Written by: Corrina Murdoch
Fact-checked by: Caitlin Wood
One of the most frustrating and common scenarios in the workforce is dealing with the period between paychecks. Even with a well-crafted budget that includes emergency funds, it’s not uncommon to face financial hardship before your next payday. Often, the needs result from unforeseen expenses like dental issues or car repairs. A same day e-transfer payday loan in Canada is a popular option in such scenarios.
While payday loans in Canada are almost always a poor financial decision, in certain cases they can be useful.
Can You Get A Same Day E-Transfer Payday Loan In Canada?
There are online lenders that provide e-transfer payday loans in Canada. These loans are probably the fastest way to get access to a small amount of cash quickly. Along with fast funding, their approval process is usually very fast as well, with part of it often being automated.
However, do note, unlike a personal loan, these payday loans have high interest rates and can land you in a lot of debt if not handled responsibly.
Where Can You Get A Same Day E-Transfer Payday Loan In Canada?
|Loan Amount||Interest Rate||Term||Province Availability|
|Up to $1,500||Varies by province*||Max 62 days||BC, AB, MB, ON, NB, NS, PEI||Learn More|
|$500 - $750||Varies by province*||90 to 120 days||BC, AB, ON, PEI||Learn More|
|Up to $1,500||Varies by province*||Max 62 days||BC, AB, SK, MB, ON, NB, NS, PEI||Learn More|
|Up to $1,500||Varies by province*||Up to 40 days||BC, AB, ON||Learn More|
|$50 - $1,500||Varies by province*||14 days||BC, AB, SK, MB, ON, NS||Learn More|
|$50 - $1,500||Varies by province*||Up to 31 days||BC, ON, NS||Learn More|
|$200 - $1,500||Varies by province*||Next payday||BC, AB, SK, NS, YT, NT, NU||Learn More|
|Up to $1,500||Varies by province*||Next payday||BC, ON||Learn More|
|Up to $1,500||Varies by province*||Max 62 days||BC, AB, SK, MN, ON, NB, NS, NL, YT, NT, NU||Learn More|
Requirements For A Same Day E-Transfer Payday Loan In Canada
In general, lenders will require you to have the following in order to be eligible for an e-transfer payday loan:
- An active bank account
- Be a resident of Canada and at least 18-19 years old
- Have an income
Documents Required To Apply For A E-Transfer Payday Loan
In order to apply for an e-transfer payday loan, you’ll usually need to provide the following documents:
- Personal Documents – You’ll need to provide documents to verify your identity. This may include a government-issued photo ID such as a driver’s license or passport.
- Financial Documents – Pay stubs and/or bank statements may be required to confirm your income.
- Bank Documents – A void cheque or direct deposit form may be required for funding and repayment purposes.
Steps On How To Apply Online For Same Day E-Transfer Payday Loans In Canada
Step 1. Choose Lender
As with any other loan, the first step is completing the application. Navigate to the website of the company from which you want to get the loan. Follow the prompts on the web page to proceed. It is important to vet the companies you plan to deal with. Ensure that they are well-reputed and financially solvent so as to mitigate personal risk. Once you are sure that you are dealing with a viable business, you can proceed to the next step.
Step 2. Provide Information
This is the part of the process where you indicate personal details that allow the company to verify both your identity and financial situation. This information includes:
- Personal ID: You will need to input your full name, address, phone number, and email address.
- Borrowing needs: The provider will require your borrowing needs, so indicate the amount which you wish to receive. Note that it cannot exceed the amount of your paycheque. Often, lenders restrict you to 50% of the amount, since you must be able to repay it plus the interest charged for the service.
- Banking details: Since the funds are provided digitally, you must provide your banking details. You can find the specific information on your online banking service or by looking at one of your cheques to identify the branch, transit, and account number.
Step 3. Wait For Approval
The approval process varies based on the lender. Some companies offer immediate approval, while others require two business days to review your application form and provide you with a response. In most cases, you will receive approval. Though a soft credit check is often conducted to ensure that you are reasonably able to repay the loan, it is usually not a barrier to approval. In fact, if you apply in person, many agencies don’t require a credit check at all for a payday loan. Usually, the only caveat is if you requested too much money, where you may need to reapply. To save time, request a realistic amount that you will be able to pay back right away.
Step 4. Receive Your Funds
The loan funds are sent to you via instant e-Transfer, a secure method of transmitting funds in Canada. Generally, the Interac e-Transfer will go out within the following 15 to 30 minutes. It warrants a note that, sometimes, e-transfers can take up to 30 minutes to appear in your inbox, so be sure to let the full time elapse before following up.
Step 5. Repay The Loan
Just like with any other loan, the final step is to repay the amount. Per your agreement, the funds will be withdrawn directly from your bank account. The alternative to this method is to attend in person, though for many this can be a logistical issue. Instead, most simply wait for the funds to be taken from the account. Keep in mind that, should there be insufficient funds in the account, you will incur an NSF fee from both the lender and your bank. Additionally, you won’t be eligible for another payday loan until the amount is repaid.
Borrow Up To $50,000
Maximum Cost Of A $100 Payday Loan By Province
|Province||Max cost per $100 borrowed||Max Penalty for Returned Cheque||Cooling Off Period||Loan Rollover or Extension|
|Ontario||$15||n/a||2 business days||Not allowed|
|British Columbia||$15||$20||2 business days||Not allowed|
|Alberta||$15||$25||2 business days||Not allowed|
|New Brunswick||$15||$20||48 hours (not including Sundays and holidays)||Not allowed|
|Manitoba||$17||$20||48 hours (not including Sundays and holidays)||Allowed|
|Saskatchewan||$17||$25||Next business day||Not allowed|
|Nova Scotia||$17||$40 (default penalty)||Next business day (or 2 days for online payday lenders)||Not allowed|
|Newfoundland and Labrador||$14||$20||2 business days||Allowed|
|Prince Edward Island||$15||n/a||2 business days||Allowed|
|Quebec||35% AIR||n/a||10 days||Not allowed|
What Are E-Transfer Payday Loans In Canada?
E-Transfer payday loans are the modern adaptation of payday loans; where, unlike with traditional lenders, you can get your funds through an instant e-transfer. Payday loans are a short-term loan service designed to cover cash flow issues in between paychecks. The loan terms involve annual percentage rates (APRs) which are applied to the amount you borrow. Payment is generally due after a period of two weeks; or, if you are paid monthly, on your next paycheck. Originally, borrowers had to go to a lender in-person to apply, though instant e-transfers aim to make the service more accessible and convenient.
It’s important to keep in mind that the cost of a payday loan is high and can cause financial issues if you are not able to repay the loan on time. It’s almost always in your best interest to consider an affordable installment loan instead of a payday loan.
How Do Same Day E-Transfer Payday Loans Work?
E-Transfer payday loans in Canada are designed for ease and convenience, improving access to this useful service. So long as you have access to reasonable technology (like a computer or smartphone) and have an internet connection, you can complete the process at any time. Though you can find the services from multiple companies, they basically all follow the same procedure.
How Much Can You Borrow Through A E-Transfer Payday Loan?
|Province||Maximum Borrowing Amount||Maximum Cost Per $100 Borrowed|
|Ontario||$1,500 (up to 50% of borrower’s paycheque)||$15|
|British Columbia||$1,500 (up to 50% of borrower’s paycheque)||$15|
|New Brunswick||$1,500 (up to 30% of borrower’s paycheque)||$15|
|Manitoba||$1,500 (up to 30% of borrower’s paycheque)||$17|
|Saskatchewan||$1,500 (up to 50% of borrower’s paycheque)||$17|
|Newfoundland And Labrador||$1,500 (up to 50% of borrower’s paycheque)||$14|
Benefits Of An E-Transfer Payday Loan
Payday loans are prevalent for a reason — it lets you access money quickly. Particularly with the rise of curfews and lockdown orders, it can be challenging to get to a lender in a timely manner. Even without these time restrictions, it’s sometimes difficult to get to the lender office if you work shifts or there aren’t any nearby locations. The sheer convenience of an instant e-transfer payday loan adds value, but there are other benefits too. These include:
- Faxless and Paperless Application: The faxless payday loan application process requires no paperwork. It is entirely void of physical documents, letting you apply either through the online service or via an application.
- Simplified Approval: This type of payday loan involves short, straightforward, and intuitive applications that streamline the borrowing process.
- Quick Access to Money: Especially with lenders that offer immediate approval, you can access money quickly and from the comfort of your home.
- Poor Credit is Approved: Though many lenders complete a soft credit check, poor credit rarely acts as a barrier to approval. In fact, no matter what your credit score is, you can get approved for a a payday loan, if you meet the other requirements.
Other E-Transfer Loans In Canada
As the digital age takes hold in Canada, there are an increasing amount of electronic loans available to consumers. The services are not exclusive to payday loans, rather they extend to other arrangements like:
- E-Transfer personal loans: Provided you meet the income and credit thresholds, you can apply for a personal loan online. With a paperless application process, similar to payday loans, you receive the funds via e-Transfer and repay them via direct withdrawal. Many businesses offer personal loans of up to $45,000.
- E-Transfer lines of credit: In a matter of minutes, you can receive pre-approval for a line of credit. This process requires no paperwork and, just like an instant e-Transfer payday loan, can be done digitally, from the comfort of your home and on your time.
E-Transfer payday loans offer desirable efficiency, especially with today’s modern, digital lifestyle. The process is quick, approval is easy, and it lets consumers get the money they need when they need it. What’s important to remember is that, while the amount borrowed through payday loans may seem small, if it is not quickly repaid, it can cause a snowball effect. Before proceeding, ensure that you have a repayment plan that avoids taking out additional payday loans. Equipped with a prudent budget, you can make the most out of the e-Transfer payday services available and make your financial future that much brighter.