When you borrow money from any financial institution, you will be presented with different methods for calculating your interest rate. The choice between a fixed-rate loan and a variable-rate loan depends on various factors. Choosing between the two requires a thorough understanding of the fundamental disparities between these lending structures. While fixed-rate loans offer stability […]
Personal loans have emerged as versatile tools in Canada, offering individuals the flexibility to meet various financial needs. They typically don’t require collateral, allowing you to access the funds you need without taking significant risks. But just like any other financial tool, learning how to maximize their benefits is essential. The key to using a […]
When managing finances, many people find themselves requiring additional funds beyond what they currently have. In such scenarios, personal loans and lines of credit emerge as popular options. Both serve as avenues to borrow money, yet they differ significantly in structure, flexibility, and usage. Understanding the disparities between these financial products is crucial for making […]
A credit card is a helpful financial tool as it provides convenient access to credit, enables cashless transactions, and often offers rewards or benefits, contributing to financial flexibility and management. Although this borrowing option can be beneficial, credit card debt can also be a significant financial burden for many individuals, especially when people cannot pay […]
In the world of personal finance, the terms good debt and bad debt are often thrown around, creating a dichotomy that may initially seem confusing. Not all debts are created equal, and understanding the difference between good and bad debt is crucial for making informed financial decisions. Good debt, often seen as an investment in […]
Many Canadians use credit cards to fund their daily expenses or deal with unexpected bills. Although credit cards can be a helpful financial tool, it often leads to an ongoing cycle of debt. This becomes a prevalent issue when individuals aren’t sure how to get rid of credit card debt and end up impacting their […]
People and households in the Canadian economy have been encountering numerous financial obstacles. Inflation, marked by a widespread rise in prices over time, has the potential to diminish the buying ability of currency, impacting various aspects ranging from day-to-day expenditures to achieving enduring financial objectives. Rising inflation has affected Canadians over the last two years, […]
Having a clear plan is essential for reaching financial success, and strategic planning is the cornerstone, whether you’re pursuing short-term financial goals or long-term financial security. An October 2023 CTV News article referred to federal data, revealing that a quarter of Canadians struggled to make ends meet. The escalating cost of living in Canada is […]
Debt can often feel like a heavy anchor, weighing you down and limiting your financial freedom. It’s an everyday struggle, and many individuals find themselves juggling multiple debts with varying interest rates and due dates. When Canada’s net debt was reaching $942.5 billion in 2021, it was causing Canadians a lot of stress. This is […]
Loans are helpful for those needing financial assistance, but they can also be intimidating, especially when paying back more than we borrowed. Knowing how loan interest functions is like having a map to confidently explore the world of finance. When you borrow money through a loan, whether it’s a personal loan, mortgage, or credit card […]
Ontario, Alberta and New Brunswick residents: The cost of borrowing at is $15.00 per each $100.00 advanced. On a $300.00 loan for 14 days, the cost of borrowing is $45.00, with a total payback amount of $345.00. The maximum allowable cost of borrowing under payday loan agreements is $15.00 per $100.00 borrowed. Late-payment interest on your online payday loan is calculated at a rate of 59% per annum on any principal that is outstanding. There is also a one-time $50 fee for any dishonoured pre-authorized debit that comes back non-sufficient funds.
British Columbia residents: The APR on a $300.00 loan for 14 days is 391.07% at a rate of $15.00 per $100.00 borrowed. Late-payment interest on your online payday loan is calculated at a rate of 30% per annum on any principal that is outstanding. There is also a one-time $20 fee for any dishonoured pre-authorized debit that comes back non-sufficient funds.
Saskatchewan residents: The APR on a $300.00 loan for 14 days is 443.21% at a rate of $17.00 per $100.00 borrowed. Late-payment interest on your online payday loan is calculated at a rate of 30% per annum on any principal that is outstanding. There is also a one-time $25 fee for any dishonoured pre-authorized debit that comes back non-sufficient funds.
Nova Scotia residents: The APR on a $300.00 loan for 14 days is 495.36% at a rate of $19.00 per $100.00 borrowed. Late-payment interest on your online payday loan is calculated at a rate of 30% per annum on any principal that is outstanding. There is also a one-time $25 fee for any dishonoured pre-authorized debit that comes back non-sufficient funds.
Non Payment Policy: To collect on a loan in default GoDay.ca will utilize all collection practices available to the issuers of consumer credit in Canada.
Renewal Policy: We do not automatically renew payday loans.
