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Find the Best Online Payday Loans Today

Online payday loans are so advantageous, there’s no reason to apply elsewhere.

If you’re wondering whether one is right for you, here are ten benefits you should consider. We’ll also explain why GoDay is your best choice as an online lender.

1.   Online Payday Loans are Very Convenient

One of the greatest advantages of online payday loans is convenience. There’s no taking time out of your busy day to make an appointment and no need to visit an office. You can apply for online payday loans on your favourite device at any time of the day.

Clearly, this is a noteworthy advantage in such a busy world. This is especially true if you work outside of regular business hours. Apply during your commute, at home, or even during a coffee break. It’s that simple and that fast.

2.   Simplified Application Form

All too often, in-person applications involve a lengthy, detailed application form. This may include information on where you lived, worked, and banked many years ago.

Besides this being terribly annoying, it is also completely unnecessary. Online payday loans offer a much simpler application process. The lender is only interested in your ability to repay, not your total life history.

Consequently, most people can complete their application form in less than 15 minutes. Just grab your banking information, as the lender will need it to confirm your income and transfer funds. All other required information is very straightforward such as your name, address, email, and telephone number.

3.   Potential for Installment Loan

Online payday loans can be a great option if you only need a small amount of money. The maximum allowable amount in Canada is $1,500, but you may not be able to get the full amount in certain regions. Provinces have their own legislation and the maximum amount is often a percentage of the average of your past two pay periods.

Fortunately, some good lenders automatically review your application for online payday loans to see if you qualify for an installment loan instead. This is great news for you, since you only need to complete one application form. Should you qualify, the lender lets you know right away.

An installment loan is preferrable since it offers more options, such as a wide range of repayment terms. Often times, these loans provide better interest rates too. GoDay installment loans can offer as little as $500 or as much as $15,000. The total amount available isn’t restricted by regional legislation either.

Should you need to borrow more money down the road, you’ll have a track record with us too. Consequently, it could simplify the loan process even further.

Additionally, it could cost you less to borrow once you’re a preferred customer. You can usually access more credit once you’ve paid off your installment loan too.

4.   Government Oversight

If you choose a lender licensed to issue online payday loans in your region, they have government oversight. The licensed lender must stick to consumer laws, including specific payday loan legislation within your area.

Additionally, licensed lenders can only charge certain fees and there’s a limit of your interest rate too. Unlicensed lenders can handle your loan in whatever manner they choose. This can lead to open-ended fees and penalties.

Even worse, unlicensed lenders could be scam artists who are only after your sensitive data. If they get it, your identity could be comprised. Rectifying identity theft is a costly, stressful, and time-consuming.

5.   Costs Revealed Upfront

Another reason you will want to choose a licensed lender is they must be transparent. This includes revealing your costs to borrow before you provide them with your personal details. They will need your province of residence, as fees and interest rates vary by region. Other than that, you do not need to provide them with any other data for online payday loans.

Of course, if you decide to move forward, the lender will need information to confirm your identity. However, if you choose not to borrow, you never need to worry about what’s happening with your personal information.

6.   Less Stringent Requirements

We already mentioned online loans are convenient and offer a simple application process. However, qualification requirements are often less stringent than in-person lenders too.

The reason for this is simple. Online lenders appeal to those that don’t want to or can’t deal with traditional lenders. This doesn’t mean these loans are inferior products. In fact, in many ways they are better. They offer many advantages over in-person loans, that you can read about here.

7.   Digital Income Verification

A good online lender will not ask you to upload pay stubs or provide a letter from your employer. Instead, they use digital income verification to confirm your regular direct deposits.

This is done quickly and safely, since data is fully-encrypted. You don’t need to do anything except provide your permission. The system does everything automatically and effectively.

Clearly, this makes for a much speedier process. Additionally, it is much safer since your information isn’t sitting on someone’s desk for anyone to see. As a note, this process does not let the lender pry into your personal finances. They can only confirm your regular direct deposits.

8.   Less Emphasis on Credit

Online payday loans are for relatively small amounts. Nonetheless, most lenders check your credit before they decide to lend. However, the role your credit can play in your approval depends on the lender.

Some lenders have a minimum credit score requirement. They won’t even consider your application unless you meet this standard.

Luckily, this isn’t the case with all lenders. Some use their own scorecard and place more emphasis on your ability to repay, rather than your credit alone.

9.   Broader Income Requirements

Good online lenders also have far lower income requirements that traditional lenders. Basically, you don’t need to work a full-time job to qualify.

If your net monthly income is at least $2,000 per month, it can come from full-time or part-time work, self-employment, or even a private or public pension. Some exceptional lenders also consider income from the Canada Child Benefit or the Disability Tax Credit.

10.   Quick Process

Online payday loans are fully-automated and fast. Once you submit your application form, you’ll have a decision within minutes. There’s no waiting in line or twiddling your thumbs while the clerk inputs your data. It’s near instantaneous.

If you’re pre-approved, you’ll see the lender’s terms. If you accept them, the lender prepares your loan contract, which you sign digitally.

Your signature triggers the funds release process. A good lender has money in your hands within an hour if you sign during business hours. Outside of business hours you should have your money as soon as possible the next business day.

Online Payday Loans Through GoDay

Before you decide on a lender, please consider these facts about GoDay. We believe you will find many reasons to choose us over the competition:

  • GoDay is a highly-experienced, reputable online lender
  • We have issued Canadian online payday loans since 2012
  • We are licensed to lend in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, and Prince Edward Island
  • GoDay follows regional lending legislation to the letter – your loan has government oversight
  • Our company is 100% Canadian, including our professional customer service representatives
  • We’re a proud member of the Canadian Consumer Finance Association, representing licensed payday loan lenders in Canada
  • Our Better Business Bureau overall rating is A+
  • GoDay has over 1,900 reviews on TrustPilot from clients – our overall rating is “Excellent”
  • Easy application form – apply in less than 15-minutes
  • We consider many income sources, not just full-time employment
  • No proof of income required
  • No minimum credit score requirement
  • Artificial intelligence assessment with less emphasis on credit
  • Automatic review for installment loan when you apply for one of our online payday loans
  • Decision within minutes
  • Fast funds release – in most cases GoDay will have the money in your bank account within an hour, providing you apply during business hours. If you apply during the evening or on the weekend, you will get your money as soon as possible on the next business day.

Our Basic Qualification Requirements

GoDay is a transparent lender and we don’t believe in wasting your valuable time. Consequently, we’re providing you with our basic qualification requirements below:

  • 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

GoDay makes it easy to access cash quickly. Visit our website to start the process, or for more information. You can also find more information on our payday loans here.

If you prefer to talk to a real person, we offer a toll-free number. You’ll also find an in-depth FAQ section on our website with answers you might need.

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