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How to Apply for a Personal Loan Online

young woman with long hair sitting cafe with laptop

Whether your car needs a major repair, you need some extra cash to consolidate your debts, or you finally want to take the dream vacation, a personal loan can be highly valuable. So, it’s no surprise that over 65 percent of Canadians have taken out a personal loan, according to a survey.

But where do you start? How do you navigate the complex paperwork, requirements, and lenders to secure the best possible deal?

The good news is advancements in modern technology provide borrowers with the option to apply for loans online. You can easily apply for a personal loan with the tip of your fingers from the comfort of your couch without submitting any paperwork.

GoDay offers personal loans in Canada through a quick application process that enables you to find out if you’re eligible within five minutes. If you want to apply for a personal loan online, it’s important that you learn about the process to ensure everything happens smoothly, from start to finish. Use this guide to apply for a personal loan online and receive your funds within hours after approval. 

How to Apply for a Personal Loan Online?

The first step to receiving the funds you need involves learning how to apply for personal loans online. GoDay offers a fast and easy process to apply for loans to streamline the process and allow borrowers quick access to cash when needed. 

Step 1: Submit a Quick GoDay Application Online

GoDay’s personal loan application doesn’t require lengthy paperwork, documentation, or collateral. The main thing you need in this step when applying for a personal loan is to specify how much money you would like to borrow and how you would like the funds delivered.

Step 2: Find Out If You’re Pre-Approved

Our highly automated system that works 24/7 will inform you within seconds if you are pre-approved for our personal loan. Our system will notify you as promptly if we require additional information. When approved, you will receive the funds shortly. 

Step 3: Learn the Terms of Your Loan

Our goal is to offer a fully transparent borrowing process, so we disclose the full terms of your loan before we give you the cash. This allows you to make informed financial decisions when you apply for a personal loan with GoDay. 

Step 4: Receive the Cash

We send you the cash for most personal loan applications within hours after approval. 

Factors to Consider When Applying for a Personal Loan

When you apply for a personal loan, it’s essential to consider a few factors to ensure you’re making an educated financial decision. At Goday, we offer complete transparency about your loan terms to ensure no surprises or hidden costs are associated with the loan. After all, the last thing you want is to fall into a debt trap or borrow money you cannot repay promptly. However, since everyone’s financial situation is different, it’s still important for you to evaluate your personal situation and then apply for personal loans online. 

Purpose of the Loan & Amount

Personal loans can be used for various reasons, such as debt consolidation, unexpected costs, home improvement, or major purchases. Different lenders may have restrictions on the loan amount or specific loan purposes, so ensure you choose a lender that aligns with your needs.

GoDay offers various types of loans ranging between $100 and $1,500 or $1,000 and $15,000. So, you must determine your borrowing purpose to select the amount carefully. For example, if you want to borrow money to build an emergency fund, you can take a single loan to kickstart the fund or take a few small loans within intervals. Ultimately, the choice depends on your financial abilities and needs. 

Your Repayment Ability

It’s crucial that the amount of money you borrow aligns with your personal finance goals to ensure you’re in good financial health. When you apply for a personal loan with GoDay, we will provide you with the repayment schedule ahead of time. You can customize the payment period and frequency (monthly, biweekly, etc.) within your budget and income structure. 

Once you choose your loan amount, consider whether you can comfortably make the required payments throughout the loan term. This may involve making a budget and determining how to allocate funds toward your personal loan payments. Your repayment ability plays a vital role in helping you make decisions about borrowing money. 

Loan Term

The length of the loan term may also impact your repayment ability. Longer loan terms may result in lower monthly payments but can increase the overall interest paid overtime. Shorter loan terms may have higher monthly payments but help you save on interest. Choose a loan term that aligns with your financial goals and ability to repay.

Fees & Charges

One of the key steps we recommend borrowers take when they apply for personal loans online is to understand the fees and any additional charges associated with the loan. These may include origination fees, prepayment penalties, late payment fees, or annual fees. Consider the impact of these fees on the overall cost of the loan and factor them into your decision-making process. 

Getting familiar with all the fees associated with the loan will help you take charge of your finances and allow you to make informed decisions throughout the process. 

Lender’s Reputation

The lender you choose when you apply for a personal loan will significantly affect your overall borrowing experience. It’s important that you research the lender’s reputation and credibility to determine if they are a licensed lender. This involves understanding the lender’s and borrower’s rights and obligations as defined by the location’s laws. For example, in Ontario, there are specific rules lenders must follow to be considered a viable business. This helps borrowers stay protected throughout the process.

GoDay offers personal loans in Ontario and other locations across Canada with confidence because we are compliant with provincial loan regulations, ensuring all borrowers are protected legally with every cash advance. Read our customer’s reviews on our website to investigate their history of customer satisfaction.

Flexibility and Options

Flexibility is key when you apply online for loans. At GoDay, we aim to reduce your stress, not add to it, so we offer flexible borrowing options. Contact our dedicated customer service team for more information if you have specific questions about your loan terms and options. You may have questions such as making additional payments or paying off the loan early without penalties? Are there options for loan extensions or modifications if needed? Loan terms vary among borrowers, so it can be helpful to learn about each lender’s flexibility to help you deal with unexpected financial situations.

Apply for Personal Loans with GoDay

Now that you’re familiar with the process, if you’re ready to apply online for loans, you can count on GoDay to offer a smooth experience. Based on the city’s specific lending guidelines, we provide loans in various locations across Canada to help you find financial relief when you need it. 


To apply for personal loans in Toronto, visit our website for a fast and easy application process. Once you apply with some basic information, our automated system will let you know if you are approved within minutes, allowing you to get quick access to cash anywhere between $100 to $1500 in your bank account as soon as the same day. 


We also offer personal loans in Calgary and other provinces in Alberta for your financial needs. We use the industry’s fastest tools to review your online payday loan application, set up your account, and send you your money at the earliest possible. 


GoDay has been offering personal loans in Ottawa since 2012 to help borrowers with unexpected costs. The application process is the same as in Toronto and Calgary, and you can access the funds just as quickly. Our goal is to help you apply for loans online in different provinces with a fast and straightforward process, ensuring you meet your financial goals sooner. 

Applying for a Personal Loan Online

Unexpected expenses and rising living costs in Canada can be challenging to navigate, especially for those with limited income. At GoDay, we aim to help you achieve financial freedom by helping you with your borrowing needs. We offer a transparent process to eliminate surprises and a streamlined approach to borrowing. Now that you know how to apply for a loan online and what factors to consider, visit our website to start your application today. 

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