Surrey payday loans are a great solution if you need money for an urgent, immediate need. Some people can’t borrow from friends or family, or don’t have the luxury of a line of credit or card.
Still, they aren’t appropriate in certain cases. For instance, you shouldn’t rely on them to cover regular expenses. Otherwise, you could struggle to pay your loan. If you find you’re short of money before each payday, you need to reevaluate how your handle your money.
Nonetheless, many people find they need to bridge a temporary cash flow gap. If you’re considering Surrey payday loans, here are the 7 features you need in the best possible loan.
Feature 1: Licensed Lender
Federal and provincial governments warn against borrowing from unlicensed lenders. They can use unethical tactics, charge extremely high interest rates, and levy unnecessary fees and penalties. Additionally, lenders that don’t bother with licensing could be scam artists who could steal your personal information. Without a license, borrowers also have little hope of government assistance.
Conversely, licensed lenders must follow the Business Practices and Consumer Protection Act. This provides you with consumer protections and regulatory oversight by Consumer Protection BC. It outlines allowable fees and penalties, how the lender must protect your data, and how they can collect owed monies.
In BC, the maximum, legally-permitted amount through a licensed lender is 50% of your previous month’s earnings, up to a maximum of $1,500. This is meant to protect consumers from over-borrowing. Lenders can’t issue more than one payday at a time either.
Feature 2: Many Allowable Income Sources
This may not apply to you if you work a regular job, but many people don’t. For instance, you might earn your money from several part-time jobs or be a self-employed entrepreneur or contractor.
You might also earn a steady income through the Canada Child Benefit, Disability Tax Credit, Old Age Security, a private pension, or the Canada Pension Plan. If any of these situations apply to you, you need to find a licensed lender that will consider your income. Otherwise, you’re wasting your time.
Fortunately, some lenders do consider applications from various income sources, not just regular employment. A common requirement to qualify is regular direct deposits into your bank account from the same source(s) for at least the last three months. Once again, this depends on the lender.
Feature 3: Simple Application Process
Certainly, there are many companies that offer Surrey payday loans. Some only lend in-person, while others offer an online experience.
Since most people lead busy lives, it makes sense to choose an online process. You don’t need to travel to an office, wait in line, fill out a form, and wait. However, ever online lenders can complicate the process or ask for far too much information.
Surrey payday loans should be quick and simple. Look for a lender that offers a straightforward application form that you can complete in less than 15 minutes.
They shouldn’t ask you about where you lived, worked, or banked over many years. They should only be interested in your financial situation now and your ability to repay.
This should include an easy electronic income verification process. You won’t want to waste time digging up old pay stubs, getting an income statement from an accountant, or asking your employer for a letter.
Feature 4: Reveal Needed Qualifications Upfront
No one wants to waste time on an application if they can’t possibly qualify. Always look for a lender that offers their basic requirements for Surrey payday loans.
Lender minimum requirements usually include proof of a regular income, a bank account and permanent address. However, each lender decides who they will lend to and who they won’t consider. As a result, it is important you always check what they need before you apply to avoid disappointment.
Feature 5: Soft Credit Inquiry
Surrey payday loans are for relatively small amounts. As mentioned, the maximum allowable loan is 50% of your previous month’s earnings, up to a maximum of $1,500. Consequently, a lender may or may not check your credit.
However, it is important that they use a “soft” credit inquiry if they do. This method provides the lender with a good overview of your credit, without lowering your credit score.
On the other hand, a “hard” credit inquiry provides the lender with all details on your credit file. It is used as a timeline of when you have applied for new credit and may stay on your credit reports for up to 36 months. Additionally, it may lower your credit score temporarily by as much as 5 points.
This may not make a difference to those with a long history and strong credit, but it isn’t necessary or recommended on Surrey payday loans.
Feature 6: Quick Process
We already mentioned that the application process should be short and sweet. However, it is equally important to find out how long it will take a lender to make their decision. Good Surrey payday loans provide a decision within minutes of submitting your application.
Once you’re pre-approved, the lender should offer digital document signing to speed the process. Plus, you should be able to contact them if you need to know precisely when you can expect funds.
A good lender normally transfers funds within 24 hours. If you apply during regular business hours, it could be as quickly as within the hour.
Feature 7: Reputable Canadian Business
Unfortunately, any company can build a website and offer Surrey payday loans. However, it makes sense to deal with a reputable Canadian business with proven long-term success, great customer reviews, and of course a payday loan license.
Canadians expect a high-level of service. It doesn’t make sense to deal with a company that doesn’t know Surrey from Saskatoon. Choose a Canadian company with multiple customer service options, including a toll-free number so you can talk to a fellow Canadian if you need to.
Lenders that are fully-invested in Surrey payday loans belong to organizations such as the Better Business Bureau. They also join industry groups that promote ethical lending practices and standards.
Always check independent sites besides Google. For instance, TrustPilot offers comments on specific aspects of Surrey payday loans from actual customers.
Surrey payday loans through GoDay
GoDay offers the 7 Surrey payday loan features mentioned above, and much more. Here are a few other reasons that GoDay is a great choice for Surrey payday loans:
- GoDay is a licensed lender in British Columbia. We follow the Business Practices and Consumer Protection Act and BCs consumer protection protocols
- Our company considers many sources of income for Surrey payday loans
- We offer a very simple application, review, and funds release process
- We’ve been lending to Canadians since 2012
- Our company obtained Better Business Bureau accreditation in 2015 – our overall rating is A+
- We’re rated “excellent” by over 1,800 customers on TrustPilot
- We belong to the Canadian Consumer Finance Association (CCFA) which represents the majority of Canada’s regulated payday loan lenders
- GoDay is 100% Canadian owned and operated
- GoDay’s process for Surrey payday loans is completely online
- We use a soft credit check
- Direct bank deposit or Interac® Email Money Transfer (conditions apply) available.
GoDay offers an added incentive to all applicants. If you apply through our company, we will automatically review your application to see if you qualify for an installment loan. This may be beneficial as these loans offer a longer repayment period and often better terms.
Our Requirements
If you meet these criteria, we’ll consider your application:
- Canadian resident over the age of 18
- Open, active bank account with a Canadian financial institution
- Regular income paid by direct deposit
- Valid personal email account
- Home or cell phone number
Whether you are ready to start the application process or want more information, please visit our website. We also offer more information on Canadian payday loans here and detailed information on cash loans here.
Let us show you why so many Canadians choose GoDay for their Surrey payday loans.
