Everything You Need to Know About Fast E-transfer Loans 

If you’re in the middle of a financial emergency, you’ll need money quickly. An e-transfer loan is a great option to resolve this problem efficiently. The fast e-transfer loan is a secured, short-term loan that allows you to get the money you need in as fast as possible.

Unlike payday loans, you don’t need to repay the funds of e-transfer loans all at once. Instead, you can clear the loan within six months with small installments. Many reputable online lenders offer fast e-transfer loans in Canada. The nicest part about these loans is that they are available 24/7, and you can apply for them anytime, anywhere. 

Introduction to fast e-transfer loans in Canada

Fast e-transfer loans are money lent to borrowers through the internet. The top benefit of an e-transfer loan is that the applicant doesn’t have to visit banks and involve themselves in paperwork. Instead, you can simply find a lender online and apply for the loan digitally. E-transfer loans are different kinds of personal loans suiting the needs of various applicants. 

Some lenders offer non-credit check e-transfer loans that are beneficial for applicants with unmaintained credit scores. When you apply for a loan at a bank, they first ask for a credit check to understand your creditworthiness. On the other hand, your salary and other information are observed to know your reliability in a non-credit check online loan.

The loan application process at banks is very strict and stressful to deal with at times. That’s why online lenders like PrestoCash developed a way to simplify the process and made it easier to get an online loan without the need to have a good credit score. 

To secure a fast e-transfer loan in Canada, you have to be more than 18 years old, have a stable income source, and need to be a citizen of Canada. All lenders come with different terms; if you match their conditions, you can secure the funds within a few hours. 

How to apply for a fast e-transfer loan in Canada? 

E-transfer loans are proven as the most convenient money-borrowing method. It’s because these loans don’t include personal interaction and paperwork. You can easily apply for a loan from the comfort of your house. From filling the application form to receiving the funds, everything takes place online. Here are the steps to apply for an e-transfer loan:


Find a reputable lender 

The first step to applying for an internet loan is, find a reputable online lender in Canada. Many lenders are interested in offering you various options, but you have to choose one with good customer history and track record. In addition, examine their physical address and registration to know their creditworthiness. Go through their terms and select a lender that suits your needs the most. 


Start with the application 

Once you decide on the lender you want to borrow from, start filling their application form. Unlike traditional banks, online lenders offer a very easy and convenient application process. Choose the loan that suits your needs, answer all the questions carefully and fill in the required details. The application process won’t take more than five minutes to complete. 

Start your application!


Wait for the funds

If you fill in the application form before 5 PM, the lenders start evaluating it within a few minutes. Since you don’t have to deposit a credit check to secure the funds, the lenders will evaluate your other details to understand your eligibility. If they find you valid and you meet all their terms, the funds will be deposited into your bank account on the same day of application.

Learn about our simple loan application process and how you can get a fast e-transfer loan from the comfort of your own home.


How are fast e-transfer loans beneficial? 

Instant e-transfer loans are better than any other payday loans and traditional bank loans in many ways. Here are some benefits of e-transfer loans you should know about: 


Instant funds

The significant benefit of an instant e-transfer loan is, they are faster than any other type of loan. If you fill in the application correctly and meet the lender’s terms, getting the funds in your bank account would take no time. Online lenders’ fast and easy service is the best option for people who want to get money instantly and cover sudden expenses. 


No collateral 

When you have a bad credit score, the banks will ask you to deposit an asset as collateral. Similarly, your payday lender will also ask you to deposit a paycheck with them. Contrary to both, fast e-transfer loans don’t require you to put up any collateral. If you have a stable income source, that is assessed to know your repayment eligibility. These loans are totally unsecured designed to help you during difficult situations. 


Easy repayments 

Online lenders offer flexible repayment methods. These loans can be repaid with small monthly installments that you can extend to six months. In addition, their low-interest rate doesn’t make it a burden for you to clear the debt. You can deposit the EMIs with your regular income easily. 


Wide options 

Typical banks might have similar terms, and if you fail to obtain the funds from one bank, chances are that the other ones will do the same. On the other hand, there is a large number of online lenders to choose from. They all have different terms, and you can choose the lender that offers you the best loans with the easiest terms. Having so many options give you the flexibility to get the best loan for your situation. 

Are fast e-transfer loans safe?

E-transfer loans are known to be one of the safest options to have for a loan that you get online. Keep in mind that you have to apply with a trusted lender that offers its services to countless individuals across the country. One of the other reasons that e-transfer loans are safe is that you get them directly deposited into your bank account without having to deal with any paperwork.

PrestoCash took the time to add another level of security when applying for a loan by developing its own application system that is impenetrable. All the information that our customers send us is tightly secured and taken care of.

Requirements to secure a fast e-transfer loan in Canada

  • You must be over the age of 18 to apply for an e-transfer loan. Your age informs the lender in determining your credibility and payback ability. 
  • To secure the online loan, you must meet the lender’s minimum income requirement. As you have to repay the funds with your regular income which must be a stable source. 
  • Lenders often examine your monthly loan repayment history, including new loan installments and previous ones, to determine if they are within 50% of your net monthly income. Those who go over this limit have a lesser chance of getting an online cash loan.
  • If you have already taken any loans, the lender will ask you to deposit its details. The details of your previous loans will help them understand your creditworthiness.
  • Online loans are typically applied from the location where you live. For example, if you’re a resident of Canada, you can only apply for fast e-transfer loans in Canada from PrestoCash.