Understanding Payday Loans and Personal Finance Options


In today's economy, it's hardly surprising that Canadians find themselves turning to GoDay for short-term loans from time to time. In an ideal scenario, we'd all have sufficient savings to draw from when we hit a financial hurdle, but sometimes you need access to online payday loans to make ends meet. We make this process as simple, easy, and secure as possible.

GoDay is a payday loan provider that offers short-term solution to cash flow shortages. For the long-term, we recommend you visit your financial institution and ask to speak with an advisor who can help you manage any existing debt, create a rainy day fund, plan for your retirement, and more. If surviving from paycheck to paycheck or managing your debt load is a serious struggle, you may also want to consider meeting with a credit counsellor.

To support – not replace – the advice of a professional, we've compiled some helpful resources below. Come back often as this page is always evolving to serve you better.
1
Understanding payday loans.
Payday loans should help lower financial stress, not add to it. Before applying for a cash advance, download the Canadian Payday Loan Association's guide to responsible borrowing.
2
Budgeting.
Whether you're paying off debt, saving for a house, or planning for retirement, budgeting is key to achieving your financial goals. The Financial Consumer Agency of Canada has created a budget worksheet that you can download and revisit as your financial situation changes.
3
Calculators.
Credit Counselling Canada gives you access to some powerful online tools, including a savings goal calculator, an emergency savings calculator, and more.
4
Credit counselling.
Credit Counselling Canada provides confidential counseling by phone or in-person. There's also the Credit Counselling Society, which offers free, live support online or by phone.
5
Workshops.
The Credit Counselling Society hosts free webinars and in-person workshops on a variety of topics. Learn how to make healthier spending choices, manage your finances as a couple, and more.
6
Practical savings advice.
From lowering your grocery bill to teaching kids the difference between needs and wants, MoneySense.ca shares valuable savings advice courtesy of Canadian financial expert Gail Vaz-Oxlade.
7
Credit reports.
Want to know how you look to prospective lenders? For a fee, Equifax and TransUnion will provide you with your credit score. For more information on how to improve your credit score, review this guide from the Financial Consumer Agency of Canada.
8
Debt collection.
If debt collectors are after you, don't bury your head in the sand. Empower yourself to handle the situation responsibly. The Financial Consumer Agency of Canada offers valuable tips on dealing with debt collectors, including insights into your legal rights.
9
Finance Apps & Deal Sites.
We've created a FREE downloadable PDF of the best free (or close to free) finance apps & money-saving deal websites just for you.
10
Glossary.
Got your personal finance terms in a twist? Check out this financial glossary courtesy of Fiscal Agents.
11
Cost of a Payday Loan.
Educational material from the Ontario Ministry of Consumer Services is available on the cost of a $300 Payday Loan for a two week period. As a responsible borrower it is important to know the costs of borrowing a payday loan as compared to other borrowing products. Are you from British Columbia? Check out these Tips for Online Payday Lending from Consumer Protection BC.
Did you find our Finance 101 section helpful? Is there something you didn't find here that you'd like us to add? Please give us your feedback so that we can serve you better.
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