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Home / Loan Reviews / Review: Get a Personal Loan Fast and Easy! Review: Get a Personal Loan Fast and Easy!

This is another article in our personal loan review series. We at Elite Personal Finance look at the different options for personal loans and we try to demystify the process so you don’t get scammed or hit with a large interest bill.

These websites, on the whole, try to help people like you get quick cash loans without having to drive around to find a local payday loan spot. They also allow people to shop around for the best rates and lowest charges.

Payday loan spots can be risky, too. Often times, your APR will be well over 100% (depending on your state) and finance charges can be exorbitant. Some payday lenders operate outside of US state jurisdiction, typically on Indian reservations that have different lending laws.

Just like a few of the other loans we’ve reviewed, iCashLoans is not a lender. Rather, they are a place where someone like you can fill out a quick application and be presented with a variety of loan options from banks and lenders.

It costs nothing to apply and you could have cash in your bank account the next day! If you’re looking for a quick loan in order to cover bills, rent, or just need to pay someone back, then is the place for you.


What is

iCashLoans, as stated before, is NOT a lender, bank, or financial institution. They simply run a website where any user can input some information, ask how much they would like to borrow, and then have a credit check run on them to see what they could qualify for.

Once you fill out the form, you will have your credit analyzed and then, after as little as a few minutes, you will get information about possible personal loans that you can get.

You are NOT guaranteed to qualify for any loan, and you are NOT guaranteed that a loan that iCash Loans will send you loans that you will actually be able to get. Sometimes, the website makes mistakes and after further credit checks, you might not qualify for a given amount.

In order to use the website, you will need:

  • Verifiable employment earning at least $800 per month (does not have to be full time)
  • To have been employed at your current job for at least 30 days
  • A valid checking account with a financial institution
  • At the age of majority in your jurisdiction (18 years of age or older)

The better your credit, the better loans you will be able to qualify for. However, this website targets those with poor credit, as those with good credit are more likely to be able to walk into a bank and get a loan with little issue.

They pride themselves in associating with lenders who use fair and honest practices. However, you should never assume that this is the truth, and do your own research.

They operate in the US, but they also have operations in Canada and the UK as well.


Is iCashLoans a Scam? Or is it Legit?

Typically, for a website to be a scam it would have to not deliver on what it promises. iCash Loans does this, and does it in a legitimate way. There are no reports of identity theft on the part of this website.

However, their website does NOT disclose possible APRs or finance charges, saying that these variables are left entirely to the lender’s discretion. This is true, but many websites such as do disclose how high an APR is expected to be. This presents a large potential risk for users of the website.

You are also not in control of what lenders you get referred to. If the only lenders that the website provides conduct predatory lending practices, then the website cannot do anything about it.

iCashLoans nor its parent company are responsible for any hardship caused by the lenders they refer. They are not responsible for any predatory practices that lenders may conduct, and if you are unable to pay back your loan, they are not responsible for the repercussions that follow.


Why You Should Avoid Payday Loans

  • They’re often very hard to pay back. Despite only borrowing small amounts of money, these loans often will fleece the borrower for as much as possible. The rates are high and the payback terms are very short, often as short as 2 weeks. This is good in one way, as even with high APRs the interest charges tend to be minimal. However, late fees can be expensive.
  • Extremely high APRs. Banks will rarely give APRs above 10%. Credit cards rarely have APRs above 25%. With payday loans, APRs higher than this are par for the course. In the short term, this isn’t such a big deal. But if you cannot repay, the money accumulates and over time, it adds up.
  • Hidden finance charges. Once you borrow, you are told what you owe on a specific date. Often times, there’s an extra fee that you didn’t know about added on top of your APR. This finance charge can sometimes be higher than your interest charge.

All of the above results in a vicious cycle of being unable to repay. Sometimes your loans will go into collections, which will directly impact your credit score in a negative way. If you are already suffering from bad credit, payday loans can make your credit even worse if you are unable to pay the loan back.

Sometimes you might need a short term cash infusion, though, and a payday loan can potentially save you money and worry if you’re in a dire situation. Payday loans CAN and SHOULD be used responsibly. By using them responsibly you can reduce your risk of becoming a victim to the vicious cycle.

If you need the money right away, is there for you. Apply now and get a loan as quick as next day!

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One comment

  1. Hi can people in Namibia also apply. And can pensioners also apply. Not a lot of money to borrow, about 50 000.

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