Getting an e transfer loan is a fast and easy way to get quick cash that makes it convenient for borrowing in Canada and works with most financial institutions like banks and credit unions.
What Are e-Transfer Loans?
This is a type of funds transfer in Canada through the Interac service that allows you to send notification to the recipient. It is one of the fastest ways of sending money, which more lenders are making use of each year. An eTransfer loan can be funded in minutes (if approved) and makes for an extremely quick way to disburse funds. With an e transfer loan (aka email money transfer loan, or EMT loan) it isn’t the loan process that’s different, but how fast the funds would be available to you.
In most cases, the funds can be available to the recipient in as little as 15 to 30 minutes. Some that receive social assistance loans such as ODSP benefits can receive an e-transfer payment. Those that choose email money transfer for payday loans in Canada often need the funds quickly for emergency expenses, making eTransfer loans a good way to get the money they need quickly to take care of their needs. Many that borrow installment loans or personal loans also choose this option since eTransfer loans provide fast funding.
How Does an eTransfer Work?
When a lender sends an eTransfer loan, a message is sent to the recipient by email or sms that the funds are ready to accept. The recipient would click the link and follow the on screen instructions to log into their bank to accept the funds. The money is not actually sent by email or sms, just the instructions and notification. This usually also includes a security question to answer in order to complete the transaction. Each lender does have their own unique way of reviewing applications, and while some might do credit checks, other lenders sometimes use alternative data and have no credit checks in the traditional way with bureaus.
How Much Can I Get with eTransfer Loans?
The maximum amount available for eTransfer loans is $3,000 within a 24 hour period. There is also a maximum amount of $10,000 within a 7-day period. For larger sums a wire transfer or direct deposit are usually used. The more common use of eTransfer loans is usually related to an installment loan or payday loan due to the speed in which you can get the funds.
What Can You Use eTransfer Loans for?
These are typically associated with unsecured loans like personal loans, installment loans and payday loans, which allow you to use the funds for anything you choose if approved.
There are a number of ways to use eTransfer loans, including to pay for car repairs, home repairs, replace an appliance, medical or dental bills, paying for utilities to avoid being shut off, paying down debt, forgotten bills, rent, to avoid missing a mortgage payment and more. You could also use it for things like travel, making a large purchase, or just about anything you choose. Even with bad credit eTransfer installment loans and similar can be an option for many.
Instant e-Transfer Loans
Since e-Transfer loans are fast, the funds are often available near instantly. With bank loans the process and funding can take up to a week or more, but with online lenders an instant eTransfer loan has become a popular option since it’s so quick to get the funds. With money in minutes, an instant e-Transfer loan is about the fastest way you might be able to receive cash fast when borrowing from an online lender.
The requirements of most e-Transfer loans includes:
– Being 18 or older, depending on the province
– Being a Canadian citizen or resident with a valid address in Canada
– Being able to produce government ID (e.g. Drivers license)
– Having a valid bank account from a Canadian bank
– Having a valid source of income from same source (for at least 3 months)
– Having an income that meets the minimum monthly requirements (depends on the lender)
Above are the standard details required from most lenders.
How to Apply for e-Transfer Loans
When applying for online loans you would follow the steps in the application process and accurately provide the details requested to avoid issues. Ensuring the information provided is important as it is usually verified and any mistakes or discrepancies will likely cause your application to be rejected if it’s not accurate. Near the end of the process there is likely the question of whether you would prefer direct deposit or etransfer. It is at this stage that you would select the etransfer option as the way to receive your funds for an e transfer loan.
More About e-Transfer Loans
The following could be helpful to learn more about e-Transfer loans and similar topics.