Why It’s Imperative To Re-Pay Your Loan

Blog Header - Repay Your Payday Loan

GoDay.ca is a tight-knit clan of professionals who truly care about your financial health. When a customer fails to repay on time, we are concerned for several reasons.

Taking out a payday loan online is no different than taking out a loan with your bank, or taking a cash advance off of your credit card, or borrowing money from a friend. There is a lender and there is a borrower in all these scenarios. There is also a promise made to repay. The differences simply lay in the fees and interest.

We’re in the business – we know our industry has a bad rap & one day we hope to change that. But, if there is one thing we wish we could drive home to each of our current and prospective customers every day it’s this; if you don’t pay back, it doesn’t just hurt you, but it also hurts our ability to lend to others.

When a loan isn’t repaid on time, it affects you not only in the long term but the very short term as well. If you fail to repay your payday loan by the time your due date comes, a few things will most certainly happen;

1. You will immediately be charged a late fee (in the same way you’d be charged a late fee with a late credit card payment, or a late hydro bill or rent payment).

2. You will begin to accrue interest on the new total amount due.

3. Your debt will be sent to collections and;

4. It will negatively affect your credit rating and it will affect your ability to get additional funding in the future (of any kind – mortgages, cell phones, car loans, lines of credit, credit cards, etc).

Being straddled with double, or more, of your initial total because of a refusal to repay, or to just make a payment arrangements, is really quite illogical! The very worst thing you can do is not call us.

The good news is that like most lenders, payday loan companies are willing to work with you because we understand that surprises can happen. The last thing we want to do is to cause you any harm (we are in this business to help, after-all!), but we also have to consider our other customers and the big picture.

If you make an arrangement, you may even avoid any kind of refusal for a re-loan in the future (which will certainly happen if you don’t contact your lender). Additionally, any default on a repayment arrangement is an ingredient for mayhem on your end, so make sure to stick to it.

So, remember GoDay’s simple rules of borrowing to make sure you end your term on a sunny note:

1. Only borrow as much as you can afford to pay off (including ALL FEES!)

2. Know your terms and conditions inside & out.

3. Know your repayment date and have the cash in your account ready to go.

4. If you default, please, for the love of the new polymer bills, call us.

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