These days making a loan request along with waiting your turn at the bank counter is becoming a very boring and lengthy process. And mostly your time is wasted. As you now know. Nowadays almost everyone has come to a comfort zone by using the facility of the internet. It is going to eliminate the need for traditional banking formalities (Lengthy Document Formalities).
In this busy modern life, you also want to get a quick loan. You get a loan in a few clicks through your smartphone and computer. As you know, using Interac e-Transfer online is a fast, secure and convenient way to send money to anyone in Canada. As a result, approximately 371 million Canadians are benefiting from the Interac e-Transfer service. And the number of people doing this transaction is $ 132 billion and it is increasing continuously.
This reflects a 54% increase in volume and a 45% increase in value compared to 2017. You can understand it better than this. If you also need a fast loan to meet the cash crunch which is mandatory for anyone. E-Transfer Payday Loans directly through payday lenders can prove to be an ideal solution for you with just a few clicks.
What are instant e-Transfer payday loans?
E-transfer payday loans are known to fix your sudden cash flow issues which you can avail from $100 to $5000. And you need to pay back on your next salary date after you've used the money to help you get back on track financially.
The best part of this type of loan is that you get 97.5% guaranteed approval for loan applications from a direct lender. All you have to do is visit the website for Payday Loans and the loan application request can be submitted in less than 5 to 7 minutes. You won't even need to think about where you live in Canada. Now you can get approved for a loan from anywhere in Canada. Be it day or night.
Most people prefer e-transfer loans in Canada because you receive the money transferred electronically to your checking account within 10 to 15 minutes after approval. In addition, a notification is sent to alert you about the payment dates and interest rate so that you do not miss the payment.
How safe is the e-transfer loan transaction?
You might not be aware that using Interac e-Transfer transactions you are provided with strong security with multiple security layers to send and receive money. Many times, there are chances for wrong doing with traditional lenders who seek their benefits only. But you need not worry about your e-transfer payday loan transaction as you get money directly with payday lenders under established security mentioned below.
Look at some of the safeguards that your loan amount comes with
- PET (Protected by encryption technology): It works to protect the digital data that is in the hands of the Internet.
- Your User ID and Password are in Privacy: Many times there is also a fear of hacking the ID password in this technical time. But no one can hack your id or password in security.
- Your login process also remains secure: You don't need to worry about your login process which is under security. Internationally no one can do anything wrong.
- Security Based Questions and Answers for Better Security: A good security question should have a definite answer that only you will be able to do.
Interac Debit V/S Interac e-Transfer
There is a huge difference between Interac Debit and Interac E-Transfer.
Interac Debit has a separate platform from the Interac network which is used for all debit card transactions. An Interac debit transaction is detected when you make a transaction to make a purchase on your debit card by using a swipe and entering a PIN. This is based on making online purchases using the number on the front of your card which works like a Visa debit card. Once you have done the transaction to buy the item the money is deducted directly from your account. If there is no money in your card then the transaction will be rejected.
Interac e-Transfer is not the same as payment by Interac Debit, as Interac e-Transfer allows the transfer of funds electronically from your bank account to another bank account. That is a fast and convenient way to send money to anyone via online or mobile banking service. You can also check the pending status of Interac Money e-Transfer sent by you. Select History to see if Interac Money e-Transfer has been declined. Noteworthy, if you want, you can ask for reverse by sending Interac Money e-Transfer and then it is not possible.
What are the flexible lending criteria of the application process?
You find the application process 100% safe and short for receiving funds using e –transfer. As you know, there is lending criteria for applying for a payday loan which depends on the lender of each state. There are some general criteria that all lenders accept. Know about the eligibility criteria for these loans mentioned in the list below:
- Your Permanent Address: You have to be ready with your Permanent Address.
- A steady income: It is very important for you to have a steady income so that you can repay the loan on time.
- Your active banking details: Enough to provide your checking account.
- Your Contact Details: You need to be ready with your accessible contact details.
How do payday loans verify income?
In Canada, the Financial Consumer Agency of Canada (FCAC) guidelines require payday lenders to verify a borrower's income because they have to make sure the borrower can make payments on time. If you are unemployed then you can also apply with government benefits like
- Employment Income
- Private Disability Insurance
- Child Tax Credit Benefits
- CPP & Private Pension
- Unemployment Insurance
- Workers Compensation
E-transfer payday loans near me!
We offer E-transfer payday loans to people who live in any of these provinces:
- British Columbia
- New Brunswick
- Nova Scotia
- Prince Edward Island and more.
Advantages and disadvantages of an Interac e-Transfer payday loans
In e-transfer, 'E' means easy. After using one to send or receive money, you'll understand why. You can get instant access to funds by availing the facility of e-Transfer Payday Loans. So that you can easily fulfil your other needs. Since you get 100% of your money, there is no fear of wealth freezing and flourishing. There are some advantages and disadvantages of Interac e-Transfer that you should look at before taking a payday loan.
Look at advantages first:
So easy and convenient: You and your recipient only need to have a deposit account, email address and phone number to send or receive money using Interac® e-Transfer. If you have online banking it is easy for you to create a new account.
It's a time saver: You or your recipient receives a notification or text message via email. That's why Interac E-Transfer makes it easy to sign checks, fill out forms, stand in line or leave a mailbox behind to receive your money.
Instant receiving: No need to wait when you do everything page wise, money will be there.
Safer than anything else: It's time to avoid sharing your confidential details with a professional. Security questions won't let anything go wrong with the transaction.
Now look at some disadvantages too:
Funds unavailability not accepted: Since it is very quick to fund using EFT, you must have the money. This is completely different from a traditional check, which takes time for the bank to credit your account.
Don't get cancel check: Banks do not offer cancelled checks once the payment is made using Interac® e-Transfer which leads to drawbacks. You can find out whether something is wrong or not through the statements.
Need Payday Loans? No matter what's going on your past credit score?
As you know… your unpaid loans are responsible for lowering your credit score which creates more problems for availing of any financial aid. Don't worry if you too have made the same mistakes in the past that make you a bad credit holder. Because you can apply for bad credit payday loans with instant approval. Direct Lenders will only look at your overall financial background and your current source of income which does not affect your loan approval.
How much does it cost to receive money through Interac e-Transfer service?
Unlike the traditional way you apply, there are no fees for receiving and depositing funds using Interac e-Transfer. You can cancel within 45 minutes of sending money, after which a $5 fee applies. The fee is deducted directly from your bank account. You are not transferring the money you are thinking of.
Frequently Asked Questions (FAQs)
Can I Accept Interac E-Transfer with Direct Lenders?
If you need to tackle your emergency financial problems and are in dire need of money then apply for loans directly from payday lenders in Canada. They accept Interac e Transfer to send and receive money.
What if I don't want to accept the funds sent to me via Interac e-Transfer?
What you can do is that you can ignore the notification before 30 days; the amount will automatically go back to the sender's account. You can resort to this only when there is no option like decline from the bank.
I'm not sure if my online loan application was completed. How do I know?
Once your loan application is successfully completed, you get a notification for loan approval on your mail or the contact number provided by you. In both cases, you get a notification whether Approved or Rejected.
Is there any limit on how much I can spend through Interac e-Transfer Payday Loan?
You can find minimum Interac e-Transfer transaction which is $0.01 and maximum you can send up to $3,000.
What if I don't have online banking?
You can transfer money from participating financial institutions to people who do not have online banking. But it can be a bit costly for you with additional service charges for doing so. Read more…