We commonly get asked how and when funds will get deposited into your bank account once approved for a term loan from urLoan. The short answer is you will receive the funds by the end of the next business day. However, we have found that this means different things for different customers depending on their province of residence d in Canada and which banking institution they bank with.
How it works:
1. We send you your funds via EFT (Electronic Funds Transfer) and initiate this request first thing in the morning the following business day from when we have your signed loan agreement in hand.
2. Typically we get confirmation by approximately 12:00 pm EST whether the funds have been successfully transferred to your bank.
3. At this point, depending on your province of residence and depending on which banking institution you bank with, we have observed different times in which the actual funds show in your account. Banks EFT funds from one to another all the time, but the accepting bank (aka your bank) typically has a daily schedule where they post all the EFT transactions to their accounts. For 99.5% of our customers this means their funds are received between 1:00pm EST and 9:00pm EST the following business day. In very rare circumstances, the funds will arrive the next morning, this may happen over a holiday long weekend if your bank closes early for example and doesn’t process the EFTs on their end!
4. Lastly, on occasion, there is human error when inputting your bank account information into the system. It never hurts to double check with us! So feel free to call us the next day around the 12:00pm EST noon to double check that everything went through successfully! We can be reached at 1-855-723-5626.
Congratulations on being approved for a loan, we look forward to giving you the second chance at credit you deserve and helping you get back to borrowing from your bank!