A Sarnia payday loan is a great option when you need quick cash. However, choosing the right one isn’t always straightforward. Some lenders claim to offer a fast process, but don’t. Others offer an inferior product or they don’t handle your loan well.
Consequently, you need a way to weed through the less desirable to get to the best possible Sarnia payday loan and lender. Fortunately, you can do so easily if you look for these eight factors.
1. Choose an Online Lender
In-person lenders aren’t known for their speedy process. First, they expect you to come to them, which means you need to take time our of your busy day to visit their office. Even if they offer extended hours, it still isn’t convenient.
Fortunately, online lending eliminates all the hassle. You can apply at any time for any device, including evenings, weekends, and holidays.
Besides that, online lenders have a streamlined process. There’s no sitting around waiting while a loan’s officer reviews your application. A good lender won’t even ask you to upload documents to confirm your income. In fact, you never need to set foot inside of the lender’s office, even when it comes time to sign your loan contract. Everything is handled digitally.
2. Check That the Lender Has a Payday Loan License
Every lender issuing payday loans in Ontario should have a payday loan license. However, some shady companies build a website, but don’t bother with legalities. This can put both your personal and financial data at-risk, unnecessarily.
Regrettably, unlicensed lenders may actually be crooks trying to obtain your sensitive data. If they get their hands on it, it could lead to identity theft. In this case, scammers use your data to take out credit under your name. Alternatively, they can use your personal data to obtain illegal documents such as a passport.
Should an unlicensed actually grant you a Sarnia payday loan, it will certainly be sub-optimal. These are just some of the reasons loans through unlicensed lenders are undesirable:
- Higher cost – fees, penalties, and interest rates aren’t controlled
- Less transparency – unlicensed lenders aren’t legally obligated to reveal your costs to borrow upfront
- Sensitive data at-risk – unlicensed lenders aren’t concerned about safeguarding your personal data
- No consumer protections – unlicensed lenders aren’t governed by the Payday Loan Act, which specifically describes what the lender can and cannot do. As a result, they may use illegal tactics when managing your Sarnia payday loan.
Luckily, you can check whether a lender has an Ontario payday loan license easily. Just input their name into Ontario Ministry of Government and Consumer Services website here.
3. Costs Revealed Upfront
Another reason to choose a license lender is they should provide you with your costs to borrow upfront. The only personal information they might ask for is your province, since fees vary by region. Other than that, the lender does not have access to your sensitive information.
This is important, since you may decide you don’t want to borrow. If you provide the lender with all your information, you don’t know what the lender might do with it. They could sell it to a third-party, or as previously mentioned, use it for illegal purposes.
As a result, you always want to see a page like this, before you move forward. It provides you with sample borrowing costs based on your province so you can make an informed financial decision.
4. Simple Application Form
Should you decide you want to move forward with your Sarnia payday loan application, the lender should make it easy. Always steer away from any lender that asks where you lived, worked, and banked years ago. That level of information isn’t necessary when you’re borrowing such a nominal amount of money. The lender should only be interested in where you stand now and your ability to repay.
Consequently, a good Sarnia payday loan application form shouldn’t take you more than 15-minutes to complete. The lender only needs details to confirm your identity and income.
5. No Proof of Income
It is no longer necessary for you to dig up pay stubs or to ask your employer for a letter to confirm your income. This old school method has given way to digital income verification through your bank.
Basically, the lender asks your permission to obtain a statement from your bank to verify your recurring direct deposits. It’s fast and safe and the lender can’t peer into your private affairs.
This can be a great advantage for those who earn income in ways other than regular employment. For instance, you might be a contractor that receives recurring, regular income payments, or you could be a pensioner receiving OAS, CPP, or a private pension.
Fortunately, digital income verification eliminates the need for an income statement from your accountant or an official statement from your pension plan. If you earn a steady, recurring direct deposit income, you could qualify for a Sarnia payday loan.
6. No Minimum Credit Score Requirement
If a lender states they accept applications from those with at least a certain credit level, you should try someone else. Why? Minimum credit score requirements can automatically eliminate you for several reasons.
First, new borrowers and students seldom have a long credit history. Consequently, they don’t have a strong credit score.
Second, some people are trying hard to rebuild their credit. However, a minimum credit score requirement could mean an immediate loan rejection, even when they earn a decent income.
Third, every lender determines their own credit requirements. As a result, you could be turned down by one lender, but approved by another. Additionally, Canada’s two credit reporting agencies have different scales, but the lender decides which one they use. You could have acceptable credit with one, but not with the other.
Obviously, it makes more sense to just avoid this requirement entirely. Choose a good lender that relies on a pre-approval process. This process considers many factors, not just your credit. In most cases, their primary consideration is your steady, recurring income, not your credit.
7. Transparency
We already mentioned the importance of choosing a licensed lender, since they must reveal your costs to borrow upfront. However, a good lender will also tell you what they need from you before you take the time needed to fill out an application form. After all, what’s the point of applying for a loan that you can’t possibly get?
Fortunately, select lenders are totally transparent. As a result, it is always in your best interests to choose one that is open with you before you apply for your Sarnia payday loan.
8. Quick Decision & Funds Release
A Sarnia payday loan should be fast. However, many lenders take their time making a decision. That’s not fair to you, because you need money now.
Look for a lender that tells you how long it takes for them to make their decision. Is it minutes, hours, or days? If they don’t tell you, expect to wait.
Also check how long it will take them to get money into your hands after you sign your loan contract. Once they have their documents, the funds release process should be very fast.
If you sign your contract earlier in the day during business hours, a good lender could have money to you the same day. Otherwise, they should be able to get your funds to you early the next business day.
A Sarnia Payday Loan Through GoDay
GoDay offers a distinct advantage over the competition. When you apply for a Sarnia payday loan, we will 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.
GoDay is also a transparent lender. Consequently, we’re happy to provide you with our basic Sarnia payday loan requirements below:
Basic Loan Requirements
- 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 employment, self-employment, Old Age Security, the Canada Pension Plan, private pensions, and other forms of steady, recurring income)
- Valid email address
- Active cellphone or home telephone number
More Reasons to Choose GoDay
GoDay is a highly-experienced, reputable lender in Ontario. If you’re considering a Sarnia payday loan for quick cash, here are a few more reasons why we’re your best choice:
- 100% online Canadian company
- Licensed Ontario payday loan lender
- We’ve issued payday loans to Ontarians since 2012
- Costs revealed upfront – no obligation and no data risk
- 15-minute application form
- No proof of income
- No minimum credit score requirement
- Fast decision – we’ll let you know within minutes
- Quick funds release – GoDay may have the money in your bank account within an hour, providing you sign your loan contract earlier enough during the business day. Otherwise, you receive your money as soon as possible the next business day.
- Direct bank deposit or Interac® Email Money Transfer (conditions apply).
- 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”
Let us show you why so many people choose us for their Sarnia payday loan available. We make borrowing easy.
Whether you are ready to start the application process or want more information, please visit our website. You can also find more information on our Ontario payday loans here.
