Are you looking for fast cash? A recent report by the Financial Consumer Agency found that nearly 2 million Canadians use payday loans each year. And that’s where people turn to us because GoDay is an online payday or short-term loan lender. But we’re not the only ones out there. Operating in eleven provinces and territories across Canada (new to Nova Scotia), when it comes to the payday loan market in Canada, there are many companies and options you have available. However, you need to be careful with some online payday lenders, many aren’t licensed and don’t follow provincial rules designed to protect borrowers. But for a speedy, smart, and secure loan, look no further than with GoDay. Whether you’re looking to get yourself out of a financial bind or help keep you afloat until your next paycheck, GoDay offers payday loans in Canada. Our payday loans are not intended to provide a long-term financial solution – they are intended to solve urgent but temporary cash flow needs. That’s why we like to let our customers know about borrowing money the GoDay way and have made it easy for you by giving you the reasons as to why you should be choosing GoDay the next time you’re in a financial bind.
When it comes to payday loans or short-term loan companies, we like to keep it simple; fast cash for you with the security and professionalism along with it. So how does GoDay work? GoDay partners with the most reputable financial institutions and uses the fastest and most secure tools in the industry to ensure you get the speediest service possible. We are accepting and approving online payday loan applications 24/7, which mean that you can apply from your computer, smartphone or tablet anytime and our highly automated system will do all it can to ensure you receive your funds as soon as possible. As you can tell, there are many options when it comes to receiving financial assistance and it’s no surprise that the market is changing based on consumer’s needs. But here at GoDay, if we can help you get through a few financial hurdles, terrific. If we can help you avoid them altogether, even better. So how does this compare to the rest of the payday loan market in Canada?
Why do people turn to payday loan lenders?
Let’s face it, many people deal with various cash flow issues and not everyone has an emergency fund available to help them when the unexpected happens. And it’s not always easy to go to a family member and banks aren’t always willing to give people a loan and maybe you’ve used up that line of credit. Whatever the case, there are many reasons why people turn to payday loans. But one of the main reasons is for the immediacy of payday loans. At GoDay, speedy, smart, secure, that is the GoDay way. GoDay provides Canadians with online payday loans. Our payday loans are not intended to provide a long-term financial solution. Rather, they are intended to solve urgent but temporary cash-flow needs. Because our payday loan applications are accepted and processed instantly by our automated system 24 hours a day, seven days a week, this makes it easy for anyone who is stuck in a financial bind. Not to mention we make it easier now than ever with our online application tools are available anytime and anywhere, so you can get cash on the go.
What you should know the first time you get a payday loan
There are many things you should look for when getting a payday loan. First and foremost should be privacy and security. You should feel confident in handing over your personal information because disclosing private information online isn’t always safe. And as an online company who prides themselves on secure loans, we’re the first to understand that filing personal information online can make you feel uneasy. We’re a payday loan company, which means we take all your financial and private information seriously and it is our job to keep your privacy and security top of mind while protecting the information you give us. This is all a part of our responsible lending strategies here a GoDay as we are compliant with provincial loan regulations, which means you’re protected legally with every cash advance. If it’s your first time getting a loan, some companies including us have a first timer’s policy in place. To start, you can request a loan of up to $500 for up to 30 days. As our relationship grows and we establish mutual trust with one another, we’re happy to gradually increase loan amounts up to a maximum of $1500 for any future finances you may need.
What to expect when you take out a payday loan
Here at GoDay, we like to make it as easy as possible for you to get your loan – that’s why we provide ourselves on our professional service and resources. Unlike many online lenders, we have real people and physical locations ready to help you along the way. At GoDay we are very proud of the professional service we offer as our customer service representatives are professional, experienced, and available to answer any questions you may when it comes to your loan. We do need a few things from you before we can give you a loan. Some of these things include:
- a regular income
- a bank account
- a permanent address
To get your money from us we will deposit money in your bank account, which means we will also need your banking information. When getting a payday loan with us (or any payday or short-term loan lender), we will ask you to sign an agreement that shows your loan costs, including interest, fees and the due date on how and when you’ll pay back your payday loan with us.
You also should also know your credit score when applying for payday loans. This is because when it comes to payday loans, it is the same process as any other loan, we check to see your current credit score before making a decision on your loan application and depending on your score, it will help us make our decision the kind of loan we can grant you. Depending on the kind of loan you apply for, each lender including GoDay has a debt to income ratio we apply to decide whether or not you will be able to service the loan. A payday loan or any loan application can affect your credit score, even if it is just by a few points. Why? This is because 10% of your credit score is calculated through the number of credit-based applications you make. Meaning that every time you apply for a form of credit, it shows up on your credit report and numerous applications can show that you are possibly taking on more debt than you can handle or that you are looking for fast cash. There are also many other ways a payday loan can affect your credit score including the length of time you’ve had your loan, your loan payment history, the interest rate on the loan, how many loans you have outstanding, and many more factors depending on your financial situation. This is something to keep in mind when applying for a loan, as well as this, could have future financial implications down the road.
Payday lending rules where you live
The Financial Consumer Agency of Canada breaks down everything you need to know about payday loans as each province and territory has different rules and restrictions around payday lending.
|Province||Maximum cost of borrowing for a $100, 2‑week payday loan||Cooling off period to cancel the payday loan||Maximum penalty for a returned cheque or pre-authorized debit|
|Alberta||$15||2 business days||$25|
|British Columbia||$15||2 business days||$20|
|Manitoba||$17||48 hours, excluding Sundays and holidays||$20|
|New Brunswick||$15||48 hours, excluding Sundays and holidays||$40 (default penalty)|
|Nova Scotia||$25||Next business day||$40 (default penalty)|
|Ontario||$15||2 business days||N/A|
|Prince Edward Island||$25||2 business days||N/A|
|Saskatchewan||$17||Next business day||$25|
Payday Loan Cycle
Here at GoDay, we’re all about staying on budget. And we like to provide you with options when it comes to your payday loan and budgeting tips for Canadians to help get you to stay on track. But it is easy to get comfortable relying for payday loans and getting caught in what is called the payday loan cycle. We’re all always looking for ways to help you save more money and keep your visits with us few and far between, and when it comes down to it, what are you willing to sacrifice to buckle down on your budget? Are you paying off one thing and moving money from on account to another to cover the next bill? Are you borrowing money to pay off something else? This happens more often than you would think and it is in crunch times like this that GoDay is here to help you bridge the gap. Are you paying attention to how often you have to do this because this should be setting off those financial alarm bells. Many people use GoDay or other payday/short-term loans and services as their last resort, which is why we are here. If we can help you get through a few financial hurdles, terrific. If we can help you avoid them altogether, even better. It is when you become reliant on these services mixed with your other financial means that debt can start to accumulate. As mentioned, here at GoDay we lend responsibly. Our short-term payday loan is intended to help get you back on track – not further off it. Be sure to check out our Finance 101 page as well as the GoDay blog for resources and updates ranging from budgeting tips and tricks to payday loan related educational material and resources to help you avoid the payday loan cycle.
Why you should choose GoDay for your payday loan
There are many reasons why you should choose GoDay but there are a few key things that separate us from the rest. We’re known for our speedy, smart and secure loans and GoDay partners with the most reputable financial institutions and uses the fastest and most secure tools in the industry to ensure you get the speediest service possible. What does that mean? We partner with the most reputable financial institutions and uses the fastest and most secure tools in the industry to ensure you get the speediest service possible. One of the first things everyone thinks about when it comes to payday loans are the interest rates and fees associated with getting a loan. But that’s the difference between GoDay and other payday loans or short-term loan lenders – we don’t believe in hidden fees. This means that at GoDay, we don’t have hidden fees or extra charges on top, we disclose all fees up-front. We call this our “what you see is what you get” policy, so when you’re looking at a payday loan with us, the numbers you see won’t change. That’s right, everything from the amount you need to the repayment options including how much time you will need to pay us back. That’s why we pride ourselves at GoDay in our responsible lending practices. Other lenders would be willing to give you anything and everything if they could charge you interest indefinitely. But that’s not us. Our short-term cash-flow solution is intended to help get you back on track – not further off it which is not always the case as there are many other payday or short-term loan lenders that will surprise you with additional fees.
To learn more about our payday loans, make sure to visit our website.