A Sudbury payday loan can be your lifeline when you need quick cash. However, you have plenty of lender and loan choices so it can be difficult to choose. As a result, it is easy to make an unwise financial decision. That’s unfortunate and totally unnecessary.
Take a few minutes to read through this article. It will show you how to find the best Sudbury payday loan, quickly and easily.
1. Choose an Online Lender
Borrowing online is far simpler, easier, and faster than going through a brick-and-mortar lender.
First, a good online lender has streamlined the lending process. Their business depends on making their loan process straightforward and hassle-free. As a result, they ask for far less information than an in-person lender and their application form is short. In fact, you should be able to complete it in less than 15-minutes.
Second, a reputable online lender invests heavily in data security. That’s not necessarily the case with a traditional, in-person lender. They depend on paper documents and data encryption isn’t necessarily a priority. Consequently, your sensitive data could be at risk.
Third, many banks and credit unions have tried to adapt to online lending, but they don’t do it well. Typically, they ask you to complete an online application form, but then you must contact a loan’s officer or branch. Basically, they’re just dealing with loans the way they always did, which negates the benefits of interacting online. A good online lender conducts the entire process electronically.
Fourth, online lending offers convenience. You can apply at any time from any device and never need to worry about making an appointment, finding parking, or standing in line. That simply isn’t possible with a traditional lender.
2. Ensure They Have an Ontario Payday Loan License
Ontario law dictates every lender issuing payday loans must have a payday loan license. However, some companies do not follow this law, which puts you at risk.
How? First off, some unregulated lenders aren’t really interested in issuing you a Sudbury payday loan. Instead, they’re trying to scam you out of your sensitive, personal information.
Should they get their hands on it, it can lead to identity theft. This is a big headache and very hard to resolve. It’s just not worth the risk.
Secondly, should an unlicensed lender actually grant you a loan, you’ll forego any consumer protections that could help you if there’s ever a problem. Basically, an unlicensed lender can handle your loan in whatever manner they choose.
Thirdly, unlicensed lenders can charge whatever interest rates, fees, and penalties they want. As a result, you will definitely pay more than if you use a licensed lender. The Payday Loan Act restricts licensed lenders regarding the types and amounts of fees and penalties allowable and the maximum interest rate possible.
Luckily, you can quickly discover whether a lender has a payday loan license on the Ontario Ministry of Government and Consumer Services website here.
3. Beware of Lenders That Ask for Too Much Information
As mentioned, a good online lender offers a simple application form. If a lender starts asking you for where you lived, worked, and banked years ago, that’s a definite red flag. After all, a Sudbury payday loan is for a relatively small amount of money. There’s no reason to provide that level of information.
Of course, every lender will need to verify your identity and confirm how much you earn. Nonetheless, when it comes to your life history, they should only be interested in what’s happened recently. If you can demonstrate you earn a steady income and the ability to repay your Sudbury payday loan, the rest of it should have little bearing on your application.
4. Look for Electronic Income Verification
There’s absolutely no need for you to provide paper documentation to verify your income in today’s digital world. There’s a much faster, safer, and simpler way to do this – electronic income verification.
Lenders that use electronic income verification make the Sudbury payday loan process much more convenient. They ask for your permission to electronically confirm your steady, recurring direct deposit income. It’s fast, totally non-intrusive, and completely secure due to best-in-industry data encryption.
Verified bank statements of your direct deposits also allows the lender to make a near-instantaneous decision. also keeps information secure and the lender cannot peer into your finances.
Lenders that still use paper documentation pose a significant problem for pensioners, contractors, and other self-employed people. It can be a time-consuming and sometimes costly inconvenience, if the person must obtain an official income statement. Even those that work regular jobs must dig up old pay stubs or get a letter from their employer.
5. Check Their Lending Requirements
It’s natural that you would want to know whether you have a chance of obtaining a Sudbury payday loan before you apply. However, you will soon discover that many lenders don’t tell you. Instead, they want you to fill out an application form and wait. That doesn’t make sense.
Consequently, you can save yourself a lot of time and frustration if you choose a transparent lender. They should tell you upfront what you need to have to qualify and why they are a better choice over other lenders. If you can’t find this information, look elsewhere. You have plenty of choices.
6. Emphasis on Income, Not Credit
When you start looking for a Sudbury payday loan, there are a few things you should pay attention to. The first is a lender that mentions that they welcome all credit scores.
Why is this a problem? First off, a Sudbury payday loan is for a relatively small amount of money, so your credit shouldn’t be the deciding factor. However, some lenders automatically screen applications based on a minimum credit score requirement. That can automatically rule out new borrowers, students, and anyone with less than pristine credit.
Second, look for a lender that uses an artificial intelligence pre-approval process. This indicates they look at many factors, but especially your income. Plus, the process allows you to see what the lender’s offering, without impacting your credit score.
Finally, the best lenders automatically review your payday loan application to see if you qualify for an installment loan instead. Installment loans offer more time to repay and often better terms. Payday loans are usually due on your next full two-week income cycle and have a much higher cost too.
7. Quick Decision & Funds Release
A Sudbury payday loan should be fast, but don’t assume all lenders get money to you quickly. Some take a long time to make a decision. Others drag their heels after you’re pre-approved so you have to wait to sign your loan contract. Still others take their sweet time releasing funds.
A good lender spells out their process and when you can expect funds. A bad lender doesn’t value your time and doesn’t keep you in the loop. Choosing wisely can be the difference between a great experience and a downright horrible one.
A Sudbury Payday Loan Through GoDay
GoDay offers much more than the competition. If you apply for our Sudbury payday loan, we’ll automatically review your application to see if you qualify for an installment loan instead.
Additionally, GoDay is a great choice because:
- We offer a 100% online experience
- We’re Canadian, owned and operated
- GoDay accepts applications 24/7
- We are a licensed Ontario payday loan lender
- We’ve issued payday loans to Canadians since 2012
- Complete our simplified application form in under 15-minutes
- Toll-free number, chat, email, and website support as well as an in-depth FAQ section on website
- Proud member of the Canadian Consumer Finance Association, representing licensed payday loan lenders in Canada
- Better Business Bureau accredited with an overall rating of A+
- Over 2,100 reviews on TrustPilot, with an overall rating of “Excellent”
- Costs to borrow revealed upfront, without obligation
- Artificial intelligence assessment that considers many factors
- Emphasis on income
- No minimum credit score requirement
- No proof of income
- Decision in minutes
- Quick funds release – in most cases GoDay will have the money in your bank account within an hour, providing you sign your loan contract during business hours. If you sign during the evening, weekend, or on a holiday, you will get your money as soon as possible the next business day.
- Direct bank deposit or Interac® Email Money Transfer (conditions apply).
Our Sudbury Payday Loan Requirements
GoDay is happy to provide you with our basic requirements for our Sudbury 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 transactions
- Income paid through direct deposit (we consider many steady income income sources including employment, self-employment, Old Age Security, private pensions, and the Canada Pension Plan)
- Valid email address
- Active cellphone or home telephone number
Whether you are ready to start the application process or want more information, please visit our website. We also provide more information on our Ontario payday loans here.
Let us show you why so many people agree we offer the best Sudbury payday loan available. We make borrowing easy.
