Now you can listen to our blog, "Captain Cash: Everything You Need to Know" while…
Now you can listen to our blog, “GoDay Payday Loan: Is it Safe to Apply?” while on the go.
GoDay is an online lender that offers a short application process and a transfer of funds within the hour if you’re cash-strapped and need a quick injection of funds without stopping by an in-person payday lender.
It guarantees a quick decision on your payday loan application, regardless of when you apply during the day, no paperwork, and complete pricing transparency.
You can apply even if you have low credit, no credit history, or don’t have a steady source of income. Borrowers who get the Canada Child Benefit, Disability Tax Credit, Old Age Security, private pensions, or the Canada Pension Plan can all seek to be pre-approved for funding, according to GoDay. All you have to do is show that you have a “reliable source of income.”
Remember that payday loans are only meant to be used for a short period of time and come with exorbitant costs and a short repayment period. Payday loans are not ideal for long-term or frequent use because you will have to repay much more than you borrowed initially. It’s a very pricey solution that should only be used as a last resort.
What is a GoDay Payday Loan, and how does it work?
Payday loans from $100 to $1,500 are available through GoDay. To apply for finance, simply fill out a brief online application that includes your personal information as well as the amount you wish to borrow. Within seconds of submitting your application, you’ll know if you’ve been pre-approved. You can receive your payments via INTERAC e-Transfer as soon as one hour after signing the contract.
After you receive your funds, you must repay them by your next regularly scheduled payment. You’ll also have to spend a lot of money to get this form of loan, however, the amount varies depending on where you live.
The maximum borrowing cost in each province, as set by provincial administrations, is shown below. Keep in mind that GoDay is only available in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, and Saskatchewan.
What are the advantages of taking out a GoDay Payday Loan?
When life throws you a curveball, you may require an emergency cash injection to get you through until your next payday. If you’re looking for a payday loan, these are some of the benefits of using GoDay:
- Online application that is simple to complete. Applying for a GoDay Payday Loan will take you less than 5 minutes. You won’t have to go to a real location or store to prove your identity or get your money.
- Quick approval. Your loan application will receive an instant pre-approval decision from GoDay. If you accept your contract, you should get your funds by INTERAC e-Transfer deposit within an hour of receiving your loan approval.
- Anyone is eligible to apply. GoDay invites everyone who is interested to apply for a loan, whether they have bad credit, no credit, or receive income from CPP, OAS, child tax benefits, disability income, or other government benefits. To repay your loan, you simply need to show that you have a “consistent source of income.”
- Unsecured loans are loans that are not backed by collateral. You won’t have to put your home or car up as collateral for your loan.
What are the Disadvantages of taking GoDay Payday Loan?
Payday loans should be approached with caution by all consumers. The following are the major red flags associated with a GoDay Payday Loan:
- Fees are exorbitant. Payday loans are known for their astronomically high costs, and GoDay is no exception. Expect to pay costs of $15 to $19 for every $100 borrowed, depending on your province. That’s a lot more than the interest you’d pay if you used your credit card.
- The maximum loan amount is low. According to your province’s payday loan legislation, you can only borrow up to $1,500 or 50% of your paycheque, whichever is less.
- For first-time borrowers, there are some restrictions. Customers who are applying for the first time can only be accepted for up to $500.
- Withdrawals are made automatically. On the due date, your loan repayment will be deducted automatically from your bank account, so you’ll need to budget appropriately to prevent late fees.
- Only in a few provinces is it available. Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, and Saskatchewan are the only provinces served by GoDay.
- There is no face-to-face interaction. While GoDay offers online and telephones customer service, the company does not have any retail locations where clients can get in-person assistance.
- There is a cost for arriving late. You may be charged late fees if you do not repay your loan on time.
Is GoDay Payday Loan Safe to Apply?
Applying for a GoDay Payday Loan is completely risk-free. GoDay has been providing loans since 2012, is regulated in the provinces where it operates, and follows all provincial lending requirements, so you won’t be charged any hidden costs.
Toronto, Vancouver, Calgary, Regina, Fredericton, and Halifax are among the locations where it has physical offices. It has Facebook and Twitter pages and is active on social media. It also has a 4.5-star rating on Trustpilot, based on over 1,300 reviews.
Am I Eligible For it?
To be qualified for a GoDay Payday Loan, you must meet the following criteria:
- Be a permanent resident of Canada.
- Meet the provincial minimum age requirement, which varies by province.
- Get paid via direct deposit if you have a “reliable source of income,” such as a job or government, tax, or pension payments.
- Have a bank account or a credit union account with a Canadian bank or credit union.
- Have a working email address, phone number, and home address.
What is the procedure for applying for a GoDay Payday Loan?
Follow these steps if you’re ready to apply for a GoDay Payday Loan:
1. Go to the GoDay website.
Select your province from the drop-down menu by clicking on “Apply Now.” GoDay will display the cost of borrowing in your jurisdiction as well as its Payday Loans Act license. To continue, click “Go!”
2. Begin the loan application process
Decide how much you want to borrow using the sliding scale. Remember that GoDay can only lend $500 to first-time applicants.
3. Make personal information available
Your full name, email address, birthday, marital status, social security number, full mailing address, years at this address, and phone number are all included. To submit your application, agree to the terms and conditions and click “Next.”
4. Include details about your job
This information contains your job title, employer, length of service, salary, and forthcoming payment. You’ll also have to supply information regarding your rent or mortgage payments on a monthly basis. “Next” should be selected.
5. Go over your application again
Examine your application before submitting it. Within minutes, you should receive an email with a quick pre-approval offer.
6. Obtain verification
If you meet the eligibility standards, get verified and negotiate the terms of your loan if you’re happy with your loan approval. If a loan officer needs additional information to proceed with your application, they will call you.
7. Collect your money
GoDay will transmit your funds via INTERAC e-Transfer within an hour after you’ve signed off on your loan.
8. Pay back your loan
GoDay will deduct the total amount of your loan plus the borrowing fee from your bank account on your next payday.
The Bottom Line
At Lionsgate, we specialize in helping people obtain funding private mortgages for land purchases as well as for other real estate transactions. If you are looking to buy land in Canada, get a mortgage or apply for a loan, leave us a message and we will try to connect you with local realtors and sourcing for financing.
If you found this article helpful, please share it with someone you care about. Also, visit our blog to read similar articles on mortgages.