is a payday loan right for you

Is A Payday Loan Right For You?

Are you feeling financially stressed and don’t know where to start to get your finances back in order? Sudden expenses come up unexpectedly all the time and you may not have the cash readily available to help cover those expenses. There are options out there for you. It may not be easy for you to go to a family member to borrow some cash and banks aren’t always willing to give people a loan. Whatever the case may be, there are many reasons why people turn to payday loans. And one of the main reasons people turn to GoDay for their online payday loan is how quick and easy we are.

A payday loan isn’t for everyone, and here at GoDay we will tell you that. GoDay likes to see customers using us responsibly to get back on track financially, not further behind. And there are times we will have to say no to people because our loans may not be the right fit for you at the time. So how do you know if a payday loan is right for you? We give you the inside scoop on payday loans and share how to become a GoDay customer today.

Here are a few examples of when a payday loan may be a good solution:

  • Avoid late payments, bounced cheques or overdraft fees
  • Paying for daily essentials (groceries, utilities, mortgage/rent, bills, etc.)
  • Unexpected expenses (auto and home repairs)
  • Other emergency expenses

Here are a few examples of when a payday loan may not be a good solution:

  • When you need a large amount of money
  • When you’re on a timeline to pay back the money you have borrowed
  • When you are borrowing money time and time again
  • Non-essential purchases (such as buying the latest gadget, taking a vacation)

Now that you have an idea of whether or not payday loan is for you, where do you start? You’ve come to the right place, because here at GoDay, we’re here to help. And that’s why people are turning to us. In a recent report by the Financial Consumer Agency, they found that nearly two million Canadians use payday loans each year. At GoDay, speedy, smart, secure, is the GoDay way. And we have been providing Canadians with online payday loans since 2012. Our payday loans are not intended to provide a long-term financial solution. Rather, they are intended to solve urgent but temporary cash-flow needs.

Know What To Expect

Here at GoDay, we like to make it as easy as possible for you to get your loan – that’s why we pride ourselves on our professional service and resources. Unlike many online lenders, we have real people and physical locations (check out our payday loan options in Vancouver for example) that are ready to help you along the way. At GoDay, we are very proud of the professional service we offer as our customer service representatives are available to answer any questions you may when it comes to your loan. We do need a few things from you before we can give you a loan. Requirements to get a payday loan differ by lender, but generally, you will need the following to apply:

Be 18 years old or older

Valid photo ID

Open and active bank account

Working phone number

Your permanent address

When getting a loan with GoDay, we deposit the funds automatically into your bank account. When getting a payday loan with us (or any payday or short-term loan lender), we will ask you to sign an agreement that shows your loan costs, including interest, fees and the due date on how and when you’ll pay back your payday loan with us. We like to let our customers know this process before getting a payday loan, so you don’t end up getting caught in the “payday loan cycle”. This can look different depending on the person and their financial situation or if you’re getting a payday loan for the first time, but it is easy to get comfortable relying on payday or short term loans. But here at GoDay, we like to provide you with options when it comes to your payday loan and budgeting tips for Canadians to help get you to get back (and stay) on track. We like to let our customers know about borrowing money the GoDay way and have made it easy for you by giving you the reasons as to why you should be choosing GoDay the next time you’re in a financial bind. Get more details about our process and how we make it easy for you to get a loan quickly and efficiently.

Why A Payday Loan?

Let’s face it, many people deal with various cash flow issues and not everyone has an emergency fund available to help them when the unexpected happens. And it’s not always easy to go to a family member and banks aren’t always willing to give people a loan and maybe you’ve used up that line of credit. Whatever the case, there are many reasons why people turn to payday loans. But one of the main reasons people come to us is for the immediacy of our payday loans. We work fast and keep it simple, ensuring that you have the money you need as quickly and as easily as possible. As much as we like to see you, our payday loans are not intended to provide a long-term financial solution. Rather, they are intended to solve urgent but temporary cash-flow needs. Because our payday loan applications are accepted and processed instantly by our automated system 24 hours a day, seven days a week, this makes it easy for anyone who is stuck and needs cash quickly. Not to mention we make it easier now than ever with our online application tools are available anytime and anywhere, so you can get cash on the go.

Do Your Research

When it comes to deciding on whether or not a payday loan is right for you, there are many things you need to look into, including who you’re getting a payday loan with. Since 2012, GoDay has been operating in eleven provinces and territories across Canada (we’re now in Nova Scotia) and when it comes to the payday loan market in Canada, we know it well. Because there are different companies and options that are available, you need to make sure you’re choosing the right one for you. So what should you be looking for in a payday loan lender? You want to make sure they are fully licensed and follow provincial rules designed to protect borrowers like yourself. When you’re ready to apply for a payday loan, the application process should be simple, straight-forward and well explained. All policies, including fees, what happens if you default, interest rates and so forth should be easily identifiable. And if you have any questions, they should be easy to get in touch with and able to assist you with anything you need. Want to learn more? Visit the Financial Consumer Agency of Canada’s website for further details. 

Things to Know For Your First Loan

Is this your first time getting a payday loan? If so, each payday loan provider has different rules in place. If it’s your first time getting a loan with us, we have a first timer’s policy in place. To start, you can request a loan of up to $500 for up to 30 days. As our relationship grows and we establish mutual trust with one another, we’re happy to gradually increase loan amounts up to a maximum of $1500 for any future finances you may need. Besides the first timer’s policy, there are a few other things you should look for when getting a payday loan. First and foremost should be privacy and security. You should feel confident in handing over your personal information because disclosing private information online isn’t always safe. And as an online company who prides themselves on secure loans, we’re the first to understand that filing personal information online can make you feel uneasy. We’re a payday loan company, which means we take all your financial and private information seriously and it is our job to keep your privacy and security top of mind while protecting the information you give us. This is all a part of our responsible lending strategies here a GoDay as we are compliant with your provincial loan regulations, which means you’re protected legally with every cash advance we give you. What are your provincial loan regulations?  Each province and territory has different rules and restrictions around payday lending. But as we warned above, you need to be careful with online payday lenders, many aren’t licensed and don’t follow the provincial rules that are designed to protect borrowers. Find out more about your provinces payday lending fees and penalties with the Financial Consumer Agency of Canada.

Repaying Payday Loans

We’re very flexible when it comes to repaying your loan. But not all payday loan lenders are. We know that everyone’s financial situation is different and that cash flow is not the same for everyone which is why our customer service team works with you personally to customize your loan and repayment options that go with it. If you take out a GoDay payday loan, we let you know when your payment is due. On the agreed date, GoDay will automatically withdraw payment directly from your bank account. Please note that some provinces have extended payment plans available based on your borrowing history with GoDay. If this option is available to you, we will let you know during the loan approval process. We understand that you may need a little more time- in this case, we ask that you get in touch with us instead of defaulting on (or just not paying) your loan. This is specific to GoDay only as other companies don’t always have the same flexibility and understanding that we do. If you fail to repay your loan within the specified term, we will contact you to arrange payment. We always do our best to help you figure out a solution. But if you fail to cooperate with us, things like your credit score can be impacted, as well as your relationship with us and any future financial help you may need.

Choosing GoDay For Your Payday Loan

If you’re thinking that a payday loan is right for you, there are many reasons why you should choose GoDay. And as we’ve pointed out, there are a few key things that separate us from the rest. When it comes to payday loans or short-term loan companies, we like to keep it simple; fast cash for you with the security and professionalism along with it. GoDay partners with the most reputable financial institutions and uses the fastest and most secure tools in the industry to ensure you get the speediest service possible. One of the first things everyone thinks about when it comes to payday loans are the interest rates and fees associated with getting a loan. But that’s the difference between GoDay and other payday loans or short-term loan lenders – we don’t believe in hidden fees. This means that at GoDay, we don’t have hidden fees or extra charges on top, we disclose all fees up-front. We call this our “what you see is what you get” policy, so when you’re looking at a payday loan with us, the numbers you see won’t change. That’s right, everything from the amount you need to the repayment options including how much time you will need to pay us back. We know you have many options when it comes to receiving financial assistance and it’s no surprise that the market is changing based on consumer’s needs. So why walk into a store when you can get an online payday loan with us? We make it easier now than ever with our online application tools are available anytime and anywhere, so you can get cash on the go or from the comfort of your home. Our short-term cash-flow solution is intended to help get you back on track – not further from it which is not always the case with other payday or short-term loan lenders. But here at GoDay, if we can help you get through a few financial hurdles, terrific. If we can help you avoid them altogether, even better.

Have further questions? Learn more about how GoDay works or check out our Frequently Asked Questions section on our website.

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