The requirements for receiving a payday loan vary from company-to-company. Some don’t check your credit, others may do what is called a “soft inquiry” as part of their loan underwriting process. If your credit rating is a sensitive spot for you, rest assured that one soft hit will not do any negative damage. However, if you are applying at several lenders who all do soft hits in a concentrated period of time, it may affect your rating negatively, though the circumstances for this are very, very custom.
You can apply for a loan with GoDay.ca by completing an online application, any time, anywhere on any mobile device. We do not run a credit check, but we do run a credit report which will appear on your credit history. However, as mentioned above, this generally will have little to no impact on your credit score. The only reason it may affect your score is largely dependent on your specific and unique credit history.
Our Eligibility Rules
To apply for a short term loan with GoDay.ca, you must:
-Be a Canadian resident
-Be over the age of 18
-Have an open bank account with a Canadian bank or credit union
-Be employed within Canada and collect a regular income
-Have your own active email account that you have full access to
-Have a phone number that we can reach you at
-Have the ability to send us a screenshot or photo of required documentation for your payday loan application
Eligibility Reason Break Down
Why do I need to be a Canadian resident?
Generally for the credit report pulling aspect of our underwriting process. It also helps to know that you have a generally stable living situation as well.
Why do I need to be over 18?
We’re responsible lenders. We have no interest in giving payday loans to students so as not to burden them with financial obligations before they’re ready. We recognize that while some young adults may be employed full time under the age of 18, we have income underwriting requirements that often prevent us from being able to lend to this demographic.
Why do I need to have an open bank account?
Since we have no brick and mortar retail stores (we’re an online payday lender only) we need somewhere to put your cash if you’re approved! It also helps us during our underwriting process.
Why do I need to collect a regular income?
Essentially to determine your ability to repay and whether or not it’s responsible to lend to you. The longer you’ve been in the same job, the more likely it is for your loan application to be approved on that piece of criteria (though it certainly is not the only piece!)
Why do I need to have access to an email address?
We need a place to be able to send all the documentation attached to your entire payday loan application process, from beginning to end.
Why do I need to have a phone number?
For security reasons, we will need to speak with you on the phone at some point during your application process to verify several pieces of data. We take your privacy very seriously and being able to speak with you personally is the best way to protect you.
Why would I need to send screenshots or pictures of anything?
Since we’re solely an online lender, all of your documents must come to us over the internet. We also accept faxes, though it’s not the preferred method for most of our customers – or the fastest. It’s much quicker to pull up your records, take a screenshot and then send it by email to us than to print up something, put it through a fax to us and wait for us to reply.
