A Peterborough payday loan can provide you with money to use in many ways. For instance, many people use one to deal with an emergency, to repair their car, or even to buy needed equipment to earn money.
However, payday loans can vary, as can lenders. Consequently, you need to know what to look for to ensure you find the best possible Peterborough payday loan.
Luckily, that isn’t too complicated or too time-consuming. Just consider the following 7 factors, before you decide on a loan and a lender.
1. Online or In-Person Lender?
Certainly, plenty of lenders offer in-person payday loans. In major cities, you’ll find offices dotted throughout busy areas. Nonetheless, just because there are many of them, it doesn’t necessarily mean they are your best choice.
Applying in-person takes plenty of time. You may need to dig up old pay stubs, travel to the lender’s office, find parking, stand in line, fill out a lengthy application form, and wait a considerable time. The reason behind this is that the person behind the counter must input your data into a computer, do a credit check, verify your income based on your provided proof of income, and more.
Besides this being extremely tedious, it can also be downright frustrating for anyone that doesn’t get pay stubs. You may need to get a letter from your employer or even an income statement from your accountant if you’re a contractor. Even if you supply the lender with this information, there’s certainly no guarantee of approval. Considering a payday loan is for a relatively small amount of money, this complex process doesn’t make sense.
Luckily, you can avoid this frustration when you apply for a Peterborough payday loan online through a good lender. You can apply at your convenience at any time and also enjoy a much speedier process.
2. Simple or Complicated Application Process?
There’s absolutely no reason you should have to fill out a long, complicated form for a Peterborough payday loan. A good online lender relies on a streamlined process that makes borrowing much easier and faster. The lender is only interested in your recent history, not where you lived, worked, or banked years ago.
As a result, you can usually complete their application form in less than 15-minutes. Apply for a loan whenever you have a bit of spare time, such as on your break or even before work. A highly-automated process saves you time and frustration and makes it easier to get the Peterborough payday loan you need now.
3. Licensed or Unlicensed?
All payday loan lenders in Ontario should have a license. However, some don’t.
Why does this matter? First, licensing ensures the lender is legit. They must meet Ontario requirements and follow Ontario laws.
Conversely, unlicensed lenders can be scam artists that are trying to get their hands on your sensitive data. This may lead to identity theft, which is expensive, credit damaging, and time-consuming issue to resolve.
Second, licensed lenders must follow specific restrictions regarding interest rates, fee, and penalties. Consequently, you usually pay less. They must also adhere to very strict behaviours when handling your Peterborough payday loan.
On the other hand, unlicensed lenders can charge you whatever they want. They can also handle your loan in any manner they choose. Regrettably, this may include threatening behaviours and illegal methods to collect money. Additionally, consumer protection agencies can do little for you, since the lender isn’t governed by the Payday Loan Act.
Finally, a licensed lender reveals what it will cost you to borrow, before you provide your sensitive data. They may ask for your province of residence if they lend in many regions, but nothing more. Should you decide not to borrow, you never have to worry about data security.
This certainly isn’t the case when you choose an unlicensed lender. They may not reveal your loan costs and they may ask for more information than they should. Consequently, you may discover hidden fees later and you can never be sure what they’re doing with your personal data.
Luckily, it is easy to check whether a particular lender has a license on the Ontario government website here. It simply isn’t worth the risk of working with an unlicensed lender for a Peterborough payday loan since you can choose a licensed lender instead.
4. Document Upload or Digital Income Verification?
We already mentioned how frustrating and inconvenient it can be when you need to supply paper documents to verify how much you earn. Unfortunately, this requirement often applies to online lenders too.
Instead of handing paperwork to an in-person lender, some online lenders want you to upload it to their website. This still makes you waste time and causes you inconvenience, unnecessarily.
Fortunately, the best Peterborough payday loan utilizes digital income verification instead. With your permission, the lender confirms your recurring direct deposits through your bank. All data is digitally encrypted and the lender can’t pry into your affairs. Plus, it requires zero effort on your part and it’s incredibly fast.
5. Pre-Approval or Traditional Loan Process?
This is an important consideration when you’re looking for a Peterborough payday loan. Pre-approval involves a soft credit inquiry, which does not lower your credit score. It also allows you to see what the lender’s offering, without obligation. Pre-approval often means the lender considers many factors and doesn’t base their decision on credit alone.
That’s not the case with traditional lenders, that often set a minimum credit score requirement. If you don’t meet this minimum, they’ll automatically turn you down for a Peterborough payday loan.
That’s very unfortunate, since it can rule out new borrowers, students, and those working to restore their credit, even if they are earning a steady income and could easily repay a loan. The lender may also use a hard credit inquiry which can lower your credit score by as much as 12 points.
6. Transparent or Unknown Lending Requirements?
Unfortunately, many lenders do not spell out their lending requirements. Instead, they expect you to fill out an application form and then wait for their decision. That makes little sense.
Fortunately, a good lender will tell you what’s required from you to qualify for a Peterborough payday loan. They will also provide answers to commonly asked questions on their website FAQ page.
7. Quick Funds Release or Lengthy Process?
A good Peterborough payday loan offers a decision within minutes based on an artificial intelligence assessment. That way, you don’t have to wait for a loans officer to work their way through their inbox, which could take hours or days.
As mentioned earlier, you’ll want to choose a lender that uses a pre-approval process. If you like what you see, it is just a matter of accepting the terms. The lender prepares your loan contract and sends it to you for signature. The best lenders use digital contract signing to speed the loan process.
Once you sign your contract, it should trigger the funds release process. How long it takes to release funds depends on the lender. However, a good one could have money in your hands the same day, if you sign during business hours. Otherwise, it is reasonable to expect your money the next business day.
Get a Peterborough Payday Loan Through GoDay Now
GoDay makes it easy to borrow. Plus, we offer a highly-advantageous incentive. When you apply through our firm, we automatically check to see whether 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 if you borrow through us again.
Besides that, GoDay is a totally transparent lender. Here are our basic qualification requirements for our Peterborough payday loan:
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, recurring income paid by direct deposit (we consider employment, self-employment, pension, and other forms of steady income)
- Valid email address
- Active cellphone or home telephone number
Additional Benefits of Choosing GoDay
GoDay is a highly-experienced, trusted lender. If you’re considering a Peterborough payday loan, here are a few more reasons we are your best choice:
- We are a licensed Ontario payday loan lender
- 100% Canadian owned and operated, including every member of our customer service team
- 100% online process – no office visits
- We’re a proud member of the Canadian Consumer Finance Association, representing licensed payday loan lenders in Canada
- We have over 2,100 reviews on TrustPilot with an overall rating of “Excellent”
- 15-minute application form
- No minimum credit score requirement
- Digital income verification – no document uploads
- Pre-approval process utilizing an artificial intelligence assessment
- Digital document signing
- Quick funds release
GoDay makes it easy to get a Peterborough payday loan now. Visit our website to start the process, or for more information. We also offer more information on our Ontario payday loans here.
