The best Sault Ste Marie payday loan is easy to find, when you know what to look for. However, you will also need to know what separates a good lender from a less desirable one.
Fortunately, if you look for these seven factors you’ll find a good Sault Ste Marie payday loan and a great lender.
1. Choose an Online Loan
It doesn’t make a lot of sense to apply for a Sault Ste Marie payday loan in-person nowadays. The in-person process is inconvenient, time-consuming, and very antiquated.
First, you must take time out of your busy day to visit a lender at their brick-and-mortar storefront. Additionally, some lenders require an appointment. You must travel to get there and you may also need to find parking.
If the lender doesn’t ask you to make an appointment, you stand in line and wait to be served. Once you reach the front of the line, you fill out a lengthy application form. Depending on the lender, you may also need to provide proof of income such as your pay stubs or a letter from your employer.
Of course, that’s not the end of the process. The person behind the counter then inputs your personal information into their computer. Then you wait.
Despite all the time you’ve invested, the lender may turn you down. It just doesn’t make sense to waste so much time when all you want to do is borrow a relatively small amount of money.
Fortunately, you can sidestep all the hassle when you apply for an online loan. Apply at any time from any device and save yourself a lot of time and trouble.
2. Simple Application Process & Short-Term Stability Requirement
If you have applied for a loan in-person, you already know how complicated it can be. Traditional lenders are very exacting and their process takes far more time than it should.
Luckily, online lenders have revolutionized the application process. It starts with a simplified application form that you can usually complete in under 15-minutes. The reason a good online lender can offer such as shortened version of the traditional application form is that they are only interested in your recent history. Consequently, their application form does not ask you about where you lived, worked, and banked years ago. It isn’t relevant.
In fact, a good online lender may only want you to demonstrate three-months stability. That’s important, since many mainstream lenders may automatically turn down applicants if they’ve changed their job, bank, or home within recent years.
Fortunately, the best Sault Ste Marie payday loan offers a simple application form and less stringent stability requirements. Apply 24/7, even if you don’t have years at the same job, bank, or home.
3. Licensed Lender is a Must
Every payday loan lender in Ontario should have a payday loan license. However, some shady companies ignore the laws. These disreputable lenders not only ignore legalities, they can also cause you considerable problems and definitely increase your risk.
As an example, an unlicensed lender may set up a website hoping to capture your sensitive data. They then use this information to obtain credit under your name. You don’t realize it until a creditor contacts you or it activates a fraud alert on one of your accounts. Unfortunately, in either case the problem can be time-consuming and costly to rectify.
The problems an unlicensed lender can cause are so bad that both the Ontario and Canadian governments strongly warn against using an unlicensed lender. Besides, the potential for identity theft, unlicensed lenders aren’t bound by consumer protection laws. The most important of these in Ontario is the Payday Loan Act.
This Act limits interest rates, fees, and penalties. It also describes lender responsibilities and how they must handle your loan, data, transparency, and more. Consequently, when you choose an unlicensed lender, you’re basically throwing away your consumer rights. You will pay more, the lender may not reveal your costs to borrow upfront, and they may sell your data to third-parties.
Luckily, the best Sault Ste Marie payday loan is always through a licensed lender. They are legally-obligated to reveal your costs to borrow before you provide your sensitive data. Interest rates, fees, and penalties are also strictly limited. Licensed lenders must also protect your personal data using the best possible data encryption software available.
Before you choose a lender, check that they have a license on the Ontario government website here. It only takes a moment, but it could help you avoid a mountain of troubles.
4. Look for Digital Income Verification
We already mentioned one of the biggest drawbacks of an in-person payday loan is that you usually need to supply proof of income. However, some online lenders want you to do this too, just in a different way.
Instead of supplying them with paper documents, they expect you to scan and upload them to their website. That’s even more inconvenient and time-consuming, but also unnecessary too.
The best Sault Ste Marie payday loan does not rely on such an outdated procedure. Instead, the lender utilizes digital income verification. This method quickly and safely confirms your recurring direct deposits through your bank. You don’t need to do anything and income verification occurs almost instantaneously.
5. Less Emphasis on Credit
Those looking for a payday loan may not have other credit options, or they don’t want to use them. Consequently, it makes sense to choose a lender that places less emphasis on credit, and more on income. Otherwise, the lender may automatically turn you down, unless you meet a certain credit score requirement.
Fortunately, the best Sault Ste Marie payday loan relies on a more advantageous method for assessing whether they will grant you a loan. It is called an artificial intelligence assessment which considers many factors, but principally your income. As a result, you could qualify for a loan, even when your credit isn’t ideal.
6. Transparent Loan Information
Many lenders are eager to grant loans, but few provide the information you need to make an informed financial decision. They hope you are desperate for money and you’ll just accept whatever they offer you.
Always look for a lender that provides in-depth information on their loan and their process. Typically, you’ll find this on their website FAQ page or their blog. They should also provide educational material, calculators, and budgeting information to help you manage your finances well.
Clearly, the best Sault Ste Marie payday loan is one that meets your financial needs, but also protects you as a consumer. Part of that protection is ethical lender behaviour and providing borrowers with all information they need.
7. Quick Decision & Funds Release
The best Sault Ste Marie payday loan is fast and efficient. You should see what terms the licensed lender is offering, before you provide your personal details. If you decide to move forward, the application form should be simple and quick.
Once you submit your application form, you should receive a decision within minutes. The lender should automatically provide you with loan terms too. If you agree to the terms, the lender prepares your loan contract for your digital signature. Return the contract to the lender to trigger the funds release process.
Luckily, the best Sault Ste Marie payday loan is incredibly fast. You 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’s Offers the Best Sault Ste Marie Payday Loan
GoDay is an established payday loan lender in Ontario. If you’re considering a loan, here are a few reasons why we’re your better choice.
Potential for Installment Loan
When you apply through GoDay, we offer an added incentive. 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 Reasons to Choose GoDay
- 100% online process
- 15-minute application form
- Licensed Ontario payday loan lender
- Digital income verification
- Artificial intelligence assessment with less emphasis on credit
- Decision within minutes
- Quick funds release
- We’ve issued payday loans to Ontarians since 2012
- We’re a proud member of the Canadian Consumer Finance Association, representing licensed payday loan lenders in Canada
- Better Business Bureau accredited
- We have over 2,200 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 income paid by direct deposit
- Valid email address
- Active cellphone or home telephone number
*****
Find out why so many people say that we offer the best Sault Ste Marie payday loan. Either visit our website to start the application process, or to get more in-depth information. We offer more information on how our Ontario payday loans work and when they are appropriate here.
