iCash Loan Requirements: All you Need to Know

If you’re in need of quick cash to cover an unexpected expense, iCash may be a good option for you. iCash is a popular Canadian digital lender that offers short-term loans to borrowers in need of financial assistance. However, before applying for an iCash loan, it’s important to know their requirements and eligibility criteria. And that’s what we’re going to x-ray in the subsequent sections.

What is iCash?

iCash is an online lender that provides short-term loans to Canadians. The company offers loans ranging from $100 to $1,500, with repayment terms ranging from one to six months. iCash loans are primarily designed to provide quick access to cash to cover unexpected expenses, such as car repairs, medical bills, or home repairs. The company was founded in 2013 with its headquarters in Gatineau, Quebec. One good thing about iCash is that it does not require a good credit score or collateral to qualify for a loan. The platform uses proprietary algorithms to run a check on each applicant to determine who is eligible.

iCash Loan Requirements 

icash loan requirements

As it is with other lending platforms where applicants are expected to meet some criteria to be able to access loans, the same thing is obtainable on the iCash platform. To qualify for a loan at iCash, you must meet some of the requirements. They criteria are outlined below:

1. Age

To qualify for a loan at iCash platform, the applicant must be at least 19 years old. This is to say that if you’re not up to 19 years and above you won’t be able to access a loan from iCash. In fact, to be eligible for loan at iCash platform you must be an adult, the loan application is not for children.

2. Residency

iCash loan is only available for Canadian residents. As a matter of fact, to be able to access iCash loans, you must reside in British Columbia, Alberta, Manitoba, Ontario, Nova Scotia, New Brunswick or Prince Edward Island where iCash services are available. In fact,  This loan platform is only available in Canada and can only be accessed by Canadians.

3. Employment

To qualify for iCash loan, the applicant must have a steady source of income for the past three months from the same source. This means that the intending applicant must have been receiving a monthly salary at least three months before applying.

4. Income

To be eligible for iCash loan, the applicant must have at least $800 monthly in the same bank account for the past three months. This means to qualify for the loan, you must have used the same bank account to receive at least $800 for at least three months. The source of the income must be the same.

5. Bank Account

The intending applicant must have a functional Canadian bank account that has been open for at least three months. Not only that, the account must have access to online banking.

6. Finally, to qualify for a loan at iCash, the applicant must have a functional mobile phone number, address and email address.

How Much Can You Borrow From ICash?

The exact loan amount that an intending applicant can  get from iCash ranges from $100 to $1,500, but this loan amount is totally dependent on your income and expenses. It’s important to note that the loan amount that an applicant can access from iCash is not fixed, it varies depending on many factors.The amount that an applicant can get is dependent on the region you reside in. It is so because different territories have laws guiding payday loans. Additionally, if you take a loan from iCash, you’ve few months to repay it, but you can opt to repay it in multiple or one installments. Finally, keep in mind that an iCash loan is a short-term loan and should be repaid as agreed to avoid negative rewards.

 How To Apply For An ICash Loan?

At this point, I am convinced  that you know the basic criteria to access an iCash loan, if you meet all the requirements and you wish to proceed with the loan application. Follow the steps below to do that:

  1. Go to the iCash website and click on the ‘’Apply Now’’ button.
  2. Enter the necessary details on the online application form with your personal and financial information.
  3. After filing the form, upload the necessary documents like your ID, pay stubs, bank statements, and utility bills. These documents are vital because they will be used for verification. 
  4. Go through the iCash loan terms, read it carefully  before accepting it, if you don’t understand, ask questions. 
  5. If you qualify for the loan, iCash will credit your account through e-transfer or direct deposit. 

Optimizing Your iCash Loan Application

To increase your chances of getting a loan from iCash platform, there are several things you can do to optimize your application, they include:

  • Ensure that you meet the requirements: Before applying for an iCash loan, ensure that you meet all of the eligibility criteria outlined above. If you do not meet these requirements, your application will likely be denied.
  • Provide accurate information: When filling out your application, ensure that all of the information you provide is accurate and up-to-date. Any discrepancies or errors could delay the approval process or result in your application being denied.
  • Apply during business hours: iCash processes loan applications during regular business hours, so it’s best to apply during these times to ensure a quicker turnaround time.
  • Choose the right loan amount and term: When applying for an iCash loan, it’s important to choose the right loan amount and term for your needs. Borrowing too much or for too long could result in higher interest charges and fees.
  • Consider adding a co-signer: If you have poor credit or do not meet the income requirements, adding a co-signer to your application could increase your chances of being approved.
  • Provide additional documentation if needed: If iCash requires additional documentation to process your application, ensure to provide it as soon as possible to avoid any delays.

Conclusion

If you’re in need of urgent cash to cover an unexpected expense, an iCash loan may be a great option for you. However, it’s important to understand the requirements and eligibility criteria before applying. By meeting the requirements, providing accurate information, and optimizing your application, you can increase your chances of getting a loan approval from iCash.

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