A Belleville payday loan can provide you with quick cash you can use to manage an urgent cash flow shortage. Consequently, this type of loan is best used for particular situations such as handling an emergency, fixing your car to get to work, or buying equipment to earn money.
However, a Belleville payday loan is not a solution for long-term cash flow issues. If you find you constantly need to borrow, it’s time to revisit your money management skills. In this case, taking out a Belleville payday loan could worsen your financial situation.
Now that you understand when a Belleville payday loan might be appropriate, it’s time to look at what differentiates a good loan and lender from the less desirable. Consider these factors and you’re well on your way to finding what you need, quickly and easily.
Choose a Licensed Lender
All payday loan lenders in Ontario should have a license. However, some skip the legalities, which can put you at considerable risk.
Licensing ensures the lender follows the Payday Loan Act. This Act limits interest rates, fees, and penalties and what a lender can and cannot do. A licensed lender must also reveal your costs to borrow, before you provide your sensitive data. This allows you to make an informed financial decision, while safeguarding your personal data.
Conversely, lenders without a license can handle your loan in whatever manner they choose. You will almost certainly pay more and consumer protections won’t be a priority either. As well, they aren’t legally obligated to protect your sensitive data. In fact, both the Ontario and Canadian governments warn against using them since it can lead to identity theft, which is difficult and costly to remedy.
Luckily, it is easy to check whether a particular lender has a license to grant a Belleville payday loan. Just input the lender’s name into the Ontario government website here. It only takes a minute, but it could save you plenty of trouble down the road.
Online Loans are More Convenient
Most major centres in Canada have in-person payday loan lenders. Even so, just because they exist, that doesn’t mean they are your best option.
One of the major drawbacks with in-person lenders is that the process is inconvenient. You must take time out of your day to visit the lender. This may involve driving, walking, or bussing it to their office.
Then you must stand in line, fill out their lengthy application form, and wait. The silly part of all this is that the person behind the counter will input your data into a computer. Who knows what happens to that paper application form or the data on it?
Why not skip all the nonsense and fill out an online application instead? When you choose a good online lender, you can rest assured they invest heavily in the best data encryption software available. After all, their reputation and license depend on it.
Applying Online is Simpler
Online loans are not only more convenient, they are usually simpler. You sidestep that long, complicated application form for one that is very streamlined and straightforward.
How can online lenders make the process so simple? They are only interested in your recent history, not where you worked, banked, and lived years ago. As a result, your application form for a Belleville payday loan through a good lender should take less than 15 minutes to complete.
Besides that, when you apply through a good online lender, you do not need to provide proof of income. That’s certainly not the case when you apply in-person. They may ask you for your last few pay stubs or a letter from your employer. Either way, it is inconvenient.
Luckily, all this hassle isn’t necessary either. A good online lender taps into the power of digital income verification when you apply for a Belleville payday loan. There’s no need to dig up, scan, fax, or upload documents. The lender simply verifies your recurring direct deposits. This makes the entire process faster and safer, since your data is heavily-encrypted.
Choose a Lender with a Pre-Approval Process
Many traditional lenders now offer online loans. However, they have simply adapted the same old processes they use in-person onto their website. That includes all those tedious procedures and approval methods they’ve always used.
For instance, mainstream lenders tend to place strong emphasis on credit. As a result, when you apply for a Belleville payday loan they want as much credit information on you as possible. This almost always involves a “hard” credit inquiry.
A hard credit inquiry provides the lender with all details on your credit report over the past six years. Furthermore, it has a negative impact on your credit score. A single hard inquiry could lower your credit score by as much as 12-points. While the credit reporting agencies claim this is a “temporary” reduction, they don’t specify what that means.
Additionally, each hard credit inquiry stays on your credit file for up to three years. Lenders definitely pay attention to them as they’re considered a serious attempt to obtain credit. Consequently, if you have several of them on your file within a short period, it can appear you’re struggling to obtain credit, even if you’re shopping around.
Fortunately, when choose a Belleville payday loan with a pre-approval process, you needn’t worry about any of this. The lender uses a “soft” credit inquiry, which gives them a general overview of your financial position. This method does not lower your credit score.
Moreover, pre-approval allows you to see what the lender’s offering you, without obligation. If you decide not to borrow, both your data and your credit are safe.
Lender Should Provide Qualification Requirements
This factor is very important for several reasons. First, if you don’t know what the lender wants from you, how can you possibly succeed? With so many lenders available, it makes sense to choose one with requirements you can meet.
Second, choosing a transparent lender is a good indication of how they operate. If they expect you to fill out an application form and wait for their decision, they’re hardly going to respect your time and anergy as a customer.
Besides providing you with loan requirements, your chosen lender should also answer common questions. Normally, you’ll find this information on their FAQ page on their website. If a lender can’t be bothered to post an FAQ page, they probably aren’t a good choice for your Belleville payday loan.
Look for a Defined Timeline
Most lenders claim to offer a fast Belleville payday loan. However, many don’t tell you how long you can expect to wait during each step of the loan process.
First, you want to choose a lender that plainly states you will have a decision in minutes. Otherwise, you could wait hours or days.
Second, you want a lender that uses digital contract signing. Otherwise, you may end up faxing your signed contract back to the lender. Who needs that?!
Third, check how long it takes to release funds. A good lender should offer quick cash from the time the receive your signed loan contract. If you sign during regular business hours, they may be able to get money to you the same day.
Otherwise, it is a reasonable expectation to get your money the next business day. Remember, holidays, weekends, and how quickly your bank processes the transfer can affect any lender’s timeline.
Top Reasons to Choose GoDay
If you’re considering a Belleville payday loan, here are our top reasons for choosing us over the competition:
- We are a licensed Ontario payday loan lender
- 100% Canadian owned and operated, including every member of our customer service team
- Convenient 100% online process
- 15-minute application form
- Pre-approval process – does not lower credit score
- No proof of income or document uploads
- Decision in minutes
- Digital contract signing
- Quick funds release – if you sign during business hours, you could have funds the same day
- Proud member of the Canadian Consumer Finance Association, representing licensed payday loan lenders in Canada
- Over 2,100 reviews on TrustPilot with an overall rating of “Excellent”
Our Basic Qualification Requirements
- At least 18 years of age
- Canadian resident
- Permanent address
- Active account with a Canadian financial institution with at least three months of recent activity
- Regular, recurring income paid by direct deposit (we consider employment, self-employment, pension, and other forms of steady income)
- Valid email address
- Active cellphone or home telephone number
Added Bonus When You Apply for a GoDay Belleville Payday Loan
GoDay offers a highly-advantageous incentive when you apply for a Belleville payday loan. We will automatically review your application to see whether you qualify for an installment loan instead.
An installment loan is preferrable in many ways. First, you have between 6 and 60-months to repay, rather than weeks. Second, you may enjoy better terms. Finally, you’ll establish a track record with us so you could potentially borrow up to $15,000 if you borrow through us again.
GoDay makes it easy to get a Belleville payday loan now. Visit our website to start the process, or for more information. We also offer more information on our Ontario payday loans here.
