{"id":6952,"date":"2021-10-14T16:06:50","date_gmt":"2021-10-14T20:06:50","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=6952"},"modified":"2022-04-14T02:31:23","modified_gmt":"2022-04-14T06:31:23","slug":"best-fast-payday-loan-online-in-canada","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/best-fast-payday-loan-online-in-canada\/","title":{"rendered":"Best Payday Loans Online and How to Find Them"},"content":{"rendered":"\n
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The best payday loans online aren\u2019t the ones found on flashy websites promising you instant money. Many of these lenders hope you won\u2019t take the time to find out what sets the best payday loans apart from the rest. Instead, they try to impress you with a fancy website.<\/p>\n\n\n\n

The problem is that some lenders don\u2019t offer good payday loans, never mind the best. They\u2019d rather do what they can to divert you from the facts surrounding their payday loans, because what they actually offer is quite bad.<\/p>\n\n\n\n

So, what should you look for if you want to find the best payday loans online? Quite a bit, as it turns out. Let\u2019s delve deeper.<\/p>\n\n\n\n

Look for Total Transparency<\/h2>\n\n\n\n

Regrettably, some lenders have given payday loans a bad rap. They hide their fees and the borrower never knows about them until later. These fees can make what seems like a good payday loan a very bad decision.<\/p>\n\n\n\n

Conversely, good lenders provide you with an estimate of the fees beforehand so you can decide whether you want to apply. To give you an accurate estimate, they should ask which province you live in to apply the payday loan fees that govern your region.<\/p>\n\n\n\n

If you decide to apply and you\u2019re pre-approved, they should immediately tell you the actual amount you will pay should you decide to borrow. It should be very close or exactly the amount they quoted you earlier. They should also provide you with all important loan details such as the loan amount and payment due date.<\/p>\n\n\n\n

Choose a Licensed Lender<\/h2>\n\n\n\n

Almost any company can build a website and offer to lend you money. What you may not know is that many online lenders aren\u2019t licensed, which can be a big problem.<\/p>\n\n\n\n

An unlicensed lender can pretty much do what they want. They aren\u2019t governed by provincial laws and can charge you high fees or levy charges that wouldn\u2019t normally be allowed.<\/p>\n\n\n\n

For instance, some lenders do not have a maximum limit on how much they can charge you for if you don\u2019t have enough funds in your account to cover your payment. Others may ask you to sign a form to transfer your wages to them, even if this isn\u2019t normally permitted in your province under payday loan legislation. Unfortunately, when you borrow from an unlicensed lender you also have little recourse if they do these objectionable things.<\/p>\n\n\n\n

On the other hand, a licensed lender must stick to the letter of the law. Their fees and practices are closely regulated and you do have recourse if there\u2019s ever a problem. You can file a complaint through the provincial ministry that handles consumer affairs and they will investigate. Consequently, licensed lenders are eager to resolve problems quickly and fairly.<\/p>\n\n\n\n

If you\u2019re unsure whether a lender is licensed or not, check with the consumer affairs office<\/a> in your province. It\u2019s just not worth it to risk borrowing from an unlicensed lender.<\/p>\n\n\n\n

Are They Reputable?<\/h2>\n\n\n\n

Any lender can claim to offer the best payday loans online, but what do their customers say? Do they have a lot of reviews on independent sites such as TrustPilot? Do they respond to their reviews, try to resolve problems, and show genuine concern?<\/p>\n\n\n\n

Are they members of a professional organizations such as the Canadian Consumer Finance Association which represents most small-sum, short-term credit regulated lenders in Canada?<\/p>\n\n\n\n

Are they a member of the Better Business Bureau? What\u2019s their rating? How long have they been in business?<\/p>\n\n\n\n

These quick checks will quickly show you that many of these lenders couldn\u2019t possibly offer the best payday loans online. Many can\u2019t even offer good ones.<\/p>\n\n\n\n

What About Their Customer Service?<\/h2>\n\n\n\n

Take a close look at the bottom of the lender\u2019s website. Are they based in Canada? If you\u2019re unsure, search for their head office under their business name.<\/p>\n\n\n\n

When it comes to borrowing, you really don\u2019t want to deal with customer service from outside the country. They can\u2019t provide you with the level of service you deserve.<\/p>\n\n\n\n

Look for a toll-free number as well as email and website support too. Check that the website has an extensive FAQ section too. Good self-serve options indicate the lender has taken the time to provide easy access and common information their customers should have.<\/p>\n\n\n\n

Do They Do A \u201cHard\u201d Credit Inquiry?<\/h2>\n\n\n\n

A good payday lender rarely does a credit inquiry. There\u2019s usually no need as the amount is small and the loan is linked to your payday. If they do run a credit check, they use a \u201csoft\u201d inquiry that does not appear on your credit file.<\/p>\n\n\n\n

However, some lenders do make a \u201chard\u201d inquiry when you apply. Check their website, because this will show up on your credit file, even if you decide not to borrow from them. If you do this often, lenders may look at you as high risk.<\/p>\n\n\n\n

Do They Protect Your Data?<\/h2>\n\n\n\n

As mentioned, any company can set up a website. However, many don\u2019t use sufficient data protection. Considering a loan application includes personal information such as your address, email, and banking information, proper data protocols are very important.<\/p>\n\n\n\n

Check whether their website includes a privacy statement that explains how they will use and disclose personal information. It should also state how long they retain your data and precisely when they share it with third parties. They should also provide a way to challenge any data compliance issues and an assurance they investigate all complaints.<\/p>\n\n\n\n

Do They Decide Quickly?<\/h2>\n\n\n\n

The best payday loans online offer a decision within minutes of completing your application. They don\u2019t take days or weeks to let you know whether you\u2019ve been pre-approved.<\/p>\n\n\n\n

Good lenders respond quickly with complete information including loan interest, loan fees, and any penalties you\u2019ll be required to pay should you default on your payday loan. If you agree with the terms, you should be able to get your money very quickly.<\/p>\n\n\n\n

How Long Until They Release Funds?<\/h2>\n\n\n\n

The best payday loans online have money in your bank account fast. Some may offer the option of an email transfer instead. Regardless, it shouldn\u2019t take more than 24 hours to receive your money.<\/p>\n\n\n\n

What\u2019s the Maximum Loan Amount?<\/h2>\n\n\n\n

The maximum payday loan amount in Canada is $1,500. However, new borrowers may not be offered maximum credit.<\/p>\n\n\n\n

Additionally, some provinces the regulations limit the amount a lender can offer. For example, In Ontario lenders can only loan up to 50% of your average income. This stipulation is in place to ensure you have sufficient remaining funds on pay day to meet your obligations.<\/p>\n\n\n\n

What About Interest Rates?<\/h2>\n\n\n\n

Regulated lenders must adhere to the Payday Loans Act which limits interest rates. Unregulated lenders aren\u2019t restricted and may charge phenomenally high interest rates.<\/p>\n\n\n\n

GoDay \u2013 The Best Payday Loans Online<\/h2>\n\n\n\n

As you\u2019ve read, there\u2019s much to consider when you want to borrow. The best payday loans online aren\u2019t through fly-by-night companies located elsewhere or from lenders that can\u2019t be bothered to get a license.<\/p>\n\n\n\n

Luckily, good lenders do exist and here\u2019s why you consider GoDay for your online payday loan.<\/p>\n\n\n\n

Our Requirements<\/h3>\n\n\n\n

GoDay wants you to know what we expect so you don\u2019t waste your valuable time. Here\u2019s our simple requirements if you\u2019re interested in accessing one of the best payday loans online:<\/p>\n\n\n\n