When you’re in a financial emergency and need funds urgently, an E-transfer loan may come in handy. An E-transfer loan is a type of unsecured installment loan that is approved and disbursed quickly, so you get the funds you need with minimal waiting. You can apply online or at your lender’s nearest location and receive the loan funds within 24 hours. Borrow anywhere between $500 and $15,000 in just a few easy steps. Curious about the benefits of E-transfer loans? Explore some of them below.
Quick approval and disbursal
Just like any other loan, the exact approval wait time will vary from one lender to the next. However, a good lender can offer a swift approval process. Many applicants are approved within hours of applying. Once approved, you may receive funds within 24 hours. Some lenders also offer instant funding within 15 minutes to applicants who qualify. A fast, tech-enabled process is one of the key benefits of E-transfer loans.
Flexibility in use
Like other personal loans, E-transfer loans generally offer flexibility in how you can use the funds. Whether it’s consolidating debt, repairing your car, funding a vacation, or covering unexpected expenses, you can decide how you use the funds. While your application requires you to state how you intend to use the loan, lenders don’t usually place restrictions on what the funds can be used for.
Straightforward application process
Potential applicants can easily submit a loan application online. The application form requires basic personal details, including your name, address, and income, as well as the purpose and amount of the loan. Applicants will need to provide supporting documents, including paystubs and a government ID.
Easy accessibility
Not only is it easy to apply for an E-transfer loan, but applicants also don’t have to jump through hoops to get approved. To be eligible for an E-transfer loan, applicants must be 19 or older, have an active chequing account, and possess a stable source of verifiable income. Good credit can be a huge asset when borrowing, but some lenders specialize in lending to those with bad credit, so it’s not always a dealbreaker.
Installment-based repayment
Some lenders offer E-transfer loans that can be repaid in bi-weekly or monthly installments. Installment payments are convenient for most people as they can be easily factored into a monthly budget and planned for in advance. Ask potential lenders if they charge a prepayment penalty. It’s best to avoid lenders who do – you don’t want to pay additional fees if you could repay your loan ahead of schedule.
E-transfer loans use technology to ensure borrowers receive their funds quickly and efficiently. They’re a great source of flexible funding resources and are easily available to most Canadians. As always, read your loan agreement carefully before signing and use loans and other financial products responsibly.
