Where to Get an E-transfer Loan

In Canada, whether you get financial assistance from a bank or an online lender will make a difference in how fast you can receive funds. With traditional lenders, it can take anywhere from a few days to a few weeks for the funds to be deposited into your account, whether it’s a financial emergency or not. With online lenders, such as Spring Financial, you don’t have to have a good credit score or a bad credit score; all credit types can apply. 

With Spring, you can receive same-day e-transfer loans if you apply within business hours, and the entire process can be completed online. However, if you prefer not to get an e-transfer, you can get the funds directly deposited into your account within 1 to 3 business days. Also, if your loan amount is higher than the allotted $10,000 e-transfer amount, then only the $10,000 will be transferred, and the rest will be directly deposited. 

Types of E-transfer Loans

Realistically, you can get any type of loan e-transferred as a convenient option, as long as the company you’re getting the loan from offers it. This means you really have to pay attention to the types of loans that the lender offers and what stipulations are associated with that loan. Ideally, though, if you’re looking to get an e-transfer loan within a few hours, you want to get an unsecured loan. However, that may not always be possible. 

Unsecured Loan

As we’ve mentioned, the most ideal type of personal loan to get is an unsecured loan. These loans can range anywhere from $500 to $35,000 or higher, depending on the lender. On top of that, they require no collateral and can increase your credit score. Even if you have bad credit and are approved for an unsecured loan, every on-time payment will show a positive payment history and help to correct your credit history, making it easier for you to get approved again but with a lower interest rate. 

Secured Loan

Secured loans are another type of personal loan. If you have a bad credit score, then secured loans are easier to get and have lower interest rates. That said, when you get a secured loan, you do have to consider the fact if you default on the loan, then the asset that you put up for collateral will be seized. 

In Canada, the most common types of secured loans are auto loans and home equity loans or home equity lines of credit (if you own your own home). However, there are also secured credit cards. Secured credit cards work the same as traditional credit cards, but they require a down payment, which will be kept until the card is paid off and cancelled.

How instant is an e-transfer loan?

Modern technology has transformed financial services, including cash loans and cash advances. Just as you can hail a cab from your couch using an app on your phone, you can apply online for an e-transfer loan (aka email money transfer loan). A few taps of your finger, and you’re done. And thanks to the speed of e-transfer technology, the money gets deposited into your account in a matter of hours. 

This means you don’t have to take that sheepish walk into a payday lender, spend hours in a bank, or make an awkward call to a family member asking them for a loan of money. You can apply for an e-transfer loan from anywhere, anytime. 

Most importantly, instant e-transfer loans give you peace of mind. When an emergency strikes, you can be financially covered right away. 

E-transfer Loan Application Process

It’s easiest to apply for an e-transfer loan online. While some lenders have physical locations, strictly online lenders only have an online application process. Either way, though, the easiest way to streamline the loan process is to complete your application online. From there, you’ll either receive a pre-approval and continue on with the loan approval process, or your application will be denied. 

Documentation Requirements

The documentation that you need to get an e-transfer depends on the type of loan you’re applying for. For an unsecured personal installment loan, the lender will require:

• Government-issued ID (not personal health cards)
• 90 days of bank statements for your bank account
• Pre-authorized debit form
• Pay stubs
• Letter of employment (based on your situation) 
• Proof of address

Luckily, all of this information can be securely submitted online, avoiding the lengthy application process. Once the lender has received this information and then performed a hard credit check, you’ll be notified if you have approval or not. Once you have the approval, you can then decide if you’d like to accept the loan terms and conditions. If you do, you can sign the loan agreement online. 

What To Look For 

Not all online lenders are created equal. It pays to do some minor homework before you choose where to apply for online loans. Here are a few things to look for: 

1. Customer reviews 

Any online lender worth applying to will have plenty of customer reviews available online—and not just on their own website. Check their reviews on sites like Trustpilot, Feefo, and Google. 

2. Speedy service 

The main benefit of seeking an e-transfer loan is speed. How soon will the money be available to you? And will it be deposited directly into your account? The most technologically advanced online lenders will deposit your loan amount into your bank account within hours, giving you quick access to the funds, unlike traditional loans. 

3. Terms & conditions

Before you sign anything, examine the conditions of your new loan. Are there advance fees or hidden fees, and are the repayment terms unmanageable? These should be avoided if possible. Reputed online lenders charge zero advance fees and offer flexible repayment plans while still offering you quick approval. These terms are often similar to traditional bank loans. 

If you choose a personal instalment loan with a longer repayment plan, a flexible lender will let you pay off the loan at any time to help you save on interest charges. This is what’s known as an open-ended loan and is very possible to get with a quick loan.

Payday loans vs. personal loans: What’s the difference?

The online services of some payday lenders allow for e-transfer payday loans, also known as online payday loans. However, personal instalment loans are more beneficial for a couple of important reasons. 

Whether you apply in person or online, payday loans strap dangerously high interest rates to your loan (as high as 600% in some cases!) and expect the full loan amount to be repaid incredibly fast (sometimes as soon as two weeks or your next payday/next paycheck). While these loans can offer financial help when financial challenges arise, they can also cause more distress to your financial situation since they’re high-interest short-term loans. 

An e-transfer personal instalment loan from trusted online lenders, by contrast, offers more reasonable interest rates and does not require you to pay back the entire loan amount immediately. With a personal instalment loan, you can pay the amount back bit by bit each month, which allows you to meet your financial needs while receiving financial support. In turn, this positive payment history will help boost your credit score, which is a nice bonus. Plus, you can still get fast cash with a fast approval time and reach your financial goals.