Applying for installment loans in Canada that offer e-Transfer funding is a quick and easy way to get your hands on up to $15,000. You can apply at any time and qualify for larger amounts and lower interest rates than you would get with payday loans. Just be aware that, unlike payday loans, it’s not possible to get approved for installment loans in Canada 24/7 and get funding 24/7 since an agent will usually need to manually process your application.
Can you get e-Transfer installment loans in Canada 24/7?
Not really. You can apply at any time of day or night, but because these loans have stricter eligibility criteria, an agent will usually need to manually verify your application to get you approved.
It’s possible to get e-Transfer payday loans 24/7 because payday systems are more automated. This is especially true if you sign in using automatic bank verification, which allows a payday loan company to automatically verify and approve your payroll information.
Compare fast installment loans with e-Transfer in Canada
How to get a fast installment loan with e-Transfer
Check your credit score. Start by checking your credit score to make sure you meet the eligibility requirements for your loan.
Compare lenders. Once you know your credit score, apply for pre-approval with 3 or 4 lenders (at least) to figure out who will approve you, what amount you qualify for and what interest rates you’ll pay.
Fill out your application. When you’re ready to apply, provide your personal and banking information. Look for a lender that allows instant bank verification if you want to speed up the process.
Submit additional documents. If you choose manual verification, you’ll usually need to submit documents such as government-issued ID, tax records, pay stubs or bank statements to prove your income and identity.
Bank account verification is a secure service that lets you log in to your bank from your loan application to verify your identity and income. The main benefit of this service is that you won’t need to waste time faxing or trying to upload documents to get approved.
When you sign in, your bank will validate your personal details in addition to sending your lender a temporary copy of your bank statement to verify your income. Having this information ready helps your lender determine if you should be approved for a loan quickly.
Tips to get a fast e-Transfer installment loan
Make sure the lender offers funding via Interac e-Transfer. Not all lenders offer e-Transfer funding. Some might only do direct deposit, which is slower, while some may do both.
Get pre-approved. Apply for pre-approval with a few lenders to get the best rates and speed up the application process.
Use instant bank verification. Sign in to your bank to validate your personal and payment information more quickly (if your lender offers this service).
Apply at the beginning of the day. Fill out an application early in the day to give your lender enough time to approve you before the close of business.
Aim for the start of the week. Apply at the beginning of the week to get your application processed during normal business hours before the weekend hits.
Make sure you meet eligibility requirements. Double-check that you meet income, employment and credit score requirements before you apply.
Have your documents ready to go. Gather your documents (outlined below) so that you’re ready to submit everything you need to validate your application.
What are the eligibility criteria for e-Transfer installment loans in Canada?
Criteria
Canadian citizen or resident
Age of majority in your province (18 or 19 years old)
Meet minimum income and employment requirements
Meet minimum credit score requirements
Active bank account
Documents required if you don’t opt for instant bank verification
Government-issued ID such as a passport or driver’s licence
Recent pay stubs
Bank statements from the last 90 days
What to consider before you apply installment loans with e-Transfer
Interest rates. Make sure you know what interest rate you’ll pay and review your payment schedule so you’re aware of how much each payment is going towards interest vs principal. Compare personal loan rates in Canada.
Speed of transfer. While it’s not possible to get e-Transfer installment loans in Canada 24/7, make sure your lender offers a fast turnaround (at least within 24 hours).
Amount you need. You can usually get between $500 and $10,000 with an e-Transfer installment loan in Canada. Make sure you specify on your application how much you need.
Monthly payment. Choose a longer term to get lower repayments or a shorter term to pay your loan off quickly with less interest.
Fees. Avoid lenders that charge processing/admin, prepayment and late payment fees. There are plenty of lenders that offer no fees and low interest rates. Learn more about the cost of a personal loan.
Eligibility criteria. Make sure you meet income, employment and credit score requirements before you apply to avoid disappointment.
Need for funds. Confirm that you really need the funds you want to borrow. For non-essential expenses, you may want to avoid a loan and save up instead.
Lender reputation. Some lenders have a solid reputation, while others don’t. Take some time to look at online reviews and decide which lender might be a good fit for you.
e-Transfer payday loans vs e-Transfer installment loans in Canada
There are a few differences between payday loans and installment loans, especially when you compare annual percentage rates (APRs), loan terms and loan amounts. Overall, an installment loan has lower APRs, longer loan terms and larger loan amounts than a payday loan.
Payday loan vs installment loan features
Feature
Payday loan
Installment loan
Loan amount
$100 to $1,500
$500 to $10,000
Loan term
By your next payday, up to 62 days
3 to 60 months
Annual percentage rate
Over 390% (borrowing fee is $14 to $17 for every $100 borrowed)
18% to 47%
Turnaround time
Within a few hours
Within 24 to 48 hours
Eligibility requirements
Flexible – accepts bad credit and non-employment income
Less flexible – often has credit score and income requirements
Other ways to borrow money fast
Consider the following options if you don’t think an installment loan is right for you:
Credit card cash advance. Borrow money from your credit card and pay it back at a slightly higher interest rate (usually 21.99–23.99%). Use your card to take money out from an ATM, just as you would with a debit card.
Financial assistance from non-profits.Visit 211.ca to find emergency assistance for your province. It will provide you with a list of non-profits that may be able to help you out with financial assistance or other essential services.
Credit card limit increase. Ask your credit card issuer if you’re able to increase your limit so that you can cover bills or take out additional funds for a credit card cash advance. This will usually only work if you have a good credit score.
Pawn shop loan. If you have valuables that you’re willing to use as collateral, you may be able to secure a pawn shop loan. These loans usually come with high interest rates, but you can apply with bad credit. You’ll get your item back when you pay off the loan.
Car title loan.Vehicle title loans let you use your car as collateral to secure your loan. You keep your car while you pay back the loan, but you’ll lose your car if you fail to make your repayments. These loans come with high rates but you can apply with bad credit.
Frequently asked questions
While you can't get instant e-Transfer installment loans in Canada 24/7, you can often get approved within 24 hours. Your best bet to increase your chances of getting approved quickly is to apply early in the morning and at the start of the week. This will give your lender plenty of time to review your application.
That depends on where you apply for a loan. While payday lenders can e-Transfer you at any time of day or night, you won't typically get e-Transfer installment loans in Canada 24/7. This is because an agent typically needs to manually review your application since it will usually have stricter eligibility requirements than payday loans.
Some lenders that offer installment loans via e-Transfer conduct credit checks, while others don't. Make sure you apply to a legitimate lender if you're looking for a loan with no credit check.
Yes, it's definitely possible to get an e-Transfer installment loan with bad credit, especially if you can secure your loan with an asset or you're willing to pay higher interest.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
Find out how to take out an installment loan in Ontario and compare lenders today.
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