The best Guelph payday loan isn’t one you’ll get on a busy street corner. It isn’t one that makes you feel like you’re doing something slightly shady either. In fact, you can find the best Guelph payday loan without leaving your home and choose a reputable lender easily.
Here are seven things to consider to ensure you find the best Guelph payday loan today.
1. Online Loans are More Convenient
Let’s face it, taking time out of your day to visit a payday lender in-person isn’t convenient. You have to get to their office, wait in line, fill out a lengthy application form, and wait.
The individual behind the counter then inputs your data into their computer. They may ask you for additional documentation such as a pay stub or letter from your employer to confirm your income too. Regrettably, this could mean a return trip home to dig through your pile of papers or an email to HR. Once you finally get the needed information, you must travel back to the lender, and wait again.
After all this, there’s no guarantee they’ll approve your application. Potentially, you could waste hours of your precious time on a loan for a relatively small amount of money. It just doesn’t make sense.
Luckily, this approach isn’t necessary today, because you will find the best Guelph payday loan online. Apply at any time from your laptop, phone, or desktop device instead of going to the lender.
2. Applying Should Be Easy
The online loan process has revolutionized the industry because it is so simple and quick. When you find a good lender, they’ll have a simplified application form. Consequently, you can easily complete it on your commute, during a break, or whenever you have a spare 15-minutes.
Compare that to the lengthy, detailed application form you will inevitably face if you choose a traditional lender. They’ll want to know many details of your life, including where you lived, worked, and banked over many years. Clearly, this is time-consuming, but it is also unnecessary in our digital world.
Fortunately, the best Guelph payday loan has a streamlined, highly-automated process that saves you time and minimizes frustration.
3. You Need a Licensed Lender
Did you know that all payday loan lenders operating in Ontario should have a payday loan license? That applies whether they grant online or in-person loans. The problem is that some disreputable lenders don’t bother with legalities which can put you and your data at risk.
First, unlicensed lenders are often scam artists that are only after your sensitive data. This can lead to identity theft, which is expensive and time-consuming issue to resolve.
Second, unlicensed lenders aren’t legally bound to follow consumer and payday loan legislation. Basically, if you choose to use one of these lenders, you’re throwing away your consumer rights.
Third, should an unlicensed actually grant you a loan, you will pay more. Payday loan legislation limits fees, penalties, and interest rates, but unlicensed lenders can charge whatever they want.
Finally, a licensed lender must reveal how much it will cost you to borrow from them, before you provide your sensitive data. Only after you’ve had time to consider these costs and agree to move forward can they ask for more information.
However, an unlicensed lender probably doesn’t want you to know how much your loan will cost you, because their interest rates are often very steep and so are their fees and penalties.
Luckily, it is easy to check whether a particular lender has a license on the Ontario government website here. Clearly, the best Guelph payday loan comes from a licensed lender.
4. Digital Income Verification
We already mentioned that brick-and-mortar lenders often want you to supply proof of income. However, online lenders often do too. Instead of dropping this information off at their office, they expect you to upload it to their website. That still takes time and effort.
Fortunately, the best Guelph payday loan utilizes digital income verification to confirm your regular direct deposits. It’s quick, safe, and you don’t need to do a thing.
5. No Minimum Credit Score
Considering payday loans are for relatively small amounts you would think credit wouldn’t play a leading role. Regrettably, that’s not the case with most traditional lenders. Some have a minimum credit score requirement and won’t even consider your application unless you meet their standard.
Luckily, the best Guelph payday loan is more progressive. The lender uses their own scorecard which considers many factors, not just your credit. As a result, it may be possible to qualify, even if you don’t have pristine credit.
6. Look for Transparency
A good lender is happy to provide you with details on their loan product. They will also explain the legal requirements and restrictions on payday loans in Ontario. This information could be on their website FAQ page or their blog. The point is, you shouldn’t have to dig too much to find the information you need.
For instance, GoDay is a licensed lender that must follow the Payday Loan Act. This Act states we can’t charge you a finance fee of more than $15 per $100 borrowed. If you do not meet your loan obligations, we can also charge you an NSF fee and late interest. That’s it – no hidden or open-ended fees.
Furthermore, the legally maximum payday loan allowable is an average of 50% of your income over the last two pay periods, up to a maximum of $1,500? Yet, we consider many factors so we may offer you anywhere from $100 to $1,500, even if you qualify for more.
Finally, we only grant one payday loan at a time, because we’re a responsible lender. A single payday loan could consume half of your income. Two loans would definitely be more than you could afford, since you would not be able to pay your ongoing expenses.
7. Streamlined Process
The best Guelph payday loan is fast and efficient. Once you submit your application form, you should have a decision in minutes, not hours or days.
Efficient online lenders also immediately provide their terms when you’re pre-approved. If you want to borrow, all you need to do is accept these terms and sign your loan contract digitally. This triggers the funds release process.
The best Guelph payday loan could have funds in your hands within an hour, if you sign during business hours. Otherwise, you’ll normally receive funds the next business day.
GoDay Offers the Best Guelph Payday Loan
Bold claim? We’re willing to back it up. Here are some of the most powerful reasons to choose us over the competition. For instance, few lenders tell you what they need from you before you apply.
We don’t operate like that. Here are our basic qualification requirements for the best Guelph payday loan available on the market:
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 income paid by direct deposit
- Valid email address
- Active cellphone or home telephone number
Potential for Installment Loan
No matter how you decide to apply for a loan, it takes time and effort. However, GoDay offers an added incentive when you apply for a Guelph payday loan through our company. We’ll automatically review your application to see if 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 in regular payments. Second, you may enjoy a lower interest rate. Finally, you’ll establish a track record with us so you could potentially borrow up to $15,000 as a preferred customer.
Additional Benefits
GoDay has been in the short-term lending industry since 2012. We were founded in Ontario, have our headquarters in Toronto, and operate totally online. Here are a few other reasons that might convince you:
- We are a licensed Ontario payday loan lender
- We’re a proud member of the Canadian Consumer Finance Association, representing licensed payday loan lenders in Canada
- GoDay is Better Business Bureau accredited
- We have over 2,000 reviews on TrustPilot with an overall rating of “Excellent”
- 15-minute application form
- Digital income verification
- No minimum credit score requirement
- Artificial intelligence assessment with less emphasis on credit
- Decision within minutes
- Quick funds release
Visit our website to start the process, or for more information. We also offer more information on our Ontario payday loans here.
GoDay makes it easy to access cash quickly.
