E-Transfer loans in Canada

Personal loans for Ontario residents with bad credit, poor credit, or no credit history. You can get anywhere from $500 to $35,000 with rates starting at 9.99% and terms from 6 to 84 months. You can pay in full at any time with no penalty, and no collateral is required.

Your quick start guide to how e-Transfer loans work

What is an e-transfer loan, and how does it work?

An interac e-transfer loan in Canada is a common type of online loan. After you’re approved and your documents have been verified, the funds will be deposited into your bank account via Interac e-transfer. All you need to do is complete the online application, receive a decision, and then the funds will be deposited into your account. You don’t have to worry about branch visits or cheque deposits, and it’s one of the fastest ways to gain access to borrowed funds in Canada.

How fast can you get the money?

Depending on how quickly your documents are verified, you can receive your funds as early as the same day. That said, most approved applicants receive their funds within 1-2 business days.

What if you have bad credit?

With Spring Financial, no matter what credit score you have, you can access a personal loan. That said, your approval is not guaranteed. Your approval is based on your income, existing obligations, your ability to afford the loan costs, and your credit score. So, you can get an e-transfer loan with bad credit in Canada.

Will applying affect my credit score?

Applying with Spring Financial doesn’t impact your credit score. Once you apply, a soft inquiry is performed, and it won’t impact your credit score. If you choose to proceed with a loan offer, a hard credit inquiry may be required to finalize your eligibility. However, your consent is required before this can be done.

How much can I borrow?

Spring Financial offers personal loans ranging from $500 up to a maximum amount of $35,000, which can be deposited into your active Canadian bank account via Interac e-transfer or direct deposit. The amount that you’re approved for is based on your income, debt load, and overall financial situation. That said, common loan amounts range from $1,500 to $15,000.

What income types qualify?

While traditional employment income is accepted for a loan, other stable income sources are also accepted. These include:

CPP (Canada Pension Plan)
OAS (Old Age Security)
Disability benefits
Pensions
ODSP
Ontario Works
Certain forms of Employment Insurance
Government benefits

Self-employment income can also be used as a steady income as long as you provide your previous years’ Notice of Assessment.

Is there a cost to apply?

No, it costs nothing to apply, and there’s no obligation to accept an offer if you receive one. Any costs that are associated with the loan are clearly disclosed before you agree to continue. The total cost of the loan is also outlined in your loan agreement before you sign.

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How Spring Financial E-transfer Loans Compare to Payday Lenders and Banks

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Fast funding, fair rates

While online payday e-transfer loans in Canada can seem convenient since they’re fast, have minimal requirements, and allow for instant e-transfer loans in Canada, they are expensive. In most provinces in Canada, the rate for payday loans is $14 for every $100 borrowed, with an annualized rate of 365%. While this may sound small, it can add up very quickly.

Getting a personal loan with a repayment term of 6 to 84 months and a rate between 9.99% and 34.95% is much cheaper. In fact, a personal loan with Spring is fundamentally different from any other financial product. It’s a great choice for many looking for an e-transfer loan the same day in Canada or a 24-hour e-transfer loan in Canada. Spring Financial gives you quick access to the funds when you need them the most.

Lower cost

Rates from 9.99% to 34.95%, well below payday loan fees

Fast funding

Get your funds by e-transfer, often the same day

Applying for an E-transfer Loan in 3 Simple Steps

Complete the Online Application:

his can be completed in only a few minutes. All you need is your basic personal information, income details, banking history, and the loan amount you need.

Verify your documents:

You can do this digitally. Your bank account can be confirmed via instant bank verification, and you can submit your government-issued ID. Proof of income may also be requested.

Receive your fund:

If approved and your verification is complete, your funds will be sent to you by Interac e-Transfer as soon as the same day in some cases. However, most loans are funded within 1–2 business days.

Be the age of majority in your province or territory

Have valid government-issued identification

Have an active Canadian bank account

Have a steady source of income

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Term

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Loan Amount

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Everything to know about e-Transfer loans

How the funding process actually works

While you may be wondering how to get an e-transfer loan in Canada, it’s actually pretty simple. Once you’ve applied and both the approval and verification processes are completed, Spring Financial will deliver the funds to your bank account via Interac e-transfer or direct deposit.

You’ll receive an email notification prompting you to accept the funds or notifying you that they’ve been automatically deposited. If you have to accept the funds, you’ll need to log in to your bank account and accept them. They’ll be deposited within minutes.

The timing of when you’ll receive your funds is based on when your verification is completed. If you submit your documents upfront, such as a government-issued ID, instant bank account verification, and proof of income, you’ll get the fastest outcome. Depending on how long it takes, you can receive your funds as soon as the same day; however, most borrowers receive their funds within 1-2 business days.

If you don’t have auto-deposit, it’s important to note that an e-transfer expires in 30 days. This is why it’s important to get an online e-transfer loan in Canada as soon as possible.

If you’re looking to pay off the loan early, there are no prepayment penalties with Spring. You can pay off the loan early at any time, as well as make extra payments whenever you like.

Apply for a loan: how and when you can get approved

Spring Financial accepts applications 24 hours a day, 7 days a week. Whether you apply at midnight, on a Saturday, or on a holiday, the application portal stays open, and your application will be processed.

The timeline of when you’ll receive your funding, however, is based on when your verification is processed. Applications are approved and fully verified during standard business hours. Applications received during this period are usually processed more quickly. Since e-transfer can be used at any time, the verification process determines when your funds will be processed.

The best way to get your loan as quickly as possible is to apply early in the business day and have all your documents ready.

Borrowing with a low credit score

Having a low credit score doesn’t mean that you can’t get a personal loan. Spring Financial reviews applications from borrowers with all credit scores. This includes scores of 300-579, which are considered poor credit scores. Your eligibility is based on income, existing obligations, and your ability to repay the loan. Your credit score is just one piece of the puzzle.

With Spring, all loan payment activity is reported to both Equifax and TransUnion. If you’re approved and you make consistent on-time payments, those can improve your payment history, and since it accounts for 35% of your credit score, it can also improve your score. However, missed payments also go on your record.

Credit checks and whether or not they're required

In Canada, no reputable lender who offers unsecured personal loans can skip reviewing your credit first. In fact, that’s a regulatory requirement and isn’t optional. The only flexibility the lender has control over is how the review is structured and when it is conducted.

Unlike many lenders, when you apply with Spring Financial, your credit score isn’t affected. The initial review of your application uses a soft inquiry. If you receive pre-approval and choose to proceed with the offer, a full credit inquiry may be required to finalize eligibility. If that happens, you will be required to give consent; otherwise, they’ll be unable to run it.

If you hear the phrase “no-credit-check,” it’s important to dive a little deeper. It’s possible that the lender isn’t legitimate, and you want to be sure you’re working with a licensed lender.

What are the spending limits for larger loan amounts?

With most Canadian banks, individual e-transfer transactions are capped at $10,000; however, this varies by institution. With Spring Financial, you can get up to $35,000. If your approval amount exceeds $10,000, you can receive the funds via Electronic Funds Transfer (pre-authorized debits) or multiple transfers. However, this is determined by the lender, and for you, it is hassle-free. Either way, they’ll still ensure you get the fast cash you need.

To receive your funds, you’ll need an active Canadian bank account with online banking enabled. While a chequing account is the standard requirement, a savings account can also be accepted. With most major Canadian banks, e-transfer is accepted for both types of accounts.

E-Transfer personal loans vs. payday cash advances: what's the difference?

An e-transfer cash advance, also known as a payday loan tied to your next paycheque, is a very different financial product from a personal loan. Payday cash advances are short-term loans with high costs, and are normally due in full on your next pay date. While they can be helpful in the short term, over the long term, the structure can be very expensive, and repeated borrowing can significantly increase your borrowing costs.

Spring Financial loans are different. They’re installment loans that have flexible repayment options and fixed interest rates. You don’t have to repay the loan in full like you would with payday loans; you can pay it back instead using scheduled payments over a term that fits your budget. If you have unexpected expenses or financial emergencies, getting a loan with Spring can help you avoid the cycle of short-term payday loans. It can also save you money on hidden fees, since all funds and interest are included, and it allows you to borrow responsibly while increasing your credit score.

Who qualifies for an e-Transfer loan?

With Spring Financial, you don’t have to have full-time or part-time employment in order to get approved. In fact, Spring accepts a wide range of income types, including:

Canada Pension Plan
Old Age Security
Disability benefits
Pensions
ODSP
Ontario Works
Certain forms of Employment Insurance
Government benefits

You can also get a loan if you’re self-employed, but you do have to supply your previous year’s Notice of Assessment and current bank statements so that relevant recent transactions can be included. As long as you’re able to prove you have a steady source of income, your income counts. However, you can also get an e-transfer loan with low income in Canada, as long as your income is steady.

Even without traditional income sources, you don’t need to own a home or have a co-signer in order to get approved. However, having a co-signer may support your application. In order to get approved, you also need an active Canadian bank account, a valid government-issued ID, and to be of the age of majority in your province or territory.

Each application is reviewed individually. Approval is not guaranteed.

You have questions,  
we have answers.

How long after approval until the funds arrive?

Depending on when your verification is completed, same-day funding is entirely possible with this application process. However, most approved applications are funded within 1-2 business days. If you have all the documents required ready when you apply online, you can speed up the loan process.

Do loans get funded on weekends and holidays?

Spring Financial accepts applications 24/7, and the E-transfer network runs all the time; however, when you receive your funding is based on when your application is verified. If that occurs on a weekend or holiday, you’ll likely receive your loan by e-transfer in Canada on the next business day. You can borrow anytime.

Do I need to manually accept the transfer?

If you have enabled auto-deposits on your bank account, the funds should be deposited automatically. If you don’t, you’ll have to accept the funds manually; however, that should only take a minute or two. However, if you don’t accept the funds within 30 days, the e-transfer will expire.

Is sending large amounts by e-Transfer secure?

Yes, in fact, Interac e-transfers are encrypted, and your bank account details aren’t connected with the email. If you have auto deposit, the security questions step is removed, adding an extra layer of security.

Can I get approved with a history of bankruptcy or a consumer proposal?

Even if you have a consumer proposal or bankruptcy on your credit report, that doesn’t mean you aren’t eligible for a loan. Spring Financial reviews applications, even those from people who are currently in a consumer proposal or bankruptcy, or who have been recently discharged from bankruptcy. Each application is assessed individually, and approval is based on your overall financial situation.

What if I miss a payment?

If you’re unable to make a payment, the best thing you can do is contact Spring Financial. Arrangements can be made before a missed payment. However, after one occurs, additional charges and late fees that are outlined in your loan agreement may apply.

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