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Guaranteed Payday Loans No Matter What

If you find yourself in a financial pickle where you are in need of some quick cash, it is likely that you have seen “Guaranteed Approval” payday loans advertised online or at a lending institution. While this, of course, sounds tempting, perhaps you are skeptical. Are guaranteed payday loans too good to be true? And what are your options for a payday loan in Canada if you have a bad credit score?

A guaranteed payday loan is surely hard to come by, and with all the different lending options out there (both in person and online), we want to make the process of understanding payday loan applications and approval easy for you.

What is a guaranteed Payday Loan

Essentially an advance on your paycheck, a payday loan is a short-term loan that can provide you with quick cash up to $1500. It is unsecured (meaning you don’t need to provide any collateral), and usually you can receive the funds in minutes. They are also much easier to qualify for than a traditional bank loan. Just like you would with ODSP loans.

While it uses your paycheck as a reference for income stability, it’s important to note that a payday loan is completely separate from your employer, and is instead provided by a direct lender.


For many Canadians, a payday loan is a valuable resource to help them get back on track to financial stability. Unexpected expenses such as car repairs, home maintenance or a family emergency can come out of the blue and disrupt your careful budgeting. If this sounds like you, don’t worry. Even if you have a not-so-great credit score, lenders like iCash are committed to helping you access quick funds and relieve the financial stress that can come from an emergency.

What Are The Requirements For A Payday Loan

Reputable lenders in Canada have criteria that must be met to be approved for a loan, and reserve the right to deny an applicant that is considered too risky to lend to. This means that no loan is totally guaranteed. After all, it's all about responsible lending.

However, lenders these days understand that there is more to a person than their credit score, so approval for a loan may be more within reach than you realise.

  • Your odds of approval when applying for a loan from a direct lender compared to a bank are much higher. Each loan agency will have different factors affecting your suitability, but generally it is easier and faster to go straight to a direct lender (even if you’ve been denied before).
  • These days, most lenders take more than just your credit score into account when assessing your loan application. Even if you have low or no credit, don’t be dissuaded from seeking this valuable financial resource.
  • Your income, stability, loan history and specific factors such as the amount applied for all affect your application. At iCash, we know that many Canadians seek a loan to help better their financial situation, and we are supportive of each individual applicant as a whole. Like rules and regulations of Windsor might differ from another town or province.


Applying For A Payday Loan Looks Like

  1. You fill out an application for a loan with the requested amount to be borrowed and other important personal information. This can all be done online, and without the need to deal with physical paperwork (like if you were in a traditional branch) can take just a few minutes.
  2. Our advanced algorithms assess your application, providing you with an instant loan decision.
  3. Is approved, you will immediately be sent an electronic loan agreement, which can be reviewed, completed and returned all from your computer or device.
  4. Your funds will be released to your chosen account within a few minutes using safe and secure transfer technology. You can use this money in whichever way you choose! It's like
  5. The agreed repayment schedule will be in your loan agreement, and on these dates the principal funds and any interest will be automatically withdrawn from your chosen account. Make sure to read this properly so you can be prepared.


Are Guaranteed Loans Actually Guaranteed?

The short answer is no, but there’s no need to fret! Some lenders may advertise "guaranteed online loans"; however, these should be treated with skepticism. While any reputable and licensed lender reserves the right to deny a loan, there are many online lenders that are virtually guaranteed.

  • At iCASH, we will never reject your application based on your credit score alone. We know that there is more to you than just this number, so a low or no credit score is never the sole factor looked at.
  • Your credit score is more likely to be used as a means of identification and to streamline your financial and personal information.
  • Our loans don't require collateral and the use of the loaned funds is unrestricted. For many Canadians, this makes them a valuable financial resource for when money is tight.
  • While approval is not quite guaranteed for everyone, rest assured that more than 9 in 10 applicants are instantly approved for their loan. It is clear that this is one of Canada’s most accessible loans


What If I Have Bad Credit

If you have been previously denied a loan from a bank or an agency because of bad credit, you may believe that you are not eligible for a personal payday loan. This shouldn’t be seen as a barrier, as at iCash we use eligibility criteria that goes beyond the credit score!

While some lenders may require a minimum credit score, we don’t. You will likely still be approved, or you may qualify for an amount lower than $1500.

It’s important to remember that any advertised “guaranteed” loans likely aren’t safe, reputable, and maybe aren’t even licensed. These should be avoided at all costs, and a lender such as iCash should be used instead. Money matters are important and sensitive, and should always be highly considered and researched.