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e-Transfer installment loans in Canada 24/7

Qualify for higher amounts and lower interest rates than with payday loans – and get your cash fast. 

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

Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
LoanConnect Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
32.00%
$500 - $2,500
3 - 6 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
Spring Financial Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
LoansLoans.ca Installment Loan
Finder Score:
★★★★★
28.00% - 32.00% + broker fee
$500 - $1,000
3 months
Requirements: min. income $1,200, 2+ months employed. No credit check required.

Note: You may be charged a broker fee up to $300.
Loans Canada Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.00% - 46.96%
$500 - $50,000
4 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
Mogo Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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How to get a fast installment loan with e-Transfer

  1. Check your credit score. Start by checking your credit score to make sure you meet the eligibility requirements for your loan.
  2. 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.
  3. 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.
  4. 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.

How instant bank verification works

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

FeaturePayday loanInstallment loan
Loan amount$100 to $1,500$500 to $10,000
Loan termBy your next payday, up to 62 days3 to 60 months
Annual percentage rateOver 390% (borrowing fee is $14 to $17 for every $100 borrowed)18% to 47%
Turnaround timeWithin a few hoursWithin 24 to 48 hours
Eligibility requirementsFlexible – accepts bad credit and non-employment incomeLess 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

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