A Brantford payday loan can offer you quick cash, when you choose the right lender. Nonetheless, you need to know what to expect and what you need to do for the process to run smoothly.
Luckily, when you choose GoDay, the borrowing process doesn’t get much faster or simpler. If you find you must handle an unexpected expense, our Brantford payday loan can help.
Still, we ask that you only borrow when absolutely necessary. A Brantford payday loan isn’t meant for frivolous purchases or to top up your bank account, because you don’t handle your money well.
Fortunately, if you know you need a loan and you are borrowing for an appropriate purpose, the process is quick and easy. Just follow these 5 steps and you’ll soon have the cash you need.
1. Read This Important Information Regarding Payday Loans
GoDay is an ethical, licensed Ontario lender. We have a legal duty to provide you with accurate information so you can make an informed financial decision. We also want you to know how a Brantford payday loan works so there are never any surprises.
Please take the time to read through the following information. It shouldn’t take you more than 10 minutes. It outlines the limitations of this form of credit and the legalities of a payday loan in Ontario.
Maximum Loan Amount
The maximum, legally-permitted cash loan amount in Canada is $1,500. However, Ontario enacted further restrictions to ensure you do not borrow more than you can afford.
Consequently, you can only borrow 50% of the average of your last two income periods, up to a maximum of $1,500. As an example, if you are paid every two weeks and received $1,200 on the first cheque and $1,600 on the second, you may be able to borrow $700 (Average of $1200 and $1,600 is $1,400 / 2 = $700).
Nonetheless, every lender determines how much they will lend you and it may be less than this amount, even if your income supports the full amount.
If GoDay grants you a Brantford payday loan, you will receive the full amount you were pre-approved for. You cannot add to your balance and you cannot borrow again until you pay off your initial loan.
Repayment Term
Normally, repayment occurs on your first payday after a full two-week pay cycle. In rare cases, repeat borrowers may have up to 62 days to repay, but never more.
This means the entire loan amount normally comes out of your bank account on your repayment date. You are responsible for ensuring the money is in your account at that time. Since your repayment date aligns with your payday, that isn’t usually an issue. Still, you should be prepared.
You can find your repayment date within your online account and within your loan contract. We suggest you add a reminder to your chosen calendar so you don’t overspend.
Loan Contract
Your signed loan document is a legally-binding contract. The contract becomes null and void once you pay off your loan in full. However, non-payment can result in additional fees and actions. Plus, your loan contract remains in force until you settle your debt.
Fees & Penalties
Licensed lenders are only allowed to charge certain fees and penalties. However, not all lenders are licensed, so check here before you decide on one.
At this time, the allowable costs licensed lenders in Ontario include:
- A finance fee of $15 per $100 borrowed
- An NSF fee of $25 if you do not have money in your account on your payment date
- Late interest charge of 2.5% per month
Please be aware that a Brantford payday loan is an expensive form of credit. Only use one if you can’t borrow from friends and family and you do not have access to less costly financial products.
2. Complete Our Application Form
GoDay makes it very simple to borrow, but we do need information to determine whether we can grant you a Brantford payday loan.
The process starts with our online application form which asks for basic information such as your name, address, cellphone number, and email.
We also ask you to list whatever debts you have. This helps us determine whether the income you earn can support a Brantford payday loan. Please be honest, as we will check your credit file and any outstanding credit cards, loans, or mortgages will appear there.
Fortunately, the method we use to review your financial position does not affect your credit score. However, inaccurate or incomplete information may lead to a loan refusal.
Additionally, we will ask for your banking information. We need this information for several reasons. First, GoDay verifies your income through authorized statements from your bank. We are only interested in your regular ongoing direct deposits and can’t pry into your personal affairs.
Second, your banking information is used to transfer funds. It’s fast, efficient, and extremely secure. Under certain conditions, we will send funds via an Interac® Email Money Transfer, but it is not the norm.
Please double check you’ve completed all sections of your application. We cannot consider an application without banking information. We use digital income verification instead of asking you to provide proof of income such as pay stubs or a letter from your employer.
3. Submit Your Application
Please do not use a VPN when you submit your application. GoDay relies on an artificial intelligence assessment which will automatically turn you down if it looks like you are applying from outside of our lending territories.
Once you submit your application, our streamlined system will generate a decision within minutes. If you do not receive an email, please check your spam folder. You can also log into your online account for this information.
If pre-approved, you’ll immediately see the terms we are offering you. This includes your interest rate and payment date. You are under no obligation to accept our terms and it will not affect your credit if you decide not to borrow.
Should you decide you want to move forward with your Brantford payday loan, you will need to accept the terms. Once accepted, our customer service team will prepare your loan contract as soon as possible.
Regrettably, we cannot help all applicants. The following are our basic loan requirements to help you decide whether you want to apply:
- Canadian resident
- At least 18-years old
- Permanent address
- Active account with a Canadian financial institution with at least three-months of recent transactions
- Paid a recurring income through direct deposit ( we consider employment, pension, and other forms of steady, recurring income)
- Valid email
- Active cellphone or home telephone number
Sorry, we can’t guarantee approval, even if you meet these qualifications. Please do not apply if you are actively involved in a consumer credit proposal, bankruptcy, or credit counselling program.
4. Sign Your Loan Contract
Please read through your loan contract carefully. If everything looks in order, you can sign your contract digitally and return it to us. There’s no need to visit an office, since we’re 100% online.
Signing your Brantford payday loan contract triggers the funds release process. It is fast and efficient, but if you need to know precisely when you will receive your money, please contact our customer service team. They’re happy to help.
5. Look for Your Funds
GoDay can usually get the money in your bank account within an hour, providing you forward your signed documents to them during business hours. If you sign your contract outside of business hours (evening, weekend, holiday), you should receive your money the next business day.
Bonus When You Choose GoDay for Your Brantford Payday Loan
GoDay offers an important bonus. Some applicants may qualify for an installment loan when they apply for a payday through our company.
Installment loans generally offer more time for repayment and better terms. There’s no need to fill out another application form. We’ll automatically notify you and you’ll enjoy greater flexibility and more time to repay too.
Other Reasons to Choose GoDay
Choosing a good lender is extremely important. Consequently, we want to show you why we are your best choice when compared to other lenders:
- We are a licensed Ontario payday loan lender
- GoDay has issued payday loans to Canadians since 2012
- Trustpilot overall rating of “Excellent” based on over 2,100 reviews
- We are 100% Canadian owned and operated
- Online process – digital income verification and contract signing
- No hidden fees or penalties
- Pre-approval does not affect credit score
- Fast decision
- Funds normally released within an hour, providing you sign your loan documents during business hours
Whether you are ready to start the application process or want more information, please visit our website. You can also find more information on our Ontario payday loans here.
Let us show you why so many Canadians choose GoDay for their Brantford payday loan.
