A payday loan is a short-term loan that can help you cover immediate cash needs until you get your next paycheck. Payday loans can be great options when you have an important expense that needs to be paid, but you’re waiting for cash (like your pay cheque) to come in.
Is a payday loan right for me?
Are you feeling financially stressed and don’t know where to start to get your finances back in order? Expenses can come up unexpectedly. However, you may not have the cash readily available to cover them. It may not always be an option to go to a family member or friend to borrow money. Plus, banks aren’t always willing to give people a loan, especially quickly.
Saying that, a payday loan is not for everyone. GoDay likes to see people using debt responsibly, instead of falling further behind. Regrettably, there are times we have to say no to people. A payday loan may not be the right fit for you and your situation.
So how do you know if a payday loan is right for you? Here are a few examples of when a payday loan may be a good solution:
- Avoid late payments, bounced cheques, or overdraft fees
- Temporarily paying for daily essentials (groceries, utilities, mortgage/rent, bills, etc.)
- Unexpected expenses (auto and home repairs)
- Other emergency expenses
Here are a few examples of when a payday loan may not be a good solution:
- When you need a large amount of money
- You’ve already borrowed money and need to pay it back soon
- You’re borrowing money repeatedly
- Planning to make non-essential purchases, such as buying the latest gadget or taking a vacation
Now that you have an idea of whether or not payday loan is for you, where do you start? You’ve come to the right place, because here at GoDay, we’re here to help.
In a recent report by the Financial Consumer Agency, they found nearly two million Canadians use payday loans each year. At GoDay, speedy, smart, secure, is the GoDay way. We have been providing Canadians with online payday loans since 2012. However, our payday loans are not intended to provide a long-term financial solution. Rather, they are meant to solve urgent, temporary cash-flow needs.
What should you know the first time you get a payday loan?
If it’s your first time getting a loan with us, we have a first timer’s policy in place. To start, you can request a loan of up to $500 for up to 30 days. As our relationship grows and we establish mutual trust, we’re happy to gradually increase loan amounts. The maximum is $1500.
Besides the first timers policy, there is a few other things you should know before taking out a payday loan.
What to expect
Here at GoDay, we like to make it as easy as possible for you to get your loan. That’s why we provide professional service and resources. Unlike many online lenders, we have real people and a physical location if you need them. Nonetheless, we do need a few things from you before we can give you a loan. Requirements to get a payday loan through GoDay are as follows:
- Be 18 years old or older
- Valid photo ID
- Open and active bank account
- Working phone number
- Permanent address
If you get a loan from us, we automatically deposit the money in your bank account. You will need to sign our loan agreement that includes the interest rate, fees, payment dates, and the end date of your loan.
Repaying your loan
We’re very flexible when it comes to repaying your loan. We know that everyone’s financial situation is different and that cash flow is not the same for everyone. That’s why our team works with you personally to customize your loan and repayment options.
We also understand that you may encounter a time when you need a little more leeway. In this case, we ask you get in touch with us instead of missing a loan payment or paying late. Other companies don’t always offer the same flexibility and understanding as GoDay.
Check your credit score
We also recommend you check your credit score before applying for a GoDay payday loan. We don’t always check it, but if we do you’ll want to ensure it is accurate. Credit reports often include errors that could impact your payday loan application with us and the terms we can offer. GoDay may also look at your debt-to-income ratio to decide whether you can comfortably repay your loan.
A payday loan application through GoDay won’t impact your credit file. We use a soft credit inquiry. However, many other lenders use hard credit inquiries that can affect it, even if it is just by a few points. Up to 10% of your credit score is based on the number of credit-based applications made. Multiple hard inquiries can make it appear you’re having difficulty obtaining credit or taking on more debt than you should.
Handled well, a payday loan can have a positive effect on your creditworthiness. You could find it easier to borrow and you may qualify for a higher amount too.
Don’t pay more than necessary
GoDay does not believe in hidden fees. We know no one likes surprises when it comes to money. This is one of the biggest differences between us and other payday loan lenders. Many payday or short-term loan lenders out there that will surprise you with additional fees.
We keep things simple and we’re transparent. Our “what you see is what you get” policy ensures you’ll pay precisely what’s stated in your loan documents. We disclose all fees upfront, with no extra or hidden charges. Read your loan documents carefully and understand what you’ll pay before you decide to borrow.
Why choose GoDay payday loans?
Payday loans from GoDay are the simple, smart, secure way to get the cash you need quickly and easily. If you decide to join the ranks of over two million Canadians, we invite you to apply for one of our loans.
They can provide fast cash to get yourself out of a financial bind. They could also help you stay afloat until your next pay cheque. However, please remember that GoDay payday loans are not a long-term financial solution. Luckily, if you have an urgent, temporary cash-flow need, a payday loan could help.
We are also 100% online. That means that you can apply for one of our payday loans from virtually anywhere! You never need to go into a physical store to get the cash again. Save time and apply from any device from the comfort of your own home or on the go.
We’re also a Canadian company! With physical office locations in both Toronto and Vancouver, GoDay.ca may be a virtual online company, but we are founded and run here in Canada. We offer professionalism and security for all your borrowing needs. At Goday, we pride ourselves on our responsible lending practices.
We are here to help!
Even though we are 100% online, we have real people ready to help you along the way. Do you have questions about your online payday loan? Give us a call.
At GoDay, we offer amazing customer service team. Don’t have to take our word for it – take a look at our customer reviews on TrustPilot. We have an A+ rating from the Better Business Bureau.
GoDay is a licensed payday loan lender in BC, AB, SK, MB, ON, NB, NS, and PEI. We’ve provided payday loans to Canadians since 2012. We care about your financial well-being and adhere to all regulations in your area.
Additional Resources
GoDay has an easy to use application process and a step-by-step guide to help you along the way. We also have the GoDay café, our personal blog. Here we cover a variety of topics related to money matters.
You’ll also find a GoDay education section on our website, to support – not replace – the advice of a financial professional. This learning centre offers plenty of information on payday loans and personal finance. You will also find numerous resources and tools. These include calculators, apps, budget worksheets, and more. Of course, you can always call our customer service team if you want person-to-person help.
Privacy and security
You can find anything and everything online these days, including us! That’s why we understand that sharing your personal information online can make you feel uneasy.
As a payday loan company, we take your financial and private information seriously. It is our job to protect the private information you provide to us. We use the most advanced industry practices to ensure your data remains safe. Don’t worry, we won’t use your data without your consent and only use it for loan purposes. We don’t share your private online payday loan information.
Communication is key
We let you know the process every step of the way. From our instant approvals process available 24/7 to our GoDay email notifications about the status of your loan, you will always be in the know.
Our online payday loan application takes five minutes to complete and our fully automated system will provide you a decision within minutes. Other payday loan companies may ask you to come into their store and wait hours or days after you’ve completed their application.
First time customer with GoDay?
Are you considering a payday loan with us? If so, thank you! We try to make it as easy as possible for you. We like to see customers manage their finances so they can get back on track.
For your first loan, you can request up to $500 with us for up to 30 days. As we establish a relationship with one another, you then have the opportunity to gradually increase your loan amounts up to a maximum of $1500.
As a GoDay customer, we don’t make you wait for your money. Once you submit your application, we will let you know if you have been approved. Our payday loan applications are accepted and processed instantly by our automated system. It works 24 hours a day, seven days a week.
From there, if we need any additional information from you, our system will let you know and one of our customer service representatives will be in touch. After that, we use the industry’s fastest tools to make sure you get your loan as soon as possible.
If we can help you get through a few financial hurdles, terrific. Try our service and let us show you why thousands of Canadians turn to GoDay when they need a payday loan. We offer the best payday loans in the country.
