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Jan 27, 2019

The most effective method to Apply For A Loan With iCASH

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The most effective method to Apply For A Loan With iCASH

In everyday life emergencies come up and Canadians may need fast funds, iCASH can help everyone bypass time consuming traditional lending processes. iCASH cusomers can have the funds as quick as 5 minutes by e-transfer. The application process is easy, free, and does not require any documents.
It's easy to apply for a loan on the iCASH website or via the iCASH mobile application on iOS or Android so there is no travel or office visits involved.

Included below are the steps that someone would need to take before applying for a loan with iCASH as well as information on the process that's involved in the actual application process.

Qualifying for credit with iCASH

A lot of people get tripped up on credit score requirements or other hurdles when applying for a loan. At iCASH, we keep our credit requirements fairly basic, so that we can help as many Canadians as possible. The main consideration is someone's ability and means to repay the loan. The basic eligibility requirements are straightforward and pretty easy to meet.

  • Be at least 19 years old.
  • Be a Canadian citizen, and a resident of one of the provinces we serve Alberta, British Columbia, New Brunswick or Ontario.
  • Need to have been at the same employer for at least the last 3 months.
  • Have at least $800/month in net income, via direct deposit into a valid Canadian bank account.
  • This can include wages along with social assistance benefits, pensions, and other income sources.
  • Have a Canadian bank account with access to online banking and has been open for at least 3 months.
  • Have a valid mobile phone number, e-mail address, and home address.

It’s that easy! Most people can easily meet those requirements.

iCASH provides flexible credit options

Canadians can borrow as little as $150 or as much as $1,500.

iCASH also has a loan calculator tool that can help.

Flexible repayment options

Canadians can choose one of two flexible repayment options:

  • A Flexpay loan from iCASH gives everyone that qualifies for credit the option for 2 or 3 installment repayments over the same schedule with no additional cost.
    • This is only available to customers who are paid weekly, bi-weekly or twice a month. It is also available to anyone who receives two different government social benefits, example child tax benefits and provincial support income.

No matter which option is choosen, the interest rate and fees charged are absolutely the same!

Application and funding process

There are no document requirements, nothing needs to be faxed, mailed, notarized, scanned, or anything like that. When applying for credit, a new customer would need their bank account information (account number, institution, and routing number).

The application can be completed online, either on the iCASH website or through the iCASH mobile application, which is available for iOS and Android.

The approval process and funding is easy, and involves just 3 simple steps:

  1. Complete the application – The application takes most people only about 5 to 10 minutes to be filled. It asks for basic information such as income, requested loan amount, and so on. No documents are required.
  2. Get instant approval - iCASH has an automated approval system that’s available 24/7 and provides instant loan approvals decision.
  3. Sign the agreement - There is no need to print, fax or mail the agreement. It needs to be signed electronically from within the iCASH member area.

Funds are send by e-transfer in 5 minutes

Upon being approved, iCASH will send the amount by e-transfer in 5 minutes, during the week, the weekends and even on Holidays! Now that is fast!

That’s really all there is to it. Repayment happens automatically from the same bank account on the payment dates scheduled. There are no hidden fees or surprises.

Cashback program on every loan

With iCASH, we provide a lot more then just a loan. All customers are automatically enrolled in our Cashback rewards program as our way of thanking Canadians for using iCASH. All customers earn up to 20% Cashback on the cost of borrowing.

We also provide progressively better perks like being able to reapply for a new loan the same day that the previous loan is paid off.

Elite Status
As soon as a customer opens an account with iCASH, they will automatically gain Elite status. This entitles everyone to a 5% Cashback rate on the cost of borrowing, a 5-day grace period built into the repayment date(s) for a loan, and 1, 2, or 3 repayment plan options with no difference in interest rate cost.
Customers gain the ability to re-apply for a loan the day after their last payment after successfully paying off 3 previous loans.

Prestige Status
After successfully repaying 10 loans, iCASH customers gain Prestige status. This entitles them to a 10% Cashback rate on the cost of borrowing, all of the other features of Elite status, the ability to re-apply for a loan on the same day as the last repayment and higher priority customer service access.

VIP Status
After repaying 20 loans, iCASH customers reach VIP status. This provides a whopping 20% Cashback rate on the cost of borrowing, all the features of Prestige and Elite status, priority customer service, and flexible repayment plans for unexpected changes in life circumstances.

For more information on the Cashback membership program and the rewards it offers, open an iCASH account today!

Contact iCASH for more information

iCASH also has an outstanding team of Customer Experience Agents who can help answer any question that customers may have. We also have a Frequently Asked Questions section as well as a contact form on the contact iCASH where customers can contact us as well.

At iCASH, we know emergency expenses, urgent cash needs, repair bills, and other financial pressures can be a source of stress. Let iCASH remove that stress and get on with a happy life.

Paying a loan early

There are no fees for repaying early, and in fact it’s beneficial. By repaying early, customers can avoid late fees, and gain trust with iCASH, which may increase their ability to access funds and loan amounts in the future.

Repaying a loan

Repaying a loan is easy and hassle-free. On the repayment date(s), the repayment amount listed in the loan agreement will automatically be debited from a customer's bank account (the account information that's provided during the application process is used for this purpose).
Customers need to ensure that they have sufficient funds in their bank account on the repayment date(s) to avoid any insufficient funds fees or other issues with the loan.

Repeat borrowing

Applying for a re-loan with iCASH is a lot easier when customers need to borrow money. The Reloan process can take as little as 2 minutes as customers only need to confirm the information provided in the original iCASH application.

What’s more, iCASH customers will be able to earn Cashback rewards with every loan they take and repay it back on time. Repeat borrowers can also gain access to higher levels of Cashback (up to 20%), and additional membership perks over time.

It’s our way of rewarding loyalty and thanking everyone for using iCASH.

Alex Charbonneau

Alex Charbonneau hands-on approach to financial planning, investments, and leadership won him the respect of many. Alex is a trustworthy individual & someone that many in Canada aspire to work with.