A Windsor payday loan can offer you quick cash, but you can easily be overwhelmed by your number of choices. Consequently, it can be easy to make a snap, unwise decision.
That’s regrettable, because some lenders complicate the process, while other offer a sub-par Windsor payday loan. As well, some lenders are unethical or not really lenders at all. They may be scam artists after your sensitive data.
Luckily, if you follow these 7 tips, you can quickly and easily find the best Windsor payday loan and a great lender.
1. Look for an Online Lender
As mentioned, many lenders are eager to get you to borrow from them. However, the lion’s share are brick-and-mortar lenders that expect you to come to them.
The obvious problem with this is inconvenience. You need to take time out of your day, travel to the lender’s office, find parking, and wait in line. Even if the lender offers extended hours to make it easier to visit them after work, it is not ideal.
Luckily, you can avoid all this hassle when you apply online. A good lender accepts applications 24/7. If you work irregular hours, that’s a huge bonus. Even if you work regular hours, you don’t need to spend time on a process that is better handled online.
Plus, online lending has come a long way. Online lenders use the best data encryption possible, which is usually far superior to whatever an in-person lender might use.
2. Make Sure They Have a License
Ontario law dictates all lenders must have a payday loan license, whether they operate in-person or online. However, some companies ignore this stipulation which puts you and your sensitive data at risk.
The potential for issues is so great that both the Canadian and Ontario government strongly warn against using an unlicensed lender. Scam artists can steal your personal information to obtain illegal credit.
Identity theft is an expensive and time-consuming problem. Plus, it can make it almost impossible to go about your daily life normally. Debit and credit cards can be revoked, even when you didn’t cause the problem.
Should an unlicensed lender actually grant you a loan, you do not have the consumer rights you would through a licensed lender. Inevitably, you will also pay more since the unlicensed lender fees, penalties, and interest rates charge are unregulated. Additionally, these lenders aren’t legally required to reveal your costs to borrow upfront, so you may be in for a few big surprises.
Finally, an unlicensed lender can handle your loan in whatever manner they choose. This could include harassment, illegal payment collections, and more.
Luckily, it is simple to discover whether a particular lender has an Ontario payday loan license. Just input their name into Ontario Ministry of Government and Consumer Services website here.
3. Check the Complexity of Their Application Form
One definite indicator of a good lender is a streamlined application form. If a lender starts asking you for where you lived, worked, and banked years ago, that’s a red flag. Chances are the rest of their loan process is far more complicated than need be.
So, what should you look for? The best Windsor payday loan has a very straightforward application form. Of course, you will need to provide personal data so the lender can verify your identity. However, it shouldn’t take you more than 15-minutes to complete.
This means you could potentially complete your application form during a coffee or lunch break, providing you have your banking information nearby.
4. Avoid Lenders That Ask for Proof of Income
Steer away from any lender that mentions you need to provide proof of income. Digging up your last three pay stubs or getting a letter from your employer is time-consuming and frustrating.
This requirement can be even more frustrating and costly for self-employed individuals, since they need an income statement from their accountant. Even worse, many lenders don’t even consider self-employment as a legitimate income source for a Windsor payday loan.
Luckily, there’s no need to go through all this in our digital world. A good lender considers many income sources, not just a full-time job. If you earn income from a public or private pension, several part-time jobs, or another reliable source, you may qualify for a Windsor payday loan.
As well, a good lender won’t ask you to upload documents. Instead, they ask for your permission to electronically confirm your steady, recurring direct deposit income. It’s fast, totally non-intrusive, and completely safe.
5. Emphasis on Salary or Credit?
Most lenders base their decision on your credit. Some even have a minimum credit score requirement before they’ll even consider your application. That’s a lot of fuss for a relatively small amount of money.
After all, the maximum allowable payday loan in Ontario is 50% of the average of your last two income periods, up to a maximum of $1,500. However, it is up to the lender whether they’ll grant you the entire amount.
Luckily, select lenders automatically review your payday loan application to see if you qualify for an installment loan instead. Installment loans offer more time to repay and often better terms. Payday loans are usually due on your next full two-week income cycle and a high cost to borrow.
6. Transparent Lending Requirements
When you’re looking for a good payday loan lender, you’ll want one that’s totally transparent. Otherwise, you won’t know whether you have what it takes to qualify for a Windsor payday loan.
Surprisingly, very few lenders reveal their qualification requirements. This can mean that you spend time filling out an application form for a loan that you can’t possibly get.
Luckily, a good lender provides their qualification requirements. They are few and far between, but they do exist.
7. Quick Decision & Funds Release
Another way to find the best Windsor payday loan is by choosing a lender that offers a quick decision. Clearly, online loans beat in-person loans in this area. However, online lenders can vary greatly and some aren’t that fast.
Fortunately, a good lender will give you’re their decision within minutes. They have a fully-automated streamlined system that relies on artificial intelligence.
If you’re pre-approved, you will immediately see the lender’s terms and what you need to do to move forward. Typically, that just involves accepting the terms and signing your loan contract electronically. That triggers the funds release process.
A good lender could have your Windsor payday loan funds in your bank account within hours, if you sign your contract during business hours. Otherwise, you usually get funds early the next business day.
A Windsor Payday Loan Through GoDay
You’ve read what sets a good Windsor payday loan apart from a less desirable one. You’ve also seen why choosing a good lender is extremely important if you want to find the best. Now it’s time for us to tell you why you should consider GoDay:
- 100% online experience
- Apply any time from your favourite device
- Reputable licensed Ontario lender
- We’ve issued payday loans since 2012
- Easy application process – complete our form in under 15-minutes
- Application automatically reviewed to see if you qualify for an installment loan with better repayment terms
- Canadian company – all our employees live and work here
- Toll-free number, chat, email, and website support as well as an in-depth FAQ section on website
- Proud member of the Canadian Consumer Finance Association, representing licensed payday loan lenders in Canada
- Better Business Bureau accredited with an overall rating of A+
- Over 2,000 reviews on TrustPilot, with an overall rating of “Excellent”
- We reveal your costs to borrow upfront
- No obligation
- No impact on your credit score
- Artificial intelligence assessment that considers many factors
- No minimum credit score requirement
- No proof of income
- Fast decision – we’ll let you know within minutes, not hours
- Quick funds release – in most cases GoDay will have the money in your bank account within an hour, providing you sign your loan contract during business hours. If you sign during the evening, weekend, or on a holiday, you will get your money as soon as possible the next business day.
- Direct bank deposit or Interac® Email Money Transfer (conditions apply).
Our Windsor Payday Loan Requirements
GoDay is happy to provide you with our basic requirements for a Windsor payday loan:
- At least 18 years of age
- Canadian resident
- Permanent address
- Active account with a Canadian financial institution with at least three months of transactions
- Income paid through direct deposit (we consider many income sources including employment, self-employment, the Canada Child Benefit, Disability Tax Credit, Old Age Security, private pensions, and the Canada Pension Plan.)
- Valid email address
- Active cellphone or home telephone number
Whether you are ready to start the application process or want more information, please visit our website. We also provide more information on our Ontario payday loans here.
Let us show you why so many people agree we offer the best Windsor payday loan available. We make borrowing easy.
