A Kingston payday loan doesn’t have to come from one of those lenders on a busy street corner. In fact, that may be the worst place to find one, since online lending offers many advantages.
If you’re looking to borrow, the following 10 benefits are good reasons to choose GoDay. We definitely offer more than the competition.
1. Online Convenience
Undoubtedly, borrowing online is far more convenient than applying in-person. There’s no need to take time out of your busy day to visit an office.
Apply any time of the day from your favourite device. GoDay accepts applications 24/7. Just reach out online.
2. Simple Application Form
GoDay’s easy process includes a simple application form. It is so simple most people complete it in less than 15-minutes. That means that you can apply when you’re on a break, during your commute, or even before work.
The reason GoDay’s application form is so simple is because we are only interested in where you stand now. Consequently, we don’t ask you information about where you lived, worked, and banked years ago. There’s no digging up old paperwork, because you can’t remember information from so many years ago.
3. We’re Transparent
Most in-person and online lenders are reluctant to give you’re the details on their loans. They think you’re not interested or that you might not understand the fine details. GoDay doesn’t operate that way. We believe in transparency.
Consequently, we offer an in-depth FAQ page on our website if you have specific questions. We’re also legally-obligated to reveal information on your payday loan, because we’re a licensed Ontario lender.
Finally, we are happy to provide you with our basic requirements below for a Kingston payday loan:
- 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
- Receive income through direct deposit
- Valid email address for identity verification
- Active cellphone or home telephone number
Please do not apply if you are actively involved in a consumer credit proposal, bankruptcy, or credit counselling program.
4. Licensed Lender
All companies offering a Kingston payday loan should have a payday loan license. However, some lenders do not bother with legalities or licenses.
So, why does this matter? First off, unlicensed lenders are often scam artists that are only after your sensitive data. If they obtain it, they can assume your identity and use it to obtain credit under your name.
Regrettably, identity theft is an expensive and time-consuming problem to overcome. Plus, it has a very negative impact on your credit score until the issue is resolved.
Second, licensed lenders must follow the Payday Loan Act, which describes what the company can and cannot do. It also limits which fees, penalties, and interest rates the lender can charge.
Conversely, unlicensed lenders can basically charge whatever interest rate they want which will be significantly more. Plus, fees and penalties are often open-ended. This means if you do not meet your loan obligations, the unlicensed lender can continue racking up charges which will significantly increase what you owe.
Finally, licensed lenders must reveal how much it will cost you to borrow before you provide your personal information. This regulation is meant to protect, because if you choose not to borrow your sensitive data is never put at risk.
Unlicensed lenders are often eager to get hold of this information, for the reasons mentioned above. Consequently, they may ask for as many details as possible during their application process.
5. Credit Plays a Lesser Role
Most traditional lenders place a very heavy emphasis on your credit. Some have a minimum credit score requirement you must meet before they’ll even consider your application. Others are reluctant to lend if you have less than pristine credit.
Of course, in either case they won’t tell you this beforehand. You’ll just waste your time filling out an application form for a Kingston payday loan you can’t possibly get.
However, GoDay uses an artificial intelligence assessment that considers many factors. Your credit plays less of a role than what you earn. Basically, if you can demonstrate you have the means to repay, you have a good chance of qualifying.
6. Process Does Not Impact Your Credit Score
When you apply for a Kingston payday loan through GoDay, we may or not check your credit. As mentioned, our assessment process considers many factors and in some cases we feel it isn’t necessary.
However, if we do decide to check, we use a “soft” credit inquiry. This is important, because the method a lender uses to check your credit standing can impact your credit score. A soft inquiry gives us a general overview of your financial position, but it does not lower your credit score.
Conversely, most mainstream lenders use a “hard” credit inquiry. This provides the lender with all details on your credit file and it lowers your credit score. In fact, it can lower it by as much as 12 points and this reduction can remain for up to three years.
7. Less Stringent Requirements
GoDay wants to make borrowing as simple and quick as possible. As a result, we are less strict than most lenders offering a Kingston payday loan.
For instance, traditional lenders often want to see long-term employment, banking, and residence stability. Consequently, if you have moved or changed banks or jobs within the past few years, you probably won’t qualify. Some lenders are even stricter and want you to demonstrate stability for up to five years.
Fortunately, GoDay isn’t such a stickler when you apply for a Kingston payday loan. If you can demonstrate stability over the past three-months, you could qualify.
8. No Document Hassle
GoDay offers a big advantage over the competition. We do not ask you to drop off or upload documents. Our application form provides us with most details we need, except for confirmation of your income.
Luckily, when you apply for a Kingston payday loan through GoDay, there’s no digging up old pay stubs or asking your employer for a letter to confirm your income. Instead, we verify your direct deposit income through bank statements. It’s safe, secure, and we can’t pry into your personal business.
This can extremely inconvenient if you are a contractor or entrepreneur. You don’t need to ask your accountant for an income statement. We also consider most other sources of recurring income, including private and public pensions. This isn’t the case with many other lenders.
9. Quick Decision
Once you submit an application for a Kingston payday loan through GoDay, you will get a decision within minutes. There’s no waiting for someone to work through a stack of files. It is almost instantaneous.
If you’re pre-approved, you’ll also see our terms immediately. If you like what you see, it is easy to move forward. All you need to do is accept the terms and we will prepare your loan contract.
If you decide not to borrow, no problem. There’s no obligation and no impact on your credit score.
10. Digital Document Signing
GoDay operates online, so there’s no office visits, even when it comes time to sign your loan contract. We send it to you via email and you sign it digitally. Once you send it back to us, it triggers the funds release process.
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 a weekend or holiday, you will get your money as soon as possible the next business day.
GoDay’s Kingston Payday Loan
Choosing a lender shouldn’t be difficult. That’s why we’re providing you with even more reasons to choose us for your Kingston payday loan:
- We automatically review your payday loan application to see if you qualify for an installment loan instead. Installment loans offer more time to repay and usually better terms too.
- Quick decision – borrow between $100 and $1,500, based on our artificial intelligence assessment.
- GoDay is a licensed Ontario lender. You can verify this on the Ontario government website here.
- Total transparency – understand your costs before making a decision
- We have granted payday loans to Ontarians since 2012.
- GoDay is Canadian – we were founded in Ontario and are still 100% Canadian owned and operated.
- We’re also a proud member of the Canadian Consumer Finance Association, representing licensed payday loan lenders in Canada.
- Our Better Business Bureau overall rating is A+.
- We have over 2,100 customer reviews on TrustPilot, with an overall rating of “Excellent”.
Whether you are ready to start the application process or want more information, please visit our website. We also offer in-depth information on our Canadian payday loans here.
GoDay does offer the best Kingston payday loan, hands down. Let us prove it to you today.
