Same day loans

Searching for a same-day loan, or an instant loan, in Canada comes down to one question: when does the money actually land in your account? At Money911, two published rules answer it, and both start at the same point: once your request is approved and the lender’s contract is signed.

Money911 is your co-borrower; a separate lender provides the loan. This guide walks through the two deposit rules, what happens before them, what can push a deposit to the next day, and how to prepare your request to avoid back-and-forth.

The 11:30 a.m. rule

For direct deposit, everything turns on when the signed contract comes back. Request approved and signed contract back before 11:30 a.m.: deposit the same day, between noon and midnight. After 11:30 a.m.: the next day.

Both conditions have to be met before 11:30 a.m.: your request is approved, and the signed contract is back. Filling in the form early isn’t enough on its own; the return of the signed contract sets the deposit day.

An example: your request is approved and you send back the signed contract at 10:15 a.m. The direct deposit comes that same day, between noon and midnight. Send the same contract back in the afternoon and the deposit comes the next day.

Keep the deposit window in mind too: noon to midnight. If a payment has to go out early in the afternoon, build in that margin before you promise a date to your landlord or your mechanic.

Direct deposit or Interac e-Transfer

There are two ways to get the money, and you pick one in your request.

• Direct deposit: the money is deposited electronically into your account. The 11:30 a.m. rule applies: the same day, between noon and midnight, if you’re approved and the signed contract is back before 11:30 a.m.; otherwise, the next day.
• Interac e-Transfer: choose Interac e-Transfer in your request. Once you’re approved and the contract is signed, the money lands within the hour. An extra fee applies.

Which one fits? If you’re approved and can send the signed contract back before 11:30 a.m., direct deposit gets the money to you the same day, between noon and midnight. If you need it within the hour after signing, tick Interac e-Transfer in your request; an extra fee applies. Decide before you send the form, since the option is a box in the request itself. Our page on Interac e-Transfer loans covers both options in detail.

Before the deposit: review and signature

Neither rule starts until your request is approved and the contract is signed. Before that, a request goes through four steps:

1. The online request. The online form is open anytime.
2. Instant bank verification (IBV). It sends us a read-only copy of your statement. We never see your username or password.
3. The review. Every request is reviewed for your ability to repay; a request judged too risky is refused. Approval is not guaranteed.
4. The contract. The lender sends you its contract. You read it, then you sign it. No payment or advance is required at signing.

To be eligible, you need to be 18 or older, live in Canada, have a stable job, get your pay deposited into a Canadian bank account and earn a net income of at least $1,500 a month. There should be no consumer proposal, debt consolidation or bankruptcy in the last 30 days, and none planned in the next 6 months. Self-employed? Your request is reviewed like an employee’s. Our page on how a request works covers each step.

So where does the co-borrower come in? A co-borrower commits to the loan with you, which lowers the lender’s risk. At Money911, that co-borrower is us. The loan itself comes from a separate lender. You don’t need to find someone in your circle to commit to the loan with you.

What can delay a deposit

Did a deposit come later than you expected? Here is what can move it:

• The signed contract came back after 11:30 a.m. Direct deposit then happens the next day.
• The contract isn’t signed yet. Neither rule applies before the signature.
• The request isn’t approved yet. The review looks at your ability to repay. A missing bank verification (IBV) and incomplete documents are both among the published reasons for a refusal.
• Interac e-Transfer wasn’t chosen. The Interac deposit, within the hour after approval and signing, applies only if you ticked the box in your request.
• The request was sent on a weekend or a holiday. The two rules describe the deposit once you’re approved and the contract is signed. Any other timing depends on approval and on the signature of the lender’s contract.

For the other published reasons, see our guide to loans with imperfect credit. What you control comes down to three things: a complete request, the bank verification done, and a contract read, signed and sent back early.

Preparing your request

A little preparation saves a lot of back-and-forth. Before you send your request:

• Check the criteria. Age, residence, a stable job, pay deposited into a Canadian bank account, net income of at least $1,500 a month: if one is missing, it’s better to know now.
• Plan for the bank verification. IBV is part of every request. It sends a read-only copy of your statement, never your username or password.
• Pick how you’ll get the money. Interac e-Transfer is chosen in the request and carries an extra fee. Otherwise, direct deposit follows the 11:30 a.m. rule.
• Choose the amount you need in your request. Ask only for what you need, and check that the payments fit your budget.
• Read the contract as soon as it arrives. The applicable terms are in the contract the lender sends you. Read it before you sign, then send it back signed: for a same-day direct deposit, it has to be back before 11:30 a.m.

And avoid taking several small loans at once: the payments can outgrow your budget. When everything is ready, send your request online. Applying on a Saturday or a Sunday? Our guide to weekend loans explains what is possible.