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Payday loan costs in Canada are capped at $14 per $100

That limit includes every fee. Your total cost is shown on screen before you sign anything.

See what you'd repay

E-transfer paydayloans in Canada,sent to your bank

E-transfer payday loans let you borrow $100 to $1,500 online. If you're approved and sign your agreement, the lender sends the money to your bank by Interac e-Transfer.

Apply on your phone No paperwork to fax Bad credit considered

For example, borrow $500 for 14 days and the most it can cost is $70, for a total of $570. Also, your exact cost is in your loan agreement.

Subject to approval. Not everyone will qualify.

Start my application
Woman on a sofa checking an e-Transfer on her phone
e-Transfer received$500.00

What is an e-transfer payday loan?

An e-transfer payday loan is a short-term loan of $100 to $1,500 that a licensed lender sends to your bank account by Interac e-Transfer. You apply online, the lender checks your income and banking instead of relying only on your credit score, and you repay on your next payday. It costs no more than $14 per $100 borrowed.

There's no cheque to wait for and no branch to visit. Once you sign an approved loan, the money arrives in the bank account you applied with, like any other e-Transfer.

When will my money arrive?

Interac e-Transfer is a registered trademark of Interac Corp.

Man at a kitchen table applying for e-transfer payday loans on his phone

Who can apply for e-transfer payday loans?

You can apply from the kitchen table in a few minutes. To be considered, you'll need:

  • 18 or older (19 in some provinces) and living in Canada, outside Quebec
  • Steady income from work, a pension or benefits
  • A Canadian bank account that accepts e-Transfers
  • A working email address and phone number

Bad credit doesn't rule you out. See what lenders check instead

Check if I qualify

E-transfer payday loans with the cost shown first

These are small loans for real-life gaps between paydays, so you'll always see the amount, the cost and the due date before you agree to anything.

Same-day payday loans

Apply early on a business day, since that gives you the best chance of same-day funding.

How same-day works

Loan cost calculator

Slide to an amount and see the most you could repay, before you start.

Try the calculator

Rules by province

Each province sets its own payday lending rules, so find out what applies to you.

See provincial rules

Borrowing responsibly

How to borrow only what you need, then plan your repayment.

Get money tips
Know your cost

See what you'd repay on e-transfer payday loans

Since January 1, 2025, a payday loan in Canada can cost no more than $14 for every $100 you borrow. That cap covers interest and every fee, so nothing extra gets added at the end.

Then use the calculator to see the most you could repay. Your exact cost is in your agreement, and you'll see it before you sign.

Open the full calculator

Live estimate $14 / $100 cap
$500
$100$1,500

Repay in

You borrow$500
Maximum cost$70
Repay by $570
Apply for $500

Figures use the federal maximum of $14 per $100, so your cost may be lower. Not a loan offer.

E-transfer payday loans in four steps

  1. Apply online

    Fill in a short form on any device with your contact details, income and pay dates. It takes about five minutes.

  2. Verify your income

    Connect your bank through instant bank verification (IBV). It's a secure, read-only check that confirms your deposits, so there are no pay stubs to scan or fax.

  3. Review and sign

    If you're approved, read your agreement with the full cost and due date, then sign online. You can still say no at this point.

  4. Get your e-Transfer

    The lender sends the money to your account. Repayment comes out on the date in your agreement.

When will my e-Transfer arrive?

Interac e-Transfers move 24/7, but each lender reviews applications and sends funds on its own schedule. When you sign usually matters more than when you apply. Typical timing looks like this:

You sign your agreementWhen the money usually arrives
Weekday morning or early afternoonOften the same day, sometimes within an hour or two
Weekday eveningSame evening with some lenders, otherwise the next morning
Saturday or SundaySome lenders fund on weekends, others on Monday
Statutory holidayUsually the next business day

Timing varies by lender and bank. Your lender will tell you when it sends the e-Transfer.

Can I get an e-transfer loan 24/7, on weekends or on holidays?

You can apply at any hour. However, "24/7" usually describes the application, not the funding. If you need money on a Saturday or a long weekend, apply as early as you can and check the funding hours shown during your application. How fast instant e-transfer loans really are

Why hasn't my e-Transfer arrived yet?

If the lender says the money was sent but you can't see it, check these first:

  • Autodeposit. If autodeposit isn't turned on for your email, you'll need to accept the transfer and answer a security question in your banking app.
  • Your email inbox. The deposit notice can land in your spam or promotions folder.
  • A bank hold. Some banks briefly hold a large or first-time transfer for a security review.
  • The expiry date. An e-Transfer you don't accept will eventually expire and return to the sender, so act on the notice quickly.

Still nothing after a few hours? Contact your lender with the reference number from your agreement.

Does it work with every Canadian bank?

It works with any Canadian bank or credit union account that can receive Interac e-Transfers, including online banks. The money has to go to an account in your own name, which is the same account you verify when you apply.

Bad credit, no credit check and benefits income

Can I apply with bad credit?

Yes. Lenders look mainly at whether your income can cover the repayment, so a low score or a past missed payment doesn't rule you out on its own. Every application is still reviewed, and approval isn't guaranteed.

Is there really "no credit check"?

Not quite. Many lenders skip a traditional hard credit check, but they still check your identity, your income and your recent bank activity through IBV. They're looking for regular deposits, your pay dates and a history of returned (NSF) payments. Be wary of any lender that promises approval without checking anything.

Can I use child tax benefit or ODSP as income?

Some lenders count regular government income, such as CPP, EI, ODSP or the Canada Child Benefit, as long as it's deposited to your bank account on a set schedule. Others accept employment income only. The application asks for your income type, and the lender decides what it will accept.

What e-transfer payday loans cost

The federal limit is $14 per $100 borrowed, including every fee. Here's the most you could repay at that limit:

You borrowMax costMax total
$300$42$342
$500$70$570
$1,000$140$1,140
$1,500$210$1,710

What repeat borrowing costs

The fee applies to every new loan. Take a $500 loan four paydays in a row and you'll pay $280 in fees, which is more than half of what you borrowed. If you need money again right after repaying, a longer-term option will usually cost less. See cheaper alternatives

Payday loan rules by province

Each province licenses payday lenders and adds its own rules on top of the federal cap. These include a short cooling-off period (often two business days) to cancel at no cost, limits on back-to-back loans, and caps on fees for a missed payment. Payday loans aren't available in Quebec. Your agreement lists the rules that apply where you live, and you can confirm a lender's licence with your province's consumer protection office.

How to repay your loan

Most lenders take the repayment automatically on your payday by pre-authorized debit, so there's nothing for you to remember. Some also let you pay by sending them an Interac e-Transfer, which is handy if your pay date changes.

Can I repay early?

Yes. Provincial rules generally let you repay a payday loan early without a penalty. Ask your lender how paying early changes your total.

What if I miss a payment?

Your bank may charge an NSF fee, and the lender may add a fee for the returned payment, within the limit your province allows. Missed payments can also hurt your credit. If you can see a problem coming, contact the lender before the due date.

Are e-transfer payday loans safe and legal?

Yes, when the lender holds the payday lending licence your province requires and follows the $14 per $100 cap. CashPicks isn't a lender. We connect you with third-party lenders, and the lender you're matched with makes every lending decision and sets your terms.

Red flags to watch for
  • "Guaranteed approval" or "no checks at all"
  • An upfront fee before you receive any money
  • No licence number or Canadian address on the lender's site
  • A cost above $14 per $100, or pressure to sign quickly

Borrow only what you can repay

Before you apply, check that the full repayment fits your next paycheque after rent and essentials. If it doesn't, a smaller amount or a longer term may be a better fit.

Man on the phone asking about repaying his e-Transfer loan

Finding repayment hard?

Get in touch before your due date, because acting early gives you more options, such as a new payment date where provincial rules allow it.

Talk to our team Responsible borrowing tips

Free, confidential advice is also available from Credit Counselling Canada.

Questions

E-transfer payday loans: common questions

Can't find your answer? See all FAQs

01What is an e-transfer payday loan?

It's a short-term loan of $100 to $1,500 that a lender sends to your bank account by Interac e-Transfer once you're approved and sign your agreement. Then you repay it on your next payday, within 62 days.

02How much does it cost?

Federal rules cap payday loan costs at $14 for every $100 you borrow, including all fees. For example, a $500 loan costs no more than $70. Your exact cost is shown in your agreement before you sign.

03How fast will I get the e-Transfer?

The lender sends it as soon as you're approved and sign your agreement. It often arrives the same business day, but timing depends on approval and on your bank.

04Can I apply with bad credit?

Yes. Lenders look at income and banking history as well as credit, so a low score doesn't rule you out. Still, lenders review every application, so approval isn't guaranteed.

05What if I can't repay on time?

Get in touch before your due date to ask about your options under your province's rules. Otherwise, missed payments can lead to extra fees allowed by provincial law and may affect your credit.

06Are payday loans available in every province?

No. Payday loans aren't available in Quebec, where provincial law caps the cost of credit at 35% a year. In the other provinces and territories, payday lenders must hold the licence the law requires.

07Can I get one with no credit check?

Many lenders don't run a traditional hard credit check, but every legitimate lender still verifies your identity, income and bank activity before approving a loan. A promise of approval with no checks at all is a red flag.

08Can I apply 24/7, on weekends or on holidays?

You can apply at any time. Funding depends on the lender's hours: some send e-Transfers on evenings and weekends, while others wait until the next business day. On statutory holidays, expect the next business day.

09Can I qualify with ODSP or child tax benefit income?

Some lenders accept regular government income, such as ODSP, CPP, EI or the Canada Child Benefit, if it's deposited to your bank account on a set schedule. Others only accept employment income. The lender decides when you apply.

10Are e-transfer payday loans safe and legal?

Yes, if the lender holds a licence in your province and charges no more than $14 per $100. Never pay an upfront fee to get a loan. CashPicks isn't a lender; the third-party lender you're matched with sets your terms.

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