A Toronto cash advance loan is easier to find than you might think. There’s no need to travel to a lender. Instead, you can find one quickly and easily online.
Nonetheless, you need to know what to look for to find a good Toronto cash advance loan and a good lender. Fortunately, you can do so by looking for the following factors.
Choose a Licensed Lender
You will definitely want to choose a licensed lender when you take out a Toronto cash advance loan for several reasons.
First, a licensed lender must follow very strict procedures to ensure your loan is handled properly. Legislation describes lender responsibilities and consumer rights and remedies should you ever have an issue.
Second, licensing limits interest rates, fees, and penalties. Consequently, you will pay less when you choose a licensed lender.
Third, a licensed lender must be transparent. This includes revealing your costs to borrow upfront and keeping you in the loop throughout the lending process.
Finally, the Ontario and Canadian governments warn against using unlicensed lenders, due to the high risk of identity theft.
Luckily, you can easily check whether a lender has a license through the Government of Ontario website here. Always choose a licensed lender for your Toronto cash advance loan.
Conducts Lending Process Online
Certainly, you can find many in-person lenders for a Toronto cash advance loan. However, this involves taking time out of your busy day to go to a lender’s physical office. However, this is only one option and certainly not the most convenient.
When you think about it, this is a very outdated concept in our digital world. Many lenders still expect you to come to them, instead of making it as easy as possible for you to get a Toronto cash advance loan. Fortunately, online loans are a gamechanger.
By using a fully-automated online process, a good online lender offers a Toronto cash advance loan that is faster, easier, and even safer than those of traditional lenders.
How can this be the case? First, a good lender conducts the entire payday loan process online. That includes completing your application form, confirming your income, signing your loan documents, and sending your money. There is never a need to visit an office.
Additionally, a good online lender relies on their reputation. As a result, they invest heavily in data encryption to protect your personal data. Conversely, an in-person lender depends on paper documentation and protecting your data isn’t necessarily a priority.
Transparent Requirements
We already mentioned the importance of choosing a licensed lender. However, within the licensed community there are still some lenders that are better than others.
For instance, select lenders reveal their requirements for their Toronto cash advance loan, while other don’t. Clearly, it makes sense to choose a lender that tells you what they need from you so you don’t waste your valuable time.
Choosing a transparent lender benefits you in another way too. You can quickly see whether the lender seems reasonable or if they’re setting the bar too high. After all, a Toronto cash advance loan doesn’t offer a large amount of money so they shouldn’t make it too hard to get one.
Information Provided to Make Informed Financial Decision
When you’re looking for a Toronto cash advance loan, you are probably interested in how much it will cost you before you commit. However, you shouldn’t have to provide a great deal of sensitive data to do so.
Fortunately, when you choose the right licensed lender you are able to do this. The lender may ask for your province of residence, since costs vary between regions. Other than that, no personal data is ever at risk. They will immediately provide you with your estimated costs so you can make an informed financial decision.
If you want to continue shopping for a Toronto cash advance loan you can. You aren’t obligated to accept what the lender’s offering and your personal data remains safe.
Always steer away from a lender that asks for your sensitive data before they reveal the costs involved in their Toronto cash advance loan. They’re either unlicensed or they aren’t following lending legislation to the letter.
Research the Lender
You don’t need to spend a great deal of time to find the best lender.
First, ensure they are licensed.
Second, check whether they belong to a reputable industry organization, an indication of a responsible financial service company. The largest is Canada is the Canadian Consumer Finance Association.
Third, are they Better Business Bureau accredited? The BBB has a visible rating system, but more importantly it shows whether the lender is responsive and willing to resolve issues.
Finally, check customer ratings on independent review sites such as TrustPilot. These are much more telling than Google reviews, since they are from actual users and provide detailed information by categories.
Quick Process
A Toronto cash advance loan must be fast. We mentioned you should see your costs upfront when you input your province of residence. If you decide to apply, the lender should offer a simple application form that shouldn’t take more than 10 or 15 minutes to complete. You shouldn’t have to upload pay stubs or get a letter from your employer. A good lender uses digital income verification through your bank.
Once submitted, you shouldn’t have to sit around waiting for hours or days while the lender reviews your application either. The best lenders use an artificial intelligence assessment which offers a decision in minutes. If you’re pre-approved, the lender also provides your Toronto cash advance loan terms. Then it just a matter of accepting them to move onto the next step.
The lender then prepares your loan contract for signature. They send it to you via email and a good lender offers digital document signing. There’s no need to visit an office to finalize your loan contract.
Of course, the most important part of the process is how long it takes the lender to get money into your hands once you sign. Fortunately, a good lender can get Toronto cash advance loan funds to you very quickly.
If you sign your loan contract at a reasonable time during business hours, you could have funds the same day. Otherwise, it is reasonable to expect funds the next business day.
Great Customer Service
Great customer service is what separates the good from the bad. Regrettably, customer service isn’t a priority for many short-term lenders. They’re only interested in earning quick revenue.
Even though you may not think that you will ever need to interact with your chosen lender, no one can predict the future. Just look at what went on over the past few years. As a result, it makes sense to choose a lender that makes it easy to connect. Should you need to reach out you can, quickly and easily.
Unfortunately, many short-term lenders rely on email customer support alone. That’s not ideal if you need help immediately. Still others use foreign call centres to handle their customer service line. This can lead to communication problems, misunderstandings, and time zone issues.
Always choose a company that offers multiple customer service options. That way you can choose which method works best for you and avoid those that cause you frustration. At the very least they should offer a toll-free number, website and email support, and an in-depth FAQ page.
Go Canadian
Just because a lender offers a Toronto cash advance loan it doesn’t necessarily mean they are a Canadian company. Many lender operate from other provinces and even other countries.
We already mentioned that customer service through foreign call centres can be a real issue. The same applies to emails routed through a non-Canadian customer support team. They don’t know Canada or the level of customer service Canadian expect.
Fortunately, you can sidestep these issues when you choose a reputable Canadian lender. The best offer a Canadian customer service team and extended Ontario business hours. You also know they operate under Canadian laws and contribute to the Canadian economy.
GoDay’s Toronto Cash Advance Loan
GoDay offers a distinct advantage over the competition. When you apply for a Toronto cash advance loan, we will automatically review your application to see if you qualify for an installment loan instead. Installment loans offer more time to repay and often better terms.
If you’re considering a Toronto cash advance loan, here are a few more reasons why we’re your best choice:
- 100% online Canadian company
- Licensed Ontario lender
- We’ve issued loans to Ontarians since 2012
- Costs revealed upfront – no obligation and no data risk
- Simple application form
- No proof of income
- No minimum credit score requirement
- Decision in minutes
- Quick funds release – GoDay may have the money in your bank account within an hour, providing you sign your loan contract earlier enough during the business day. Otherwise, you receive your money as soon as possible the next business day.
- Direct bank deposit or Interac® Email Money Transfer (conditions apply).
- Toll-free number, chat, email, and website support as well as an in-depth FAQ section on website
- Proud member of the Canadian Consumer Finance Association, representing licensed payday loan lenders in Canada
- Better Business Bureau accredited with an overall rating of A+
- Over 2,200 reviews on TrustPilot, with an overall rating of “Excellent”
GoDay is also a transparent lender. Consequently, we’re happy to provide you with our basic Toronto cash advance loan requirements:
Basic Loan Requirements
- At least 18 years of age
- Canadian resident
- Permanent address
- Active account with a Canadian financial institution with at least three months of transactions
- Income paid through direct deposit (we consider employment, self-employment, Old Age Security, the Canada Pension Plan, private pensions, and other forms of steady, recurring income)
- Valid email address
- Active cellphone or home telephone number
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 Canadian cash advance loans here.
