What To Do Before Applying For a Payday Loan

So you’re looking at getting a payday or short term loan. Where do you start? You’ve come to the right place, because here at GoDay, we’re here to help. In a recent report by the Financial Consumer Agency, they found that nearly two million Canadians use payday loans each year. And that’s why people are turning to us. Applying only takes a few minutes and is followed by an instant lending decision thanks to our highly automated system, here at GoDay we do all we can to ensure you receive your funds as soon as possible. What else do you need to know before applying for a payday loan? We give you the scoop on everything you need to know.

Do your research

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 as many are not licensed and do not follow provincial rules designed to protect borrowers like us here at GoDay. But for a speedy, smart, and secure loan, look no further than with us! 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 and 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.

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. Make sure to check the borrowing options in your city as 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.

How To Know If a Payday Loan Is Right for You?

Life happens! We’ve talked about how tough it can be to get thrown off the track financially. If you are faced with an expected expense and need to borrow money you should consider all of your options. So what are your options? We’ve outlined several, so that you can determine what best fits your need and financial situation.

Here are a few examples of when a payday loan may be a good solution:

  • Avoid bounced cheques and overdraft or late fees
  • Pay for daily essentials (such as groceries, utilities, mortgage/rent, etc.)
  • Unexpected 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 or a lump sum of money
  • When you need an extended amount of time to pay back the money you borrow
  • When you need to borrow money time and time again
  • Non-essential purchases (such as buying the latest and greatest TV, taking a vacation, or buying holiday gifts)

What you should 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 are a few other 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 we dispense..

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. 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. Some people don’t need the allotted time we give them to pay their loan back and pay it off quicker than the timeline we’ve set out for them. 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.

Knowing Your Credit Score

Did you know that you should also know your credit score when applying for payday loans? Why? 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. 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. 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 Have 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 You Should Choose GoDay For Your Loans

There are many reasons why you should choose GoDay but there are a few key things that separate us from the rest. 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. 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. 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.

To learn more about our payday loans or to get started with your loan application today, make sure to visit our website.

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