Direct deposit payday loan

Payday loans can give you quick access to money when you need it. There are a number of payday loan lenders who offer online loans, and they can deposit your payday loan directly into your bank account.

Get a payday loan with direct deposit

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Name	Product	Loan Amount	Loan Term	Interest Rate	Turnaround Time	Serviced Provinces	Offer	Table description
GoDay Payday Loan GoDay Payday Loan		$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer®	AB, BC, MB, NB, NS, ON, PEI, SK		To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.	Go to site View details	Compare	loading Fetching your data...
iCASH Payday Loan iCASH Payday Loan		$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer®	AB, BC, MB, NB, NS, ON, PEI	Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.	Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. 24/7 instant approval and e-Transfer funding. Income of at least $800/month required.	Go to site View details	Compare	loading Fetching your data...

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How does a direct deposit payday loan work?

Online payday loan providers rely on the EFT (Electronic Funds Transfer) system to disburse funds and collect payments in Canada. When applying for a direct deposit payday loan, you’ll have to include your routing number for your bank, as well as your own personal account number. The lender will use these details to transfer money into your account.

The lender relies on the same information when your payment is due. They request the funds from your bank account on the due date. This can be a problem if you don’t have enough money in your account as the bank could charge you a fee for overdrawing money that you don’t have, while the lender could charge you a non-sufficient funds fee. Before taking out a loan, make sure you’ll be able to repay it on time.

How to choose a direct deposit payday loan

Not all payday loans are created equally. You should consider the following features when you’re comparing your options:

• Length of time to receive your loan. After it’s initiated, a direct deposit doesn’t take much time to go through, so even small variances in processing time can make a difference, especially if you’re in need of money urgently. Payday lenders don’t take the same amount of time to process applications, and many don’t work outside of business hours or weekends.
• Loan amount. You can borrow different amounts depending on provincial/territorial laws and your eligibility, but payday loans typically come with low minimum amounts. This is because payday loans generally need to be repaid by your next payday.
• Fees. The provinces have their own regulations for how much a lender can charge for a payday loan. For example, in Alberta, BC and Ontario, lenders can charge a maximum of $15 for every $100 borrowed. In Manitoba or Saskatchewan, the most a lender can charge is $17 for every $100 borrowed.
• Reputation of the lender. The payday loan space is known to be predatory. Find out what others have to say about the lender by reading reviews. If you’re set on a payday loan, choose a lender who abides by provincial regulations and properly assesses your ability to repay the loan. Learn more about legitimate lenders.

Benefits and drawbacks

Is there anything you should avoid?

• Avoid borrowing more money than you can afford. If you feel you might not be able to repay a loan on time, avoid taking one out in the first place. A late or missed repayment could lead to additional and costly fees, which can throw you into a spiral of debt.
• Avoid merely skimming over the loan offer document. Before you accept the loan, take time to go through its terms and conditions carefully. This should give you a clear idea of the fees and charges you might have to pay under various circumstances.
• Avoid bad terms. If you have a loan offer that is extremely costly and full of fees, you’re under no obligation to accept the terms. There are lender-matching services that can help you find a better loan.

Are payday loans available in my province or territory?

Payday loans are available in all provinces and territories across Canada. Payday loans are regulated by individual jurisdictions, meaning costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.

Find out how much lenders can charge across Canada

Alternatives to payday loans

Consider payday loans as a last resort. Below are other options to take note of before applying for a payday loan.

• Installment loans. These are a type of personal loan offered by online lenders that tend to have shorter terms, smaller loan amounts and higher interest rates than the average personal loan. Direct deposit is available for this loan.
• Personal line of credit. Borrow up to a pre-set limit with an open term. Pay just the interest and pay off the balance any time. Online lenders like Mogo and Cash Money can consider borrowers with bad credit and non-employment income. Direct deposit is available.
• Credit card cash advance. Cash advances aren’t always the best option because of their high APRs, but if you’re in need of quick cash, the fees and terms may be better than those of a payday loan.
• Negotiate with your creditors. Contact them and tell them you’re having trouble keeping up with your debt. They may help you create a repayment plan or extend your due date to ease your financial burden.

Bottom line

Direct deposit payday loans give you the ability to apply for a loan from just about anywhere, and you can access your approved funds no matter where you are in the world as long as there’s an ATM around that allows you to withdraw from your bank account. Given the number of lenders online and loans on offer, comparing your options before applying is a necessary step in finding the best loan for you.

Frequently asked questions

• How quickly can I get access to funds through a direct deposit payday loan?

  It depends on your bank and the lender you apply with, but usually you’ll see your funds deposited as soon as the next business day.

• Can I apply for a direct deposit payday loan if I have a bad credit history?

  Yes. Most payday lenders don’t require borrowers to have good credit history. Lenders focus more on your ability to repay your loan.

• What eligibility criteria do I have to meet to apply?

  You should be a Canadian citizen or permanent resident, be 18 years old or the age of majority in your province or territory, have a valid bank account and have some sort of income that will allow you to pay back your loan.