iCASH, a Canada-based fintech platform, announced on Thursday after three years of lending operations, it has surpassed $100 million in consumer loans. Launched in 2016, iCASH stated it is focused on helping Canadian consumers “address their cash flow needs” by paying more attention to their repayment capacity than to their credit score.
“iCASH was the first lender in Canada to offer both a real-time loan application and the settlement of funds via e-transfer within two minutes of approval. They were also the first to offer instant loan assessments, providing customers with an immediate approval and eliminating the stressful waiting period typical for other creditors. Currently, the iCASH app has been downloaded more than 125,000 times, while the website is regularly visited by thousands of Canadians. The company aims to offer a reliable escape from a cycle of debt.”
Speaking about the latest milestone, Rachel Birtwistle, Director of Operations at iCASH, stated:
“Reaching this milestone with the help of our customers has helped us fulfill our pledge to provide an improved financial experience for Canadians. Almost 50 percent of Canadians live pay-cheque to pay-cheque, and many of them are shut out of mainstream banking due to poor credit, a thin credit file, or income volatility. We understand that consumers are not simply a credit score, and that past financial mistakes do not necessarily affect their capacity to repay a loan. iCASH’s primary goal is to help Canadians break their debt cycle in a fair and affordable way.”
Birtwistle went on to add:
“It’s all about helping people to better cope with and manage their finances, including the very real financial struggles that many Canadians face every day.”