What is the difference between e-transfer and direct deposit?

What is the difference between e-transfer and direct deposit?

An e-Transfer is sent to your email address, where you can deposit the funds into your bank account of choice. If you have autodeposit enabled, the money will be deposited automatically. e-Transfers are available 24/7, including weekends and holidays. If you selected this option in your application, you will receive your e-Transfer within 2 minutes after signing your agreement, allowing you to access your money even on weekends and holidays.

With direct deposit, the funds are sent directly to the bank account listed in your loan agreement. Transfers are sent at 2:30 p.m. EST the same day or the next business day, depending on when you sign your agreement. Once sent, it may take half a day to one business day for the funds to appear in your account.