Kitchener payday loans should be simple to obtain, but not all companies make it easy. Some lenders have stringent requirements, while others aren’t the best choice as they aren’t ethical lenders or properly regulated.
Luckily, you can find good Kitchener payday loans easily when you know what to look for. Here are some of the most important factors when you’re considering a lender and finding a good loan.
Choose a Licensed Lender
Legally, any company that offer Kitchener payday loans should have an Ontario license. However, some lenders skip the legalities which can put you at considerable risk.
Unlicensed lenders aren’t bound by Ontario lending laws which protect you as a consumer. The Ontario and Canadian governments strongly warn against using unlicensed lenders for this reason.
An unlicensed lender can use illegal methods to collect their money. They can also charge you higher fees and more penalties than the government allows, since they aren’t following important consumer laws. However, these issues pale in comparison to the risks you face when you provide your personal data to an unscrupulous, unlicensed lender.
Firstly, the application process can be a scam entirely focused on obtaining your sensitive data. This can lead to costly and highly inconvenient identity theft that can take years to rectify. Cybercriminals can use your data to open new credit accounts that you will only become aware of when payments on these accounts come due. Consequently, your credit score can take a plunge and seriously impact your life.
Secondly, since unlicensed lenders aren’t bound by the Payday Loan Act, they do not need to reveal your costs to borrow upfront. This means you could face hidden fees and penalties which can drive up the cost of your loan considerably. Conversely, a licensed lender provides you with your cost to borrow before you provide your personal data. The only information they need is your province of residence, as fees and penalties vary be region.
Luckily, it is easy to check whether a lender has a license through the Government of Ontario website here. If the lender isn’t licensed, avoid them.
Online Kitchener Payday Loans Offer Convenience
Certainly, you will find many payday loan lenders in the Kitchener area. However, wasting time on an in-person application makes little sense in our digital world.
Why travel to a brick-and-mortar office, stand in line, and fill out a lengthy application form? Instead, online Kitchener payday loans allow you to apply at any time from the convenience of your favourite device. A good lender also offers a simplified application form that shouldn’t take you more than 15 minutes to complete.
Online Kitchener payday loans offer many other advantages you may not have considered, including data security, speed, and more. You can read about them here.
Do They Reveal Their Loan Requirements?
Most lenders aren’t eager to reveal their minimum requirements for Kitchener payday loans. Instead, they expect you to complete an application form and wait. Clearly, it makes little sense for you to take the time needed to apply if you can’t possibly qualify.
Luckily, any reputable lender is happy to let you know their requirements upfront. It saves you and them time and hassle and indicates they’re committed to transparency and ethical business practices. Plus, knowing you meet their basic requirements beforehand means you’re more likely to have money in your bank account quickly.
Check Their Customer Service Options
Generally, most people won’t need to contact customer service regarding Kitchener payday loans. They are short-term and for relatively small sums of money. However, if the pandemic taught us anything it is that no one knows what the future might hold. Should you need to contact your lender, you should be able to do so quickly and easily.
Regrettably, many payday loan lenders rely heavily on email. This won’t serve you well if you have an urgent need or want an answer to a simple question so you can make a decision.
Look for a lender that offers multiple customer service options for their Kitchener payday loans. Of course, email is pretty standard, but you should also be able to call a toll-free number to speak with a real person too. Other options should include chat, website support, and self-serve options such as a FAQ page.
Check Their Reputation
All too often we Google a company and base a decision on a company’s rating. However, search engine reviews are usually left by disgruntled people and don’t give you a balanced overview of what a lender offers. You’ll want to know the good and the bad about your prospective lender.
Instead, check independent review site like TrustPilot. These reviews are from actual customers and provide details on how the lender conducts business. You can drill down into what people have to say about their products, service, speed, and more.
You may also want to check whether the lender has accreditation through the Better Business Bureau. If they do, it indicates they’re open to scrutiny and willing to resolve any customer complaints. Fly-by-night lenders seldom bother with such formalities.
Finally, a reputable lender usually joins industry groups to stay on top of legislative changes and best practices. In Canada, the largest short-term lending organization is the Canadian Consumer Finance Association which includes most payday loan lenders in Ontario and Canada.
Do They Offer a Fully-Automated Service?
A good lender offers a fully-automated service for their Kitchener payday loans. This includes a very quick response once you submit your application. You should expect an answer in minutes, not days or weeks.
You shouldn’t have to visit an office to drop off documents either. Everything should be straightforward and simple. In fact, a good provider of Kitchener payday loans will not ask you for proof of income. Instead, they will confirm your regular direct deposits through authorized bank statements. You don’t need to do a thing.
Automation should also apply to the loan contract itself. The lender should prepare it once you accept the terms and send it to you promptly. You sign the document electronically and set up repayment at this time too.
Are They An Ontario Company?
You might think this doesn’t make a difference, but it can in certain circumstances. Firstly, customer service hours may be in other time zones if the lender operates elsewhere.
Secondly, interprovincial or cross-country loans can add complication. Customer service representatives may not understand the needs of Ontarians or deliver the level of service expected. In some cases, they may live in another country which can lead to unnecessary frustrations and communication challenges.
Fortunately, you can find a good Ontario lender for your Kitchener payday loans. They operate under Ontario laws, keep Ontario business hours, and have Canadian customer service representatives.
It just makes sense to choose Canadian when you want good service and a fast funds release too. Canadian lenders know the banking system and can often get money to you within hours of approval, if you sign your contract within business hours. Companies operating elsewhere would be hard-pressed to rival that kind of speed.
GoDay’s Basic Loan Requirements for Kitchener Payday Loans
GoDay is a transparent lender and we’re happy to provide you with our basic requirements below:
- Canadian citizen
- At least 18-years of age
- Regular income paid through direct deposit (we consider income from various sources including employment, self-employment, public and private pensions, the Child Tax Benefit, and the Disability Tax Credit
- Permanent address
- Active bank account with a Canadian financial institution
- Valid email address
- Active cellphone or home telephone number
Reasons to Choose GoDay for Kitchener Payday Loans
GoDay offers an added incentive to those considering Kitchener payday loans. Just fill out an application for one of our payday loans, and we’ll automatically review it to see if you qualify for an installment loan instead. There’s no need to fill out an additional application, but if you qualify an installment loan could offer better terms and greater flexibility.
If you’re still undecided, here are a few additional reasons why you may want to choose GoDay:
- We’ve issued Kitchener payday loans since 2012
- GoDay is a licensed Ontario payday loan lender
- We’re ethical and transparent
- Our process is entirely online, including income verification and loan contract signing
- We’re a proud member of the Canadian Consumer Finance Association with our main administrative office based in Ontario
- Almost 2,000 customer reviews on TrustPilot with an overall rating of “Excellent”
- Better Business Bureau accredited
- Fast, totally automated process with funds release within hours if you sign your contract during business hours
- Multiple customer service options including a toll-free number, email, website support, and website FAQ section
- 100% Canadian owned and operated
Whether you are ready to start the application process or want more information, please visit our website. GoDay makes obtaining Kitchener payday loans easy. Start now.
