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

E-Transfers are email money transfers that are sent to your email address. Once you receive the email in your mailbox, you have to follow a link into the email to manually deposit the money into your bank account. If you already set up the autodeposit, this step will be done automatically. The magic about e-Transfers is that it can be sent and received 24/7 no matter if the bank is open or not. If you have selected this option into your loan application, you will receive your e-Transfer 2 minutes after having sign your contract and will be able to access your money even on Weekends and Holidays.


Alternatively, direct deposits are deposited directly into your bank account. If you have selected this option into your loan application, your money will be automatically deposited into the bank account mentioned in your loan agreement and your funds will be sent at 2:30 pm EST the same day or the next business day (depending on what time you sign your Loan Agreement). Once sent, the reception of your funds in your bank account may take between half a day to one business day.

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