GoDay paydays loans offer many advantages over our competitors. They can be a good solution if you’ve exhausted other means such as borrowing from friends and family. They are a good alternative if you can’t access other credit too as they’re tailored to short-term needs and paid off quickly.
Here’s the basics of our GoDay payday loans and why you won’t want to borrow from many other Canadian lenders.
What is a Payday Loan?
A payday loan offers a lump sum amount that you usually pay at one time. Some provinces allow up to 62 days to pay back your loan, in some cases.
Normally, the repayment date falls on your two-week payday cycle for convenience. Since you receive your pay cheque at the time, you have the funds in your bank account already. This can reduce the chances of spending your money on something else.
In Canada, the maximum allowable payday loan amount is $1,500. However, creditors may not lend you the full amount if it is your first time borrowing from them. Once you repay your first payday loan, the odds of borrowing more are usually improved.
One Payday Loan at a Time
Some lenders may grant you more than one payday loan, but we think this is irresponsible. It can put undue stress on your income and consequently leave you with less money than you need to meet your normal expenses.
This could create a worse financial situation for you than you were in previously. It also increases the possibility that you could default on your loans. This could lead to the payday lender sending your debts to a collection agency, seizing your property, or garnishing your wages through the courts.
Additionally, we normally don’t issue GoDay payday loans for more than half your take home pay either. This further ensures you can meet your commitments and get money for your pressing needs too.
We Want You to Choose Wisely
We understand that anyone can need temporary financial help at some time in their life. However, we also know that it is important that you understand what’s involved when you choose GoDay payday loans.
GoDay payday loans are not a way to get quick money for a shopping spree or to meet your obligations when you constantly struggle to pay your ongoing expenses. However, they can get you out of a temporary financial bind.
Here are a few examples of when GoDay payday loans might help:
- You thought you were getting paid earlier than you are and you have a payment you need to cover in the meantime
- An unexpected expense arose, such as a vehicle repair
- You need equipment to earn money, but you don’t have the cash to buy it
- Your relative needs you to wire them money to deal with an emergency
Of course, these are just a few examples of ways GoDay payday loans might serve you. For instance, you may need quick cash to pay your wedding caterer, because they don’t accept cards.
Whatever the case, if you have a pressing need and know you can repay your loan later, a payday loan could be right for you.
We’re Licensed
Unfortunately, many unlicensed companies offer payday loans in Canada. Why is this important? Unlicensed lenders aren’t governed by provincial laws. These laws limit what a lender can do and what they can charge.
Unlicensed lenders do not have a regional interest rate cap or a limit on how much they can penalize you if you do not honour your loan agreement. This can add an unfair and unnecessary burden on you as it can greatly increase your outstanding debt.
Conversely, GoDay payday loans are governed by strict provincial laws. Interest rates are capped according to the limits of each jurisdiction. We also limit how much we charge you for an NSF and late interest, which certainly isn’t the case with unlicensed lenders.
We’re Transparent
As a licensed lender, we must clearly reveal all fees and penalties in our documentation. We have a legal obligation to do so and if we don’t you can file a complaint with your provincial Consumer Affairs office.
However, when you borrow from an unlicensed lender your complaint could fall on deaf ears. Government officials can’t help you as an unlicensed lender is governed by these sensible rules.
GoDay is a licensed lender in BC, AB, SK, MB, ON, NB, NS, and PEI. We understand the requirements of payday loan lending in Canada and our procedures and paperwork follow regional regulations precisely.
Apply Online
Applying for GoDay payday loans couldn’t be any easier. You don’t need to leave the comfort of your home to visit an office. You won’t need to fill out reams of paperwork either.
Apply at any time from any device. The entire process from application to funds release is digital, fast, and simple.
You Know the Costs Upfront
At GoDay, we provide you with an estimate of your costs as soon as you input your province on our website. We offer this information before you fill out your application so you can see whether they seem reasonable.
Since unlicensed lenders aren’t worried about provincial laws, they may or may not provide you with this information upfront. You may only discover how much they charge after you’ve provided them with your personal information. Even then, you may have to search through the fine print to find out how they levy their fees.
What We Need From You
Many lenders are more than happy to lend to you without asking you for much information, providing you’re not concerned with what you’re getting into.
Lenders that don’t provide crucial information such as the interest rate they’re offering and their fees aren’t concerned with transparency. If they don’t ask much about you, they may not be trustworthy either. We’re not like that.
GoDay wants you to know our requirements so you can decide whether you want to spend your valuable time on an application. They’re pretty straightforward and easy for most Canadians to meet:
- At least 18 years of age and a Canadian resident
- Have a permanent address
- You have an active Canadian bank or credit union account
- You’re paid regularly through direct deposit
- You have a valid email and an active cellphone or home telephone number
We Use Our Own Scorecard
Lenders may check your credit, but they may not since paydays loans are for a relatively small amount. However, it is important that you review each lender’s details. If they do a credit check ensure they don’t do a “hard” inquiry that appears on your credit file.
Luckily, if you apply for one of our GoDay payday loans you can rest assured we will never do a hard inquiry. We use a custom scorecard to determine whether we’ll give you a loan and a “soft” inquiry should we decide to check your credit file.
Quick Decision
You won’t have to wait long to find out whether you’re approved. We’ll let you know in minutes and provide you with all your loan details too. This includes interest charges, fees, and penalties.
Some applicants may also get welcome news. If we believe you’re an exceptional applicant we might offer you an installment loan instead of a payday loan. Installment loans are more flexible and usually more affordable too.
In either case, we ask that you review the terms carefully. If everything is in order, just agree to the terms and we’ll send you your payday loan documents to sign electronically.
If you don’t want to move ahead, that’s fine too. You’re under no obligation and you’re welcome to apply again if you find yourself in another squeeze.
Fast Funds Release
Many lenders are happy to grant approval for a payday loan, but how long does it take for them to get the money in your bank account? That’s an important question, since some can take days.
Fortunately, 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.
We also handle repayment automatically. Your payment comes out of your bank account on your agreed repayment date and you don’t need to lift a finger.
GoDay Payday Loans Summary
Here’s a quick summary of our payday loans and our company to help you see why we’re a better choice than other lenders:
- We’ve issued Canadian online payday loans since 2012
- We hold payday loan licenses in BC, AB, SK, MB, ON, NB, NS, and PEI
- We’re a proud member of the Canadian Consumer Finance Association, representing licensed payday loan lenders in Canada
- Better Business Bureau gives us an A+ rating
- TrustPilot includes over 1,400 reviews with an overall rating of “Excellent”
- GoDay is 100% online and 100% Canadian – our customer service representative live and work here
- Payment options include direct bank deposit or Interac® Email Money Transfer (conditions apply).
Whether you are ready to start the application process or want more information, please visit our website. We also offer more information on payday loans in our post here. Let us show you why so many Canadians choose GoDay over other payday lenders.
