iCash is a licensed Canadian online payday lender that charges $14 per $100 borrowed, the 2026 federal maximum, and funds by Interac e-Transfer within minutes. A $500 loan costs $70 in fees. It operates in 7 provinces, accepts employment, self-employment, EI, and government income including the Canada Child Benefit, and holds a payday lending licence in each province where it lends. iCash is legitimate and fast. It’s also expensive, and if you have employment income, a flat-fee earned wage access advance covers the same amount for a fraction of the cost.
This review covers both sides so you can decide with clear numbers in front of you: what iCash does well (speed, wide income acceptance), what it costs in real dollars, and when a cheaper option fits better.
$5
Flat fee, any amount
15 min
Via Interac e-Transfer
0
No credit check required
What Is iCash and How Does It Work?
iCash is a licensed Canadian online payday lender. You apply online, get a decision quickly, and if approved, the money is sent to you by Interac e-Transfer, often within a few minutes, 24 hours a day, 7 days a week. There are no branches to visit and no paperwork to mail. The entire process happens on your phone or computer.
The product is a short-term loan. You borrow a set amount, up to $1,500, and repay it in full on your next payday, typically within 2 to 4 weeks. This is the standard payday loan structure: one lump sum out, one lump sum back, with a fee on top. It’s not an installment loan spread over months, and it’s not a line of credit.
iCash is licensed to operate in 7 provinces: Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, and Prince Edward Island. It’s not available in Saskatchewan or Quebec. Because it holds a payday lending licence in each of those provinces, it’s bound by that province’s consumer protection rules, including the maximum fee a lender is allowed to charge.
iCash also runs a cashback rewards program that pays up to 12% back depending on your tier, plus features for repeat borrowers. Its Trustpilot score sits around 4.6, which is high. It’s worth noting that payday lenders often solicit reviews right after funding, when a customer is at their happiest, so treat any payday lender rating as directional rather than the whole story.
iCash Rates and Fees: What $14 per $100 Costs
iCash charges $14 per $100 borrowed. That’s the 2026 federal cap on payday loan fees (Government of Canada, Criminal Code s. 347.1), so iCash isn’t overcharging relative to the law. It’s charging the legal maximum, which is what most payday lenders do. The important thing is to see that fee as real dollars, and then as an annual rate.
| Amount borrowed | Fee at $14 per $100 | Total you repay | Approx. APR (2-week term) |
|---|---|---|---|
| $300 | $42 | $342 | ~365% |
| $500 | $70 | $570 | ~365% |
| $1,000 | $140 | $1,140 | ~365% |
A $14 fee on $100 sounds small. But because you repay it in about 2 weeks, the annualized rate works out to roughly 365% APR. That’s not a knock on iCash specifically. It’s how every payday loan at the federal cap prices out. The math is the same at Money Mart, Cash Money, or any licensed competitor.
Where it matters: on $500, the fee is $70. If you can only repay part of it on payday and roll the balance, those fees stack quickly. Payday loans are cheapest when you borrow small, repay once, and never repeat. They get expensive fast when they become a habit.
Who iCash Accepts: The Real Strength
This is where iCash genuinely stands out, and it deserves credit for it. Many cash advance and wage access apps only accept employment income. iCash accepts a much wider range of income sources, which means it can approve people who get turned down elsewhere.
Accepted income includes employment income, self-employment income, Employment Insurance (EI), and government income including the Canada Child Benefit and other benefit deposits. The general requirement is a minimum of roughly $800 net per month deposited to your account, along with an active Canadian bank account.
For someone whose main income is a standalone government benefit or EI, this wider eligibility is a real advantage. Apps that require active employment simply can’t help those borrowers, and iCash can.
Just remember the availability limits: iCash operates in 7 provinces (Alberta, BC, Manitoba, New Brunswick, Nova Scotia, Ontario, and PEI) and isn’t available in Saskatchewan or Quebec. If you’re outside those provinces, you’ll need a different option.
Key Takeaway
iCash is legit, funds within minutes, and accepts EI, self-employment, and government income that many apps reject. That wider eligibility is a genuine strength. But it is still a payday loan at $14 per $100, so $500 costs you $70. If you have employment income and need a small amount, a flat-fee advance is far cheaper.
Cheaper Alternatives to iCash
The single biggest way to pay less than iCash is to avoid the payday loan fee structure entirely, if your income lets you.
NotchUp (BC licence #86443) is earned wage access, not a loan. It advances wages you’ve already earned before payday, and it charges a flat $5 fee no matter the amount, from $50 up to $1,500. A $500 advance costs $5, total repayment $505. There’s no interest, no credit check, and no SIN required. The money arrives by Interac e-Transfer in about 15 minutes, 24/7. On a $500 advance, that means you pay $5 instead of iCash’s $70, a $65 difference on a single advance.
To be fair, this only works if your income qualifies. NotchUp accepts employment, freelance, EI, CPP, and ODSP (with employment), and operates in Ontario, Alberta, BC, Manitoba, and Saskatchewan, not Quebec. iCash accepts some income types NotchUp doesn’t, in particular standalone government benefits like the Canada Child Benefit on their own. So iCash can fit people NotchUp can’t.
Other ways to pay less than a payday loan include a bank overdraft (often cheaper per use than $14 per $100 if you clear it quickly), a credit union small-dollar loan, or a low-interest credit card cash advance if you have one available. Each has trade-offs, but on cost, most beat a payday loan. For a full breakdown, see our full list of iCash alternatives.
Frequently Asked Questions
Is iCash legit?
Yes. iCash is a licensed online payday lender in Canada, holding payday lending licences in the 7 provinces where it operates. It funds by Interac e-Transfer, usually within minutes, and its terms and fees are disclosed up front. Its Trustpilot rating is around 4.6. Being legit doesn’t make it cheap though. It’s still a payday loan at the maximum legal fee, so read the cost carefully before you borrow.
How much does iCash cost?
iCash charges $14 per $100 borrowed, the 2026 federal cap. That means $300 costs $42, $500 costs $70, and $1,000 costs $140. Because the loan is repaid in roughly 2 weeks, the fee annualizes to about 365% APR. The fee is the same whether you’re a first-time or repeat borrower, though the cashback rewards program can return a small percentage on repeat use.
What income does iCash accept?
iCash accepts employment, self-employment, EI, and government income including the Canada Child Benefit. The general minimum is around $800 net per month deposited to an active Canadian bank account. This broad acceptance is one of iCash’s real strengths, since many competing apps only work with active employment income.
What provinces is iCash in?
iCash is licensed in 7 provinces: Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, and Prince Edward Island. It’s not available in Saskatchewan or Quebec.
Is there a cheaper alternative to iCash?
Yes, if you have employment income. NotchUp charges a flat $5 fee for any amount from $50 to $1,500, versus iCash’s $70 on $500. It funds by Interac e-Transfer in about 15 minutes with no credit check and no SIN. The trade-off is eligibility: NotchUp needs qualifying income and doesn’t accept standalone government benefits, which iCash does. For the full comparison, see our list of iCash alternatives.
iCash vs Money Mart: any difference?
Both charge $14 per $100, the legal maximum in most provinces. The main difference is practical: iCash is online-only with no branch visits required, while Money Mart has physical locations. On cost, they’re identical. For cheaper alternatives to both, see our Money Mart alternatives guide.
Can I use iCash on a weekend?
Yes. iCash funds by Interac e-Transfer 24/7, including weekends and holidays. This is one of the advantages of an online-only lender over storefronts that keep business hours. NotchUp also funds 24/7 by Interac e-Transfer, typically in about 15 minutes.
Related Reading
Related reading: iCash Alternatives Canada | Payday Loans Canada | Cash Advance Apps Canada | Payday Loan Alternatives Canada | Money Mart Alternatives Canada
