By the GoDay.ca Customer Education Team. GoDay is a licensed Canadian online lender that has funded short-term loans by Interac e-Transfer and direct deposit since 2012.
Key Takeaways
- An e-Transfer loan is a short-term loan sent to your bank account by Interac e-Transfer, so approved funds can arrive within an hour instead of waiting for a bank’s deposit window.
- GoDay processes applications automatically 24 hours a day, and first-time borrowers usually start with a smaller loan, with higher amounts possible later after a new assessment.
- Interac e-Transfers can be deposited on any day at any hour, so e-Transfer funding keeps working on weekends and holidays when direct deposit stops.
- Provincial and federal law caps what a short-term loan can cost, and GoDay shows the exact cost for your province before you commit to anything.
- Depending on your province and borrowing history, GoDay may offer an installment loan that spreads repayment across several pay dates instead of one.
An e-Transfer loan is a short-term loan that a lender funds by sending the money to your bank account through Interac e-Transfer rather than by cheque or direct deposit. The loan itself is usually a payday loan or a small installment loan. “e-Transfer” describes how the money reaches you, and it’s the reason these loans can land in your account within an hour of approval.
Speed is the point of the product. When a car repair, a dental bill, or an overdue utility notice arrives three days before payday, money today and money on Tuesday are different things. GoDay has funded loans this way since 2012. This guide walks through what happens between the moment you apply and the moment the deposit shows up, how the cost is set, who qualifies, and how to confirm a lender is licensed.
What Is an e-Transfer Loan?
On the lender’s side, an e-Transfer loan works like any other short-term loan. You apply, the lender decides how much you qualify for based on your income and banking history, you sign an agreement, and you repay on the agreed schedule. The difference is delivery. Instead of a transfer that waits on your bank’s deposit schedule, the lender sends an Interac e-Transfer to your email address or phone number, and you deposit it.
GoDay’s email money transfer loans are built for short-term cash-flow gaps, not large purchases. New customers may qualify for a smaller first loan. Repaying on time can support a later application, but any higher amount depends on a new assessment.
Interac e-Transfer is offered by more than 250 Canadian banks and credit unions, according to Interac’s product overview. That’s why almost anyone with a Canadian chequing account can receive one.
How Does e-Transfer Loan Funding Work, Step by Step?
As one of Canada’s pioneer digital lending platforms, our team has spent over a decade streamlining how residents access short-term financial relief. Navigating cash-flow gaps requires a clear look at how structured personal and installment loans fit into a household budget. Rather than waiting days for traditional bank clearances, our automated system utilizes secure banking verification to process requests instantly. By leveraging the speed of Interac e-Transfer, approved funds can be securely routed directly to your account. Below, we provide an insider’s look at how online loan processing works and how you can look at these borrowing options responsibly.
Here is the sequence at GoDay from start to finish. Other licensed lenders follow a similar path, though the timing at each step varies.
- You apply online at any hour of the day or night. The application asks for your contact details, your employment or income information, and your banking details. GoDay’s system accepts applications 24 hours a day, seven days a week, and tells you within seconds whether you’ve been pre-approved.
- The lender verifies your income electronically instead of asking for documents. GoDay uses instant bank verification to confirm your income and account activity, so you don’t upload pay stubs or bank statements. If the system needs anything else, a customer service agent follows up by phone or email.
- You review the full cost and sign electronically. Before you sign, the agreement shows the amount borrowed, the total cost, the repayment schedule, and what happens if a payment is missed. Signing is what triggers the Interac e-Transfer.
- The e-Transfer is sent to your email or mobile number. Once GoDay confirms the loan is funded, the transfer generally arrives within 60 minutes. Interac says most transfers are almost instant, though some take up to 30 minutes depending on the receiving bank, according to its consumer e-Transfer FAQ.
- You deposit the money, or Autodeposit does it for you. If you’ve registered for Autodeposit with your bank, the funds go straight into your account with no security question. If not, you click the link in the notification, choose your bank, log in, and answer the security question the lender set.
People often forget the fifth step. Without Autodeposit, an e-Transfer isn’t in your account until you accept it. If it stays unclaimed for 30 days it expires, and Interac sends the sender instructions for reclaiming the funds.
How Long Does an e-Transfer Loan Take?
Once GoDay confirms funding, the e-Transfer generally arrives within 60 minutes, and the time between approval and funding confirmation can vary. Delays can happen at verification, at funding confirmation, in transfer processing, or in your bank’s own checks. The table shows where the time goes at each stage.
| Stage | How long it typically takes at GoDay | What can slow it down |
| The pre-approval decision arrives after you submit the application. | The decision takes seconds because the system is automated. | Missing or inaccurate details on the form trigger a manual follow-up by phone or email. |
| The lender verifies your income and bank activity. | Verification takes minutes when instant bank verification connects cleanly. | A bank that instant verification doesn’t support, or a failed login, adds a manual step. |
| You read the agreement carefully and sign it electronically. | This takes as long as you need to read it, which should be at least a few minutes. | Nothing on the lender’s side slows this step, because it’s yours. |
| The Interac e-Transfer is sent once funding is confirmed. | The transfer generally arrives within 60 minutes of funding being confirmed. | Your bank’s own processing can take up to 30 minutes, according to Interac. |
| The money is deposited into your bank account once you accept the transfer. | Autodeposit removes the manual acceptance step, and funds are available once any bank checks are complete. Without it, the deposit happens when you accept the transfer. | Not noticing the notification email or text is the usual delay. |
If you’d rather receive the money by direct deposit, GoDay can do that instead. According to GoDay’s FAQ, direct deposits funded before 7 p.m. Eastern arrive the same day at most major banks. After that cut-off, or at smaller banks and credit unions, they arrive the next business day. Direct deposit needs no action from you, while e-Transfer is faster outside banking hours.
Which Lenders Send Loans by e-Transfer Within Minutes, Even at Night?
Any licensed online lender that pairs an automated decision with Interac e-Transfer funding can get money to you within minutes of approval. That combination is what to look for, rather than a promise of “instant” cash. What varies between lenders is what happens after hours, because an automated system can pre-approve an application at 2 a.m. while a human team usually confirms the funding.
At GoDay, applications are accepted and pre-approved automatically around the clock. The customer service and loan processing teams work every day of the year except Christmas Day, and customer service is open from 8 a.m. to 9 p.m. Eastern on weekdays and 9 a.m. to 5 p.m. on weekends. An application submitted overnight gets its automated decision within seconds, and funding follows once the team confirms the loan. Treat any lender that promises a 3 a.m. deposit with caution until it shows you a provincial license number and a published cost.
Do e-Transfer Loans Work on Weekends and Holidays?
Yes, and this is the main practical advantage over direct deposit. Interac e-Transfers move between participating banks around the clock, so you can deposit one on any day at any hour, including statutory holidays. A loan funded on a Saturday morning can be in your account on Saturday morning.
Direct deposit works differently. It travels through the banks’ batch payment system, which settles on business days only, so a direct deposit approved on Friday night waits for the next business day, usually Monday unless it’s a holiday. If timing is the reason you’re borrowing, choose e-Transfer at the application stage, and read more about GoDay’s weekend loans before a long weekend catches you short.
What Does an e-Transfer Loan Cost?
The delivery method doesn’t change the price. Banks don’t normally charge you to receive an e-Transfer, and GoDay doesn’t add a fee for sending one. The lender sets the loan’s charges within legal limits and discloses them in the loan agreement.
Since January 1, 2025, Canada’s Criminal Interest Rate Regulations have capped the total cost of a payday loan in every province that regulates payday lending, and each province adds its own rules on top. The Financial Consumer Agency of Canada’s guide to payday loans lists the limits that apply where you live. The agency’s own cost comparison also shows that a two-week payday loan costs noticeably more than a line of credit, overdraft protection, or a credit card cash advance over the same period, so use those first if you have them.
GoDay shows the exact cost for your province on the application page before you commit, and the same figures appear in your loan agreement.
How Installment Repayment Changes the Picture
A single-payment loan is repaid in full on your next pay date. Depending on your province, pay cycle, and borrowing history, GoDay may offer an installment loan instead, and it reviews every e-Transfer application for that option. An installment loan spreads repayment across several scheduled payments that line up with your pay dates. That gives you more time to repay and keeps each withdrawal smaller. If you qualify, the option is disclosed before you sign.
Whichever structure you choose, repaying on schedule keeps the cost down. A missed payment can bring default interest or a dishonoured-payment fee, within the limits your loan agreement and provincial rules allow, and your bank may add its own NSF fee.
Who Qualifies for an e-Transfer Loan?
Lenders that fund by e-Transfer look at your income and banking activity more than your credit score. To qualify with GoDay, you need to meet five requirements:
- Be a Canadian resident over the age of 18.
- Have an open account at a Canadian bank or credit union, since that’s where the money is deposited and where repayment is collected.
- Get paid by direct deposit, so the system can verify your income electronically.
- Have your own email address and a phone number.
- Receive a steady source of income, from work or from benefits.
Employment income isn’t the only kind that counts. GoDay considers income from the Canada Child Benefit, Old Age Security, the Canada Pension Plan, and private pensions, subject to its lending criteria. Renters qualify on the same terms as homeowners.
GoDay doesn’t run a hard credit check as part of its automated decision, so applying won’t leave a hard inquiry on your file, and a low score on its own won’t get you declined. An unpaid balance in collections with another payday or short-term lender does count against you, because the system reads it as a sign the next loan may not be repaid either. Other lenders may use a soft check as a pre-assessment. It lets you review your options, and compare alternatives, without affecting your score. Our explainer on soft versus hard credit checks shows how each type of inquiry appears on your credit report and when lenders use it.
How to Confirm an e-Transfer Lender Is Legitimate
Because e-Transfer loans are fast and mostly online, they attract imitators. Three checks separate a licensed lender from one to avoid.
- Look up the lender’s license before you enter any personal details. Payday lenders must be licensed in each province where they lend, and most provinces publish a search tool. British Columbia’s rules are summarized by Consumer Protection BC, and the Financial Consumer Agency of Canada advises extra care with online lenders located outside the country. GoDay displays its Online BC Payday License number, 67513, in its website footer. Check your own provincial regulator’s register to confirm licensing where you live.
- Never pay anything to receive a loan, however the request is worded. A licensed lender collects its cost at repayment. Any request for an “insurance payment,” a “processing fee,” or an e-Transfer from you before the loan is released is a scam, and British Columbia prohibits upfront payments outright.
- Protect the security answer the way you’d protect a banking password. If your transfer uses a security question, the answer should reach you separately from the email, never inside it. Interac recommends registering for Autodeposit so there’s no answer to intercept at all.
Our checklist for choosing a safe online lender covers the rest, including how to read a loan agreement before you sign it.
What Happens After the Money Arrives?
A single-payment loan is due on your next regularly scheduled pay date. If that date falls within the next two days, GoDay moves the due date to the following pay date, so you’re not repaying money immediately after receiving it. An installment loan follows the payment schedule in your agreement instead. On each due date, the payment is withdrawn automatically from the bank account the loan was deposited into.
Three details about repayment are worth knowing in advance:
- You can repay early without a penalty in every regulated province.
- If something changes before a due date, call customer service at least two business days ahead to arrange an alternative. Waiting until the withdrawal fails costs you a missed payment fee and possibly an NSF charge from your bank.
- You can’t hold two GoDay loans at once. Once the repayment clears, you’re free to apply again, and repeat customers who have repaid on time can qualify for higher amounts.
Some provinces require an extended repayment schedule when you take several payday loans within a set period, and GoDay discloses it during approval if it applies to you. The full process is laid out on the page explaining how GoDay’s online loans work.
Is an e-Transfer Loan the Right Choice?
An e-Transfer loan makes sense when the expense is genuine, the amount is small enough to repay on schedule, and the timing rules out slower options. It doesn’t make sense as a way to pay down existing debt. GoDay says so in its own FAQ: the product is meant for an urgent but temporary cash-flow problem, not a long-term one.
Before applying, run through the cheaper routes the Financial Consumer Agency of Canada suggests. Ask a creditor for a few more days, request a pay advance from your employer, and use overdraft protection or a line of credit if you have one. If none of those are available by the time the bill is due, compare the total cost, the repayment terms, and the funding time of any licensed lender you’re considering. Our post on the mistakes people make when they need a fast loan will help you avoid the expensive ones.
How to Review Your e-Transfer Loan Options With GoDay
GoDay funds online loans by Interac e-Transfer or direct deposit for Canadians in Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, Nova Scotia, New Brunswick, and Prince Edward Island. When unexpected expenses arise, you can look at our streamlined online platform as a tool to navigate your cash-flow needs. To see how our automated system evaluates your profile, you can easily apply for a loan online to review your personalized options. If you’d like to talk it through first, contact GoDay at 888-984-6329.
Frequently Asked Questions
How long does an e-Transfer loan take to arrive?
At GoDay, an e-Transfer is sent as soon as the loan is confirmed as funded, and it generally arrives within 60 minutes. Interac says most transfers are almost instant, with some taking up to 30 minutes depending on the receiving bank. Most of the time is saved earlier in the process, because the automated decision takes seconds and income is verified electronically. If you’ve set up Autodeposit, the money lands in your account without you doing anything further.
Can I get an e-Transfer loan on a weekend or holiday?
Yes, and this is the main reason to choose e-Transfer over direct deposit. Interac e-Transfers can be deposited at any hour on any day, while direct deposits settle on business days only. GoDay’s loan processing and customer service teams work every day of the year except Christmas Day, so a loan approved on a Sunday can be funded on a Sunday. Choose e-Transfer rather than direct deposit on the application if you need the money outside banking hours.
Do e-Transfer loans check your credit?
GoDay doesn’t run a hard credit check as part of its automated decision, so applying won’t add a hard inquiry to your credit report. The decision rests mainly on your income and banking activity, both verified electronically. A low credit score on its own isn’t a reason for a decline, but an unpaid balance in collections with another payday lender significantly lowers the chance of approval. Lenders differ, so read each lender’s policy before you apply.
How much does an e-Transfer loan cost in Canada?
The delivery method doesn’t change the cost. Federal regulations cap the total cost of borrowing on a payday loan, and every province with payday loan rules now applies the same maximum, although other rules and default charges differ by province. Your bank doesn’t normally charge you to receive an e-Transfer, and GoDay doesn’t charge to send one. GoDay shows the exact cost for your province on the application page before you commit, repeats it in the loan agreement, and tells you before signing if an installment option with a longer schedule is available.
What if I never received my e-Transfer?
First, check the email address and mobile number you entered on the application, because the notification goes there. Then check your junk folder, and confirm whether your bank has Autodeposit registered for that address, in which case the money may already be in your account. An unclaimed Interac e-Transfer expires after 30 days, and the sender then gets instructions for reclaiming the funds. If you still can’t find it, call GoDay customer service at 888-984-6329, seven days a week except Christmas Day, and an agent can confirm when and where the transfer was sent.
