A payday loan is a short-term loan that can help you cover immediate cash needs until you get your next paycheck. Payday loans can be great options for when you have an important expense that needs to be paid but you’re waiting for a cash flow (like your paycheck) to come in.
Is a payday loan right for me?
Are you feeling financially stressed and don’t know where to start to get your finances back in order? Sudden expenses come up unexpectedly all the time and you may not have the cash readily available to help cover them. It may not always be an option to go to a family member or friend to borrow money, and banks aren’t always willing to give people a loan, especially quickly.
Saying that, a payday loan is not for everyone. GoDay likes to see customers using us responsibly to get back on track financially, not further behind. And there are times we will have to say not to people because our loans may not be the right fit for you and your situation. So how do you know if a payday loan is right for you? Here are a few examples of when a payday loan may be a good solution:
- Avoid late payments, bounced cheques or overdraft fees
- Paying for daily essentials (groceries, utilities, mortgage/rent, bills, etc.)
- Unexpected expenses (auto and home repairs)
- Other emergency expenses
Here are a few examples of when a payday loan may not be a good solution:
- When you need a large amount of money
- When you’re on a timeline to pay back the money you have borrowed
- When you are borrowing money time and time again
- Non-essential purchases (such as buying the latest gadget, taking a vacation)
Now that you have an idea of whether or not payday loan is for you, where do you start? You’ve come to the right place, because here at GoDay, we’re here to help. And that’s why people are turning to us. In a recent report by the Financial Consumer Agency, they found that nearly two million Canadians use payday loans each year. At GoDay, speedy, smart, secure, is the GoDay way. And we have been providing Canadians with online payday loans since 2012. 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.
What should you know the first time you get a payday loan?
If it’s your first time getting a loan with us, we 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. Besides the first timers policy, there is a few other things you should know before taking out a payday loan:
What to expect
Here at GoDay, we like to make it as easy as possible for you to get your loan – that’s why we provide ourselves with our professional service and resources. Unlike many online lenders, we have real people and physical locations ready to help you along the way, but we do need a few things from you before we can give you a loan. Requirements to get a payday loan differ by lender, but generally you will need the following to apply:
- Be 18 years old or older
- Valid photo ID
- Open and active bank account
- Working phone number
- Your permanent address
To get your loan from us we will automatically deposit the money in your bank account. 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.
Repaying your loan
We’re very flexible when it comes to repaying your loan. We know that everyone’s financial situation is different and that cash flow is not the same for everyone. That’s why our team works with you personally to customize your loan and repayment options that go with it. We also understand that you may need a little more time- in this case we ask that you get in touch with us instead of defaulting on (or just not paying) your loan. This is also specific to GoDay only as other companies don’t always have the same flexibility and understanding that we do.
You need to know your credit score
You need to know your credit score before applying to GoDay 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 give 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 (or payback) the loan.
A payday loan or any loan application can also affect your credit score, even if it is just by a few points. 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.
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 your loans, how many loans you have outstanding, and many more factors. This is something to keep in mind when applying for a payday or short term loan, as it can have future financial implications down the road.
Don’t pay more than you need to
Here at GoDay we don’t believe in hidden fees. And that happens to be one of the big differences between GoDay and other payday loans companies. At GoDay, we like to make things simple and transparent for our customers because no one likes surprises when it comes to their money. That’s why at GoDay we have a “what you see is what you get” policy in place, so when you’re looking at a payday loan with us, the numbers you see won’t change. This means that at GoDay, we don’t have hidden fees or extra charges on top, we disclose all fees up-front, including those you’ll be required to pay if you default on your loan. But, this isn’t always the case. There are many payday or short-term loan lenders out there that will surprise you with additional fees, so borrow responsibly and know where your money is going before applying for a payday loan.
Why choose GoDay payday loans?
Payday loans from GoDay are the simple, smart and secure way to get the cash you need quickly and easily. In a recent report by the Financial Consumer Agency, they found that nearly two million Canadians use payday loans each year. Whether you are looking for fast cash, to get yourself out of a financial bind, or to help keep yourself 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 find yourself in a financial bind.
We are also 100% online. And because we are online, that means that you can apply for the loan you need from virtually anywhere! There is no need to go into a physical store to get the cash you need again. Save time and apply from any device from the comfort of your own home or on the go.
We’re also a Canadian company! With physical office locations in both Toronto and Vancouver, GoDay.ca may be a virtual online company, but we are founded and run here in Canada. We know that life happens and there are times that you need cash, fast! Besides us helping you to get the cash you need quickly and easily, we also offer the security and professionalism to go along with it.
Say no to surprise fees
No one likes surprises when it comes to their money. This is why here at GoDay, we disclose everything upfront. We don’t believe in any secret or additional fees. And we know that one of the common misconceptions when it comes to payday loans is the interest rates and fees associated with getting a payday loan. But that is what makes GoDay different compared to other payday loan or short term loan lenders – we don’t believe in hidden fees. That’s right, everything from the amount you need to the repayment options including how much time you will need to pay us back, we disclose all of our fees upfront. And at Goday, we pride ourselves on our responsible lending practices. 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.
We are here to help!
Even though we are 100% online, we have real people ready to help you along the way. Do you have questions about your online payday loan? Give us a call. At GoDay, we are very proud of the professional services we offer and our amazing customer service team. We care about your financial well-being and are readily available if you have any questions or concerns when it comes to your loan or any help you need along the way. We are also a Canadian company! With physical office locations in both Toronto and Vancouver, GoDay may live online, but we are founded and operated right here in Canada. But you don’t have to take our word for it – take a look at our customer reviews on TrustPilot, check our A+ rating from the Better Business Bureau, or review our Ontario Payday Loan License before starting your payday loan with us. Let us do the work for you.
Not only does GoDay have an easy to use application process and a step-by-step guide to help you along the way, but we also have the GoDay café, our personal blog where we cover a variety of topics related to different money matters. We also have our GoDay education section on our website, to support – not replace – the advice of a financial professional, which is our learning center to help you understand your payday loans and personal finance options. You will also find numerous resources and tools such as calculators; links to credit counsellors, useful apps, budget worksheets, a glossary of industry used terms and more. Our customer service team is also a great resource for any other questions you may have for us so feel free to reach out if you have any questions.
Privacy and security
You can find anything and everything online these days. And this includes us! That’s why we understand that sharing your 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 help protect the private information you give us online. GoDay takes your privacy seriously. GoDay uses the most advanced industry practices to ensure your data is safe and never used without your consent. We don’t share any of your private online payday loan information with anyone else. Because we are digital, you can apply for the loan you need virtually anywhere. Not to mention we are also mobile-friendly, so there is no need to go into a physical store, saving you time and giving you the convenience of applying from any of your devices in the comfort of your own home or while you are on the go. But as an online company, we keep your privacy and security top of mind. We understand and value that your information is private. 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 and loan you have with us. Our customer service representatives can also help answer any questions you may have with respect to your privacy, your obligations, and your rights.
Communication is key
Applying for a loan with us? We let you know the process every step of the way. From our instant approvals process that is available 24/7 to our GoDay email notifications about the status of your loan, you will always be in the know. Our online payday loan application takes five minutes to complete and our fully automated system will provide you a decision within minutes. When trying to get a short-term loan with other payday loan companies, you have to go into their store and you receive your loan after a lengthy process and sometimes you don’t always know the outcome. But when it comes to GoDay, you can use our online tools and customize the loan that works best for you. That’s right, everything from the amount to the payment options. And if you ever have questions, as we mentioned, we have our customer service team available ready to help you.
First time customer with GoDay?
Are you a first-time customer with us? If so, thanks for choosing us! Every company is different but we try and make it as easy as possible for you. We like to see customers using us responsibly to get back on track financially, not further behind. So if it is your first time getting a loan with us, we do have a few rules in place so we can get to know each other. For your first loan, you can request up to $500 with us for up to 30 days. As we establish a relationship with one another, you then have the opportunity to gradually increase your loan amounts up to a maximum of $1500. As a GoDay customer, we don’t make you wait for your money. Once you submit your application, we will let you know if you have been approved. Submitting for a loan is quick and easy, as we ask a few questions to help us get to know you better. Our payday loan applications are accepted and processed instantly by our automated system that is working 24 hours a day, seven days a week. From there, if we need any additional information from you, our system will let you know and one of our customer service representatives will be in touch. After that, we use the industry’s fastest tools to make sure you get your loan as soon as possible.
If we can help you get through a few financial hurdles, terrific. If we can help you avoid them altogether, even better. Try our service and let us show you why thousands of Canadians turn to GoDay when they need a payday loan.