes to complete and returned a decision almost instantly.
• E-Transfer 24/7. We like that funds can be sent almost immediately after signing the contract, even outside regular business hours, provided Interac e-Transfer is set up.
• Accepts many types of income. iCash is flexible in the types of income it accepts. Many types qualify, including EI, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance.
• Unsecured loans. No collateral is required for a payday loan from iCash.
• Bad credit or no credit doesn’t matter. As a payday lender, iCash has flexible requirements and will consider any application regardless of credit.
• 24/7 customer support. iCash reviews applications 24/7 and provides prompt decisions. We’ve found that this perk isn’t common among payday lenders in Canada.
• No fee for early repayment. Loans can be repaid early without any penalties, but this isn’t a perk exclusive to iCash.
• Grace period. We like that iCash offers a five-day grace period for repayment, giving borrowers extra time to repay without penalties, which is another perk that other payday lenders don’t offer.
• Secure. iCash says it uses bank-level security to keep clients’ information secure.
• Repay in installments. iCash offers a repayment plan called Flexpay, allowing repayment in two or three equal payments. But this feature comes with a few restrictions and isn’t available in every province.
• Cashback program. Eligible borrowers may receive up to 12% of the borrowing fee back after full repayment. This program isn’t available to customers in Manitoba and New Brunswick.

• Flexpay details

  iCash’s installment repayment plan comes with a few restrictions:

  • This is available to residents of Manitoba, BC, New Brunswick, Alberta and PEI, but not Ontario or Nova Scotia.
  • Two-payment loans are only available to borrowers who are paid weekly, bi-weekly, twice a month or who receive two forms of monthly government income.
  • Three-payment loans are only available to borrowers who are paid weekly, bi-weekly or twice a month from the same income.

  When payment is due, iCash will automatically withdraw payment from the linked bank account.

• Cashback program details

  There are several eligibility requirements to receive cashback. This list isn’t exhaustive, so be sure to visit iCash‘s terms and conditions page to get more details.

  • Must not have paid off your loan early
  • Must not be in bankruptcy, a consumer proposal or a debt consolidation program
  • Must not have any current or previous loans written off with iCash
  • iCash account must not be fraudulent and must be in good standing
  • Must have a minimum of $20 available in cashback to redeem

What to watch out for

• Extremely high rate. We want to be clear that payday loans are one of the most expensive ways to borrow money, and iCash Canada is no exception. Consider alternatives like an installment loan or cash advance before getting a payday loan.
• Short repayment term. Since repayment is usually required in full by the next payday, we recommend making sure you have enough income left to cover other debts or expenses after repayment. Otherwise, another loan may be needed, furthering the cycle of debt.
• Payday loan regulations vary by province. Provinces have different rules regarding loan amounts, fees, extensions and cancellation periods, so it’s important to research specific provincial regulations.

Summary of iCash reviews

Based on what we’ve seen in customer feedback, iCash reviews are largely positive, with many borrowers highlighting how fast and straightforward the application process is. On the downside, we also came across complaints about customer support delays when issues arise, with some users reporting long resolution times. Here’s an overview of iCash’s ratings:

Feature	Details
BBB accredited	No
BBB rating	B-
BBB customer reviews	N/A
Trustpilot score	4.7 out of 5 stars based on 2,800+ iCash reviews
iOS iCash app	4.8 out of 5 stars based on 21,000+ ratings
Android iCash app	4.8 out of 5 stars based on 34,000+ ratings, 500,000+ downloads

Customer reviews verified as of January 26, 2026.

How much can I borrow with an iCash loan?

• Ontario or BC residents can borrow up to $1,500 or up to 50% of their net income, whichever is less.
• Manitoba or New Brunswick residents can borrow up to $1,500 or up to 30% of their net income, whichever is less.
• Alberta, PEI or Nova Scotia residents can borrow up to $1,500.

How much will an iCash loan cost?

Payday lenders can charge a maximum of $14 per $100 borrowed, which means the overall cost of a payday loan depends on the amount borrowed. For example, borrowing $500 in Ontario over 14 days results in $70 in fees ($14 for every $100 borrowed), which works out to an APR of 365%.

Am I eligible for an iCash loan?

Requirements for an iCash loan include the following:

- At least 18 years old (for applicants in Alberta, Manitoba, Ontario and PEI)
- At least 19 years old (for applicants in British Columbia, New Brunswick and Nova Scotia)
- Canadian resident in a province that iCASH services
- Valid cell phone number, address and email address
- Net income of at least $800/month deposited into bank account
- Receiving the same source of income for the past 3 months
- Have a Canadian bank account that's been open for at least 3 months with online banking

What documents do I need to apply?

iCash doesn’t require any documents. However, information provided in the application will be used to verify identity and income, and to obtain a credit report for first-time customers.

Can I get an iCash loan with bad credit?

Yes, iCash specifically states that it accepts customers with all types of credit scores, including bad credit. While a credit check is performed for first-time applicants, greater emphasis is placed on other factors, such as income. According to iCash, more than 90% of its applicants are instantly approved, and most complete the whole process in 30 to 60 minutes.

How do I apply for an iCash loan?

Applying for an iCash payday loan is similar to applying for other payday loans, and it only took us around 10 minutes to complete the entire application. Follow these steps to get your own payday loan from iCash:

1. Head over to the iCash Canada website.
2. Register for an account by entering your first and last name, province of residence and a password.
3. Confirm your email address and select Apply now to start the application.
4. Enter the desired loan amount and repayment dates (for applicants in Manitoba, BC, New Brunswick, Alberta or PEI).
5. Enter a mobile number and the provided verification code.
6. Provide details like full name, Social Insurance Number, date of birth, marital status and level of education.
7. Provide residence details, including address, rent/mortgage payments and the number of years at the address.
8. Provide employment status and income information.
9. Provide details about the purpose of the loan and an estimated credit score.
10. Link a bank account to verify identity and finances.
11. Agree to the terms and conditions and submit the application.

iCash application preview

iCash’s application is user-friendly, completely online and quick to fill out. Here’s how:

Bottom line

Based on our findings, iCash is one of the standout payday lenders in Canada, offering speed, availability and ease of use with access to funds in as little as one hour or less, 24/7. However, just like all other payday loans, we believe iCash loans should only be a last resort because they’re extremely expensive. Payday loans aren’t designed to solve long-term financial problems and can create ongoing debt if used repeatedly. It’s also important to avoid taking out a payday loan if there won’t be enough income available to cover other expenses after the loan is repaid. Instead, we recommend cheaper alternatives like installment loans or cash advance apps.