Overview of Spring Financial vs iCash
Spring Financial and iCash are both lenders in the Canadian personal loan and payday loan space. They each provide cash loans to borrowers with poor to high credit. The Spring Financial vs. iCash comparison shows that Spring Financial provides higher loan amounts and longer terms, but iCash is a great place to go for a quick few hundred bucks.
Is Spring Financial better than iCash?
Spring Financial and iCash are both great places to go for personal loans in Canada. Spring Financial is better for those who need a higher loan amount or need a longer time to repay the loan. iCash is better if you only need a small amount for a short period of time.
Pros and cons of Spring Financial vs iCash
Some of the pros that Spring Financial and iCash have in common are:
- Get money fast, often on the same day
- Poor credit welcome
- Low minimum income requirement
- Bankruptcy friendly
- Bank & e-transfer deposit available
They do have potential risks and downsides to consider as well. Here are the cons of Spring Financial and iCash personal loans:
- Interest rates could be high if your loan deal is high risk
Key differences between Spring Financial and iCash
The key difference between Spring Financial and iCash are the types of loans each lender specializes in. Spring Financial offers larger loan amounts and longer repayment durations whereas iCash keeps their loan amounts small and their repayment terms capped at 2 months.
That means that you can pick either Spring Financial or iCash for your loan depending on what you want to use the money for. For example, if you just need a holdover until your next paycheque, iCash has you covered. You can repay your loan when the new paycheque clears and this keeps your loan within the short timeframe.
On the other hand, if you want to buy a car or boat for a few thousand dollars, Spring Financial would be the better choice. They can qualify you for up to $35,000 and you could have up to 5 years to pay it back. That makes it much easier and more comfortable to finance those big purchases that aren’t feasible on your own.
