{"id":7299,"date":"2022-05-15T09:00:00","date_gmt":"2022-05-15T13:00:00","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=7299"},"modified":"2022-05-10T00:38:03","modified_gmt":"2022-05-10T04:38:03","slug":"paydayloans-in-barrie-5-important-facts","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/paydayloans-in-barrie-5-important-facts\/","title":{"rendered":"Payday Loans in Barrie: 5 Important Facts You Need to Know"},"content":{"rendered":"\n
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Payday loans in Barrie can provide you with quick cash. However, you should realize they are only appropriate for urgent, immediate needs. Even though they can bridge a temporary cash flow gap, they\u2019re not suitable for ongoing expenses.<\/p>\n\n\n\n

Nonetheless, they can be a viable alternative if you don\u2019t have access to credit or you can\u2019t or don\u2019t want to borrow from friends or family. However, most people either know nothing about them or have only heard bad things. That\u2019s a shame, since they do play an important role in the lending market.<\/p>\n\n\n\n

If you\u2019re considering payday loans in Barrie, here are 5 important facts you should know before you make a decision.<\/p>\n\n\n\n

Fact #1 – You Don\u2019t Necessarily Need to Have a Regular Job<\/h2>\n\n\n\n

Certainly, many payday loan lenders make regular employment a requirement for their loans. However, many people earn money in other ways. Consequently, some lenders offer payday loans in Barrie that accept income from other sources.<\/p>\n\n\n\n

For instance, those who are self-employed, receive a pension, or earn income through the Canada Child Benefit or Disability Tax Credit may qualify for a loan. Usually, the only stipulation is that you receive your earnings through direct deposit. This makes it possible for the lender to verify your income electronically.<\/p>\n\n\n\n

If you don\u2019t fit into the requirements of a particular lender, definitely look elsewhere. Every lender determines their own lending requirements. Even if one lender won\u2019t approve you, it doesn\u2019t mean you can\u2019t get a loan through another lender.<\/p>\n\n\n\n

Fact #2 \u2013 The Lender Should Be Licensed<\/h2>\n\n\n\n

Legally, every lender in Ontario is required to have a license. This applies to both in-person and online lenders. However, some companies don\u2019t bother with legalities.<\/p>\n\n\n\n

Potential Problems with Unlicensed Lenders<\/h3>\n\n\n\n

If you choose an unlicensed lender, it can cause you plenty of headaches. First, it could be a scam and the lender may just be after your personal information. This can lead to identity theft and illegal credit opened under your name.<\/p>\n\n\n\n

Second, unlicensed lenders aren\u2019t bound by Ontario or Canadian law. Consequently, you\u2019ll forfeit consumer protections that you would normally fall back on if you have a problem with your loan.<\/p>\n\n\n\n

Finally, if per chance the company actually issues you a loan the interest rate, fees, and penalties aren\u2019t controlled. As a result, you could pay far more than you should. Plus, they can use illegal methods to collect what you owe and you won\u2019t have recourse.<\/p>\n\n\n\n

You can check whether a lender has a license on the Ontario Ministry of Government and Consumer Services here<\/a>. If you\u2019re not convinced, read further. The benefits of using a licensed lender are definitely worth the effort.<\/p>\n\n\n\n

Benefits of Using Licensed Lenders<\/h3>\n\n\n\n

As mentioned, a licensed lender has government oversight. In Ontario, they must follow the Payday Loan Act<\/a>. This Act describes precisely what a lender can and cannot do regarding fees, penalties, interest rates, and collection methods.<\/p>\n\n\n\n

Additionally, licensed lenders must be transparent. They can\u2019t hide fees and reveal your cost to borrow before you provide your personal information. The only information they will request is your province of residence, as allowable costs vary between regions. Here\u2019s an example<\/a> of the first page you will see when you apply through GoDay.<\/p>\n\n\n\n

Finally, Ontario law determines how much you can borrow. This is meant to protect you from overborrowing. Currently, the maximum, legally-permitted payday loan maximum is 50% of your previous month\u2019s earnings, up to a maximum of $1,500.<\/p>\n\n\n\n

Fact #3 \u2013 Qualification Requirements Can Vary<\/h2>\n\n\n\n

We already mentioned that some lenders offer payday loans in Barrie for various income sources. However, this isn\u2019t the only criteria that may vary.<\/p>\n\n\n\n

As an example, some require a minimum credit score or a high monthly income. Fortunately, GoDay has neither. Our requirements are basic and straightforward:<\/p>\n\n\n\n