It’s extremely challenging to be caught in an unfortunate situation financially. Even with savings, you can’t be sure of when an unforeseen circumstance may arise. According to a survey carried out by Canada’s financial consumer agency, about 64% of Canadians have an emergency fund in place to cover expenses for three months. Yet, three-quarters of Canadians reported having taken out a loan in 2019, according to findings from the Canadian Financial Capability survey.
These statistics only prove that despite preparing financial safety nets, it is not enough. Loans help to cushion you from these incidents and provide an additional layer of security when need be. Lender Review is an online, short-term direct lender convenient for financial emergencies. Loans can be acquired through an online application process with same-day payout. Just download the mobile app and you can apply for a loan. Loans range from $100 to $1,500.
iCash is a viable option during a financial crisis. Here are some things to consider about using iCash for financial loans.
Pros
Quick loan disbursal
The entire loan process (from loan application, approval to disbursal) takes only 60 minutes.
Convenient
The service is easily accessible via a mobile app. It does not require you to present yourself at any physical location. The entire process is done remotely both for receiving and repaying the loan making it extremely convenient for lenders.
Ignores bad credit
Bad credit can easily turn into denied loan applications. However, iCash will not base solely on your credit score. They consider several factors like your income and spending habits.
Cashback program
A unique feature of iCash is that you’re eligible for a cashback of up to 20% of the cost of borrowing once you repay your loan without any missed payments, essentially paying you for repaying your loan.
High approval rate
iCash has a 93% approval rate. If you’re in dire need of money, you can rely on iCash to have your back. Regardless of your financial background and credit score, you can still get an approved loan.
Cons
Short payment term
The maximum repayment term for a loan is 62 days, while the shortest is 61 days. With most applicants only getting a repayment plan of 1 installment, it makes it highly inconvenient. Since some lenders can’t pay off their loans immediately, the short term payment scheme can be a problem.
No guaranteed amount
While iCash has a high approval rate, the amount you ask for is not guaranteed. Applications are reviewed by an automated system that uses an algorithm that takes into account several factors including your income, other loan payments, credit score, and spending habits. The algorithm determines the loan amount that you receive based on your perceived repayment capacity. You may get a lower amount than what you applied for.
Unavailable for select provinces
iCash is not open to all Canadians. Select areas of Canada are ineligible to get a loan from iCash.
Installments are not available to everyone
While iCash offers the option to pay loans in 3 installment plans, it’s not available to all applicants. It’s only an option for individuals who are paid weekly, bi-weekly, or twice a month from the same employer. Borrowers in Ontario and Nova Scotia are also ineligible.
Varying interest rates
Interest rates are calculated based on the province of an applicant. Most provinces are offered a 15% interest rate, but in Manitoba and Nova Scotia, the rates are 17% and 19%, respectively. You may compare interest rates from lenders throughout Canada with Rate Genie to determine how iCash fares compared to other lenders.
Eligibility for a loan from iCash
To get approved for a loan, make sure that you meet these minimum requirements:
- Minimum age of 19 yrs old
- Valid phone number, email address, and home address
- Net income of at least $800/month
- Canadian citizens living in either of these provinces: Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, and Prince Edward Island.
- Work with the same employer for three months.
- Salary received through direct deposit
- A Canadian bank account operational for three months
Conclusion
iCash offers payday loans with short repayment periods. The loan payments are debited straight from your bank account. It’s ideal for individuals with a steady stream of income. The interest rates are also reasonable and better than some bank rates.
The biggest advantage to using iCash is that even those with bad credit scores may still be eligible for a loan. Unfortunately, it only serves seven provinces in Canada. Overall, it’s a money lender worth checking out when in a tight spot.
