Do you know that getting fast access to cash when you need it can be a challenge? Unexpected events can leave you strapped for cash. Credit cards often take weeks for approval and come with high-interest rates. Traditional bank loans require good credit collateral, and involve lengthy applications.

That is where online personal loan lenders like iCash can help. iCash offers a quick and convenient way to get funds deposited directly into your bank account, often as soon as the next business day. But how exactly do iCash loans work and are they the right option for you?

What is iCash?

iCash is an online lender that offers personal installment loans from $100 to $1500. They market themselves as a source of “fast cash” for dealing with unexpected expenses or smaller financial needs.

     iCash offers a quick and convenient way to get funds deposited directly                 into your bank account, often as soon as the next business day.

The loan types offered by iCash include:

• Personal instalment loans – they are fixed-term loans with set monthly payments. Loan terms range from 2 months up to 24 months.
• Line of credit – This functions like a credit card with a set credit limit. You can draw down as needed and minimum monthly payments are due.
• Single payment loans – Also known as payday alternative loans. The full balance is due in a single payment by your next payday.

iCash is best suited for smaller, short-term borrowing needs. The max loan amount is $1500 so it is not intended for huge expenses. The convenience factor of quick online applications and fast funding makes it helpful for urgent or unexpected costs.

iCash Loan Requirements – Do You Qualify?

iCash offers loans to borrowers with “all credit types” but you still have to meet their basic eligibility criteria. Qualifications incudes:

Minimum age – You must be at least 18 years old to apply.

Income – You must have a regular source of income from a job or benefits like Social Security. The minimum required varies.

Bank account – An active checking account is required to receive funds.

Identification – Valid ID such as a driver’s license, Social Security number and contact details are required.

Credit check – iCash will do a “soft credit check” but no minimum score is stated. They say approvals are based on income.

Contact information – Your personal phone number and email are required.

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As long as you meet these basic requirements, your chances of qualifying for an iCash loan are high. Having a bad credit or no credit history does not automatically disqualify you.

How to Apply for an iCash Loan

Applying for an ICash loan is designed to be quick and easy.

Complete the online application

It only takes about 5 minutes. You’ll input your personal details including income source, bank account information and contact info.

Get an instant decision

After submitting the application, you will get an instant approval or denial decision on your loan. This allows you to know if you qualify right away.

Accept the loan agreement

If approved, you can continue by reviewing your loan agreement terms, and disclosures and e-signing all the documents online.

Verify income and bank account

iCash will verify your income, employment, and checking account electronically. This can be done instantly by linking accounts or providing account statements.

Get funds the next business day

Once verified, iCash can deposit your approved loan amount directly into your bank account as soon as the next business day.

The quick turnaround time from application to funding makes iCash loans helpful for urgent financial situations compared to options that take days or weeks for approval and disbursement.

The quick turnaround time from application to funding makes iCash loans helpful for urgent financial situations compared to options that take days or                             weeks for approval and disbursement.

What Are the Fees, Interest Rates and Fine Print To Understand?

As an online lender, iCash needs to charge higher fees and interest rates than banks to offset their underwriting risk. These are the rates and fees to be aware of:

Origination fees – You will be charged an origination fee that is deducted from your loan proceeds.

Interest rates – Will range from about 59% to 399% APR depending on your credit profile, income, and loan term. This is higher than credit cards or bank loans.

Late fees – A late fee of up to $50 can be charged if your scheduled payment is not received by the due date.

Returned payment fees – Expect a fee of up to $35 if your payment is returned for insufficient funds.

Prepayment – iCash does not charge any early repayment fees if you pay off your balance early.

Always make sure to carefully read the full loan terms to avoid any surprises. Reach out to their customer service with any questions before accepting the loan.

 Repaying Your iCash Loan On Time

Since iCash loans must be repaid monthly over your set loan term, it is important to budget for the payments:

• Set up automatic withdrawals from your bank account on your due date so you never miss a payment.
• Note the specific payment dates in your calendar so you remember when they are due. Set reminders if needed.
• Making payments a few days early gives you a cushion in case of issues.
• Use their online account portal to carefully track what you owe and avoid surprises.
• If you will be late or miss a payment, get in touch immediately to discuss options. This can help avoid fees.
• Refinancing or extending your loan will add to your costs over time. Stick to your original term if possible.

With some planning and budgeting, you can successfully repay your iCash loan on time every month. Be sure to factor the payments into your regular household budget as well.

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Conclusion

The convenience and speed of funding are the biggest advantages of iCash loans. Make sure you read this post well and have a repayment plan. Just like every other loan, borrow only what you can pay back based on your budget.

iCash loan is the right choice to meet your quick financing needs. Be sure to weigh all your options and read the terms before moving forward. Feel free to visit the iCash website anytime to check your rates and get started with the quick application process.