The payday loan industry is frequently in the news, especially when it comes to short-term loan usage and the deregulations within the loan industry. This week, there were quite a few articles about payday loans that caught our attention including an article by Huffington Post Canada on how payday lending in Canada has doubled as debt loads continue to soar.
There were a lot of great points in this article and is information about the industry we are happy to share with our customers including how the Financial Consumer Agency of Canada’s survey found that approximately four percent of Canadian households are using payday loans. This article also sheds some light on the growing household debt Canadians are facing and how often payday loans are being used as a resource for Canadians struggling financially.
So how at GoDay are we helping struggling consumers? As much as the payday loan industry can have a bad reputation, we like to focus on the positives of helping Canadians get back on their feet financially. We don’t want to see our customers get further behind or fall further into debt; we are here to help you pay your bills on time or for any unexpected expenses that may come up.
As the Huffington Post article stated, the vast majority of borrowers 89 percent, said they borrowed from a payday lender to cover unexpected expenses, expected expenses and to avoid late charges on bills. And that’s how here at GoDay we thrive to help our customers get a smart, simple and secure loan quickly and efficiently. With GoDay you know within minutes whether or not you’ve been approved for a loan with us, so you can start to financially distress and not worry about those expenses.
The Hamilton Spectator also released an article this week that stated education, not regulation is the key to ensuring consumers are aware of the processes and procedures when it comes to the payday loan industry. And here at GoDay we take pride in how we educate our customers through platforms like our GoDay café or blog, in which we cover numerous topics and stay up to date with the latest topics for your financial wellness. We also have our Finance 101 section that helps you to understand payday loans and personal finance options.
Which means that if you ever have any questions about your personal payday loan or us here at GoDay, feel free to reach out to us, our customer service team would be more than happy to assist you with any questions you may have when it comes to the short-term loan industry.
