{"id":7179,"date":"2022-02-20T18:49:31","date_gmt":"2022-02-20T23:49:31","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=7179"},"modified":"2022-04-23T00:16:25","modified_gmt":"2022-04-23T04:16:25","slug":"best-paydayloans-toronto","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/best-paydayloans-toronto\/","title":{"rendered":"Find the Best Payday Loans in Toronto"},"content":{"rendered":"\n
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The best payday loans in Toronto are easier to find than you might think. However, you should know which factors we\u2019ve used to separate the bad and somewhat good, from the best.<\/p>\n\n\n\n

Licensed in Ontario<\/h2>\n\n\n\n

Every payday loan lender in Ontario<\/a> is legally required to have a license. Nonetheless, not all companies stick to this requirement, particularly those that operate online.<\/p>\n\n\n\n

Choosing a licensed lender is extremely important, because they\u2019re governed by Ontario laws and must follow the rules set by the Payday Loans Act. This includes how much they can charge you for interest, penalties, and fees.<\/p>\n\n\n\n

Licensed lenders <\/a>must also follow strict procedures if you don\u2019t fulfill your loan obligations. For instance, they can\u2019t incessantly pester you, your spouse, relatives, or neighbours. They can\u2019t threaten or intimidate you either.<\/p>\n\n\n\n

Regrettably, unlicensed lenders can use whatever means they want to collect the money you owe. Ever worse, if you deal with an unlicensed lender, you could find yourself in the midst of a scam. Unscrupulous lenders could steal your personal data or access financial accounts.<\/p>\n\n\n\n

You can check whether a lender has a license through the Government of Ontario website here<\/a>. Just type in the company\u2019s name in the search table and their details should pop up. If it doesn\u2019t, look for another lender.<\/p>\n\n\n\n

Offer 100% Online Process<\/h2>\n\n\n\n

At last count, there were dozens of payday loan lenders in Toronto with physical offices. However, many more operate online.<\/p>\n\n\n\n

Most people don\u2019t have the time or desire to go to a physical office to apply for a payday loan. In truth, it is a pretty outdated and unnecessary concept since we live in a digitally-connected world.<\/p>\n\n\n\n

As a result, we believe the best payday loans in Toronto can be found on the internet, not in some seedy office on the corner of a busy intersection. Instead, good lender uses a digital process and conducts the entire payday loan process online. That includes filling out your application, the lender\u2019s decision, signing your loan documents, and your funds transfer.<\/p>\n\n\n\n

What\u2019s even better about online payday loans in Toronto is that you don\u2019t necessarily need to supply proof of income. Your bank confirms your salary deposits with the lender, so you don\u2019t need to dig up pay stubs or get a letter from your employer. Everything is handled electronically, quickly, safely, and discretely.<\/p>\n\n\n\n

Reveal Their Requirements<\/h2>\n\n\n\n

The best payday loans in Toronto come from lenders that tell you what you need to qualify. If a lender leaves you guessing, filling out an application could be a waste of time.<\/p>\n\n\n\n

Look for a lender that states what they want to see. Usually, the requirements are quite basic. For instance, GoDay requires you to be a Canadian resident that\u2019s at least 18-years of age. They also want to see a permanent address, active bank account, and regular wages paid through direct deposit. Of course, you\u2019ll need an email address and telephone number to communicate with the lender.<\/p>\n\n\n\n

Totally Transparent Regarding Costs<\/h2>\n\n\n\n

We mentioned that finding a licensed lender is the best way to ensure you\u2019re treated properly. However, there\u2019s another important reason you\u2019ll want to choose a licensed lender \u2013 they\u2019re legally-required to reveal all costs upfront.<\/p>\n\n\n\n

When you apply online, a licensed lender should ask you your province of residence. This is because the legal requirements for each region differ. Once you provide them with that information, they should immediately spell out the costs involved in borrowing. You can review this information and then decide if you want to move forward.<\/p>\n\n\n\n

More importantly, your decision comes before you provide the lender with any personal information. If you decide you don\u2019t want to borrow \u2013 no problem. They don\u2019t have your data and they can\u2019t hound you if you decide to borrow elsewhere.<\/p>\n\n\n\n

However, some lenders will ask for all your personal details and then reveal the costs involved with the loan. The obvious problem with this is that they have your information, even if you decide not to borrow.<\/p>\n\n\n\n

Reputable Lender<\/h2>\n\n\n\n

The best payday loans in Toronto come from reputable lenders. They are members of the business community that care about their reputation. They join organizations and consumer groups, because they want potential customers to know they are willing to work with them should there ever be an issue.<\/p>\n\n\n\n

Of course, most people Google a company to see their overall rating. However, other review sites like TrustPilot<\/a> are often more telling. Their ratings are from clients that actually borrowed from the company. Google reviews may be from disgruntled applicants that were never approved.<\/p>\n\n\n\n

Another good resource to help you assess reputation is the Better Business Bureau. Many companies don\u2019t bother with accreditation, since it costs money and members commit to specific standards. These include:<\/p>\n\n\n\n