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E-transfer payday loans

We looked for licensed lenders that can e-transfer payday loans in Canada fast, including 24/7. Here's our list.


Looking for a payday loan?

GoDay Payday Loan logo
  • E-transfer available
  • Accepts different types of income
  • APR & loan term vary by province
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If you’re facing a financial emergency, applying with lenders that e-transfer payday loans is one of the fastest ways to borrow money. Online payday lenders give rapid approval and funding, but with sky-high interest rates and incredibly short repayment terms, payday loans should be a last resort.
⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider alternatives instead of a payday loan:
  • Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
  • Debt relief companies. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
  • Side jobs. Sell unwanted items online, sign up for food delivery and more.

Lenders that e-transfer payday loans in Canada

We visited several licensed payday loan sites, and here’s a breakdown of lenders that e-transfer payday loans in Canada, including 24/7.

Payday lenderFunding options onlineServiced provincesOperating hoursLinks
Cash Money
  • E-transfer in as little as 15 minutes
  • Instant decision 24/7
  • Customer support operates from 8am to 11pm ET Monday to Friday, 9am to 5pm ET Saturday and Sunday
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  • E-transfer in as little as 2 minutes
  • Direct deposit
  • Instant decision 24/7
  • Support operates from 8:30am to 7pm Monday to Friday and 9am to 5pm on weekends and holidays
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Read review

  • E-transfer 24/7 in as little as 2 minutes
  • Direct deposit
  • Instant decision 24/7
  • Customer support is open 24 hours from Monday to Friday and from 7am to midnight ET on Saturday and Sunday
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Money Mart
  • E-transfer 24/7 within 1 hour
  • Direct deposit
  • Instant decision 24/7
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My Canada PaydayE-transfer 24/7AB, BC, MB, NS, ON, SK

  • Automated loan systems operate 24/7.
  • Staff is available Monday to Friday 5am to 8pm PST and weekends 9am to 5pm.
Read review
Mr. PaydayE-transfer in as little as 30 minutesAB, BC, ON
  • Apply online 24/7
  • Customer support operates 10am to 6pm PST Monday to Thursday, 9am to 7pm Friday and 11am to 5pm Saturday
Read review
PAY2DAYE-transfer 24/7 within 1 to 2 hoursON, BC
  • Apply online 24/7
  • Customer support operates 24/7
Read review
Speedy Cash
  • E-transfer in as little as 30 minutes
  • Direct deposit
  • Apply online 24/7
  • Customer support operates 9am to 4pm PST, Monday to Friday
Read review
Maximum borrowing costs per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island $15 per $100 borrowed
Manitoba & Saskatchewan $17 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

Keep reading to find out what you need to know about e-transfer payday loans in Canada and how to tell the difference between legitimate payday lenders and scammers.

How do e-transfer payday loans work?

Payday loans are loans of up to $1,500 that are paid back on your next payday. They can be funded in various ways, such as:

  • Interac e-Transfer
  • Cash, if you’re applying in-person at a physical storefront
  • Direct deposit
  • Loaded onto a prepaid debit card

If you prefer receiving your payday loan via e-transfer, your lender will email or text you with a money transfer link so you can deposit the cash into your bank account of choice.

Payday loans come with their fair share of notoriety because of their quick repayment schedule. Make sure you can comfortably cover your payments with your next pay cheque before you apply.

What’s the difference between getting a payday loan via e-transfer and direct deposit?

E-transfers are generally faster. We break down the difference between the two below.

Interac e-Transfer

If you choose an Interac e-Transfer payday loan, you can receive an email or text message with a link to your money once you’ve signed your loan agreement. You can then immediately deposit the money into your bank account. You’ll need to be registered for e-transfer with your bank in order to use this feature.

Interac e-Transfers are convenient because they can be sent and received 24/7, even if it’s outside your bank’s business hours.

Direct deposit

Direct deposits are deposited straight into your bank account with the account information (chequing account number, routing number and institution number) you provided on your application. This is a hands-off method for receiving your funds. It’s akin to receiving a lump sum payment every 2 weeks from your employer if it has arranged direct deposit payments.

This form of receiving your payday loan may not be as quick as e-transfers. It can take a full business day for the money to appear in your account.

What to consider before applying for payday loans with e-transfer

The market is flooded with payday lenders, so you’ll have to pick which one you’d like to work with. To help you narrow your scope, here’s a look at the key considerations to take into account:

  • How long does it take to process the loan? Some of the best payday loans ensure that you have access to your funds within a few hours.
  • Are you aware of all the fees? While some of the best payday loans provide quick access to funds via e-transfer, take the time to find out just how much you’ll have to pay in the form of fees. Remember, how much you borrow will affect how much you have to pay in interest.
  • Does the lender accept bad credit applications? If you’re looking for the best bad credit payday loan, take into account that most lenders accept applications from individuals who don’t have a good credit history. If the lender you’re looking at requires good credit history and you aren’t eligible, simply move on to the next.
  • Does the lender accept government benefits as a form of income? If you don’t have employment income and rely solely on government benefits, you’ll have to do your research and choose from payday lenders that accept government benefits.

What do I need to apply with lenders that e-transfer payday loans in Canada?

Lenders that e-transfer payday loans will have their own set of requirements, but basic requirements include:

  • A valid government-issued ID (passport, driver’s licence, citizenship card).
  • Proof of address.
  • Contact information including your phone number and email address. They will need your email address to send you an Interac e-Transfer link.
  • Proof of your income (letter of employment, pay stubs, bank statements).
  • Your bank account information (cheque account, routing and institution numbers). They will need these details to set up automatic withdrawals from your account to repay your loan as agreed.

The eligibility criteria can differ between lenders and provinces, but the following minimum criteria usually applies:

  • Age. You must be 18 years of age, or the age of majority in your province or territory.
  • Residency. You’ll need to be a Canadian citizen or a permanent resident.
  • Income. You’ll need proof of recurring income, whether it’s employment income, investment income, welfare or government benefits.
  • Bank account. Most lenders will require you to have a working bank account to e-transfer payday loans. If you apply in person at a store, you may not need a bank account.

How do I know a lender offering to e-transfer payday loans is legitimate?

Look for the following signs to make sure you’re working with a reputable business:

Watch out for unlicensed lenders

The Internet has made it easier than ever to get access to payday loans. If you’re thinking about taking out an online payday loan in Canada, make sure that you’re dealing with a licensed business and be aware of potential risks.

  • Illegally high interest rates or fees. Some lenders will charge more than the maximum allowed, which means you might end up paying much more for your loan than you would if you chose a legitimate lender.
  • Identity theft. Online lenders might sell your personal information to third parties, putting you at risk of identity theft or a hacked bank account.
  • Funds taken from your bank account without your permission. Some online or unlicensed lenders have been known to resort to illegal ways to seek repayment from borrowers, including withdrawing money from their bank accounts or garnishing their wages.

Check that online lenders are licensed so you can be sure they’re following provincial laws and not charging excessive interest rates. Read the fine print to make an informed decision about your loan and watch out for red flags to avoid running into further financial difficulties along the way.

Bottom line

Payday loans are one of the quickest ways to obtain cash if you’re in a financial emergency. And if you’re focusing on payday lenders that e-transfer payday loans, you can count on getting your cash within the same day as getting approved, if not faster.

Be careful, though: With APRs that reach well over 400%, these loans should be reserved as a last resort because they may trigger more financial burden to your budget. You can try to consider your payday loan alternatives, which will often come with better terms and more manageable payment options. However, if you’re set on a payday loan to bail you out, you can compare your payday loan options to find the best deal available to you.

Frequently asked questions

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