GoDay Review

About lender

GoDay, a prominent online payday loan provider in Canada, offers swift financial solutions to individuals facing temporary cash shortages. With the convenience of their online platform, borrowers can access quick payday loans of up to $1,500, bridging the gap between paychecks with ease. The entire loan process is completed online, ensuring a hassle-free experience for customers who require fast access to funds. GoDay provides its financial services across multiple provinces in Canada, ensuring accessibility to individuals nationwide. Among the provinces served by GoDay are British Columbia and Prince Edward Island, where residents can access payday loans and installment loans to address their short-term financial needs.

Utilizing modern security measures, GoDay prioritizes the safety and confidentiality of personal information throughout the application process. Their automated system enables instant decisions on loan applications, sparing customers the inconvenience of lengthy waits. With transparent fee disclosure and a commitment to excellent customer service, GoDay stands out as a reliable option for Canadians seeking efficient and dependable financial assistance.

Features

• Quick Application. GoDay offers a simple and user-friendly online application process, allowing borrowers to apply for a payday loan in just a few minutes. This feature ensures convenience and saves valuable time for individuals in need of urgent financial assistance.
• Instant Decision. Upon submitting an application, GoDay's automated system swiftly assesses eligibility and provides an instant decision. This rapid response enables borrowers to know their loan status promptly, avoiding prolonged waiting periods commonly associated with traditional loan applications.
• Flexible Borrowing. Borrowers have the flexibility to choose the amount they need to borrow, up to a maximum of $1,500, depending on their financial requirements. This feature allows borrowers to tailor their loan amount to meet their specific needs, avoiding overborrowing.
• Fast Cash Access. Once approved, borrowers can access their payday loan funds in as little as one hour. This expedited process ensures that individuals facing urgent financial challenges can receive the necessary funds promptly, helping to address immediate financial obligations.
• No Hidden Fees. GoDay is committed to transparency in its fee structure, with all applicable fees clearly outlined on the website and loan agreement. This transparency ensures that borrowers understand the costs associated with their payday loan upfront, avoiding any surprises later on.

Pros and cons

Pros

Cons

Reliability

GoDay's reliability can be assessed through various metrics, including its accreditation with the Better Business Bureau (BBB) and customer reviews on platforms like Trustpilot. With a BBB accreditation and a rating of 4.4 out of 5, GoDay demonstrates a commitment to transparency and customer satisfaction. Additionally, the substantial number of reviews on Trustpilot, totaling 2,847, provides valuable insight into the experiences of customers with GoDay's services. While positive reviews on Trustpilot reflect the company's reliability in meeting the needs of many borrowers, it's important to consider a range of factors when evaluating reliability, including individual experiences and regulatory compliance.

How to apply for a GoDay loan?

1. Visit the GoDay Website. Start by visiting the official GoDay website from your computer or mobile device. The website provides all the necessary information about their loan products and services.

2. Complete the Online Application. Once on the GoDay website, locate the 'Apply Now' button and click on it to initiate the application process. You will be directed to a secure online form where you'll need to provide personal and financial details, including your name, address, employment information, and banking details.

3. Submit the Application. Fill out the online application form accurately and thoroughly. Double-check all the information provided to ensure its accuracy. Once you've completed the form, review the terms and conditions carefully before submitting your application.

4. Receive Instant Decision. After submitting your application, GoDay's automated system will assess your eligibility and provide an instant decision. You'll quickly receive notification of whether your application has been pre-approved.

5. Provide Additional Information if Required. In some cases, GoDay may require additional documentation or verification to process your application further. If requested, promptly provide any necessary information to expedite the approval process.

6. Accept the Loan Terms. If your application is approved, carefully review the loan terms and conditions provided by GoDay. Ensure that you understand the payment plan, fees, for example missed payment fees, and interest rates associated with the loan before accepting the offer.

7. Receive Funds. Upon accepting the loan terms, GoDay will proceed to transfer the approved loan amount to your designated bank account. The funds are typically disbursed electronically, and you may receive them in as little as one hour from approval, depending on your financial institution's processing times.

Conditions

• Loan Amount. GoDay offers payday loans ranging from $100 to $1,500, providing borrowers with flexibility in choosing the loan amount that best suits their needs.
• Repayment Period. The repayment period for GoDay payday loans typically coincides with the borrower's next payday. However, if the borrower's next payday is within two days of receiving the loan, the repayment date may be extended to the following payday.
• Fees and Interest Rates. The cost of borrowing from GoDay is transparently disclosed, with fees and interest rates varying depending on the borrower's province of residence. Fees are typically presented as a set amount per $100 borrowed, and interest rates are expressed as an annual percentage rate (APR).
• Payment Options. GoDay offers multiple payment options for borrowers' convenience, including electronic funds transfer (EFT) and email money transfer (EMT). Repayments are automatically withdrawn from the borrower's bank account on the agreed-upon due date.

Requirements

• Canadian Residency. Borrowers must be Canadian residents to qualify for a GoDay loan. Proof of Canadian residency may be required during the application process.
• Age Requirement. Borrowers must be at least 18 years old to apply for a GoDay loan. Proof of age, such as a government-issued ID, may be requested for verification purposes.
• Open Bank Account. Borrowers must have an active bank account with a Canadian bank or credit union. This account is necessary for receiving loan funds via electronic transfer and facilitating automatic loan repayments.
• Direct Deposit. Borrowers must receive a steady source of income via direct deposit into their bank account. This income could come from employment, government benefits, or other regular sources.
• Valid Email Address and Phone Number. Borrowers must provide a valid email address and phone number during the application process. These contact details are used for communication purposes and to send important loan-related information.
• Income Verification. Borrowers must provide proof of a steady source of income to demonstrate their ability to repay the loan. This could include pay stubs, bank statements, or other documentation confirming income.
• Credit Check. While GoDay may conduct a credit check as part of the application process, having a poor credit history may not necessarily disqualify applicants. GoDay considers various factors when assessing loan eligibility, including income and employment status.

Ways to receive the money

• Direct Deposit. Upon approval of the loan application, GoDay can transfer the loan funds directly into the borrower's designated bank account via electronic funds transfer (EFT). This method ensures swift access to the funds, typically within one hour of approval, although the actual timing may vary depending on the borrower's financial institution's processing times.
• Email Money Transfer (EMT). Alternatively, borrowers may opt to receive the loan funds via email money transfer (EMT). With EMT, GoDay sends the funds electronically to the borrower's email address, and the borrower can then deposit the funds into their bank account through their online banking platform. This option provides flexibility and convenience, allowing borrowers to access the funds quickly and securely.

Products

• GoDay Payday Loan. GoDay provides payday loans ranging from $100 to $1,500. These short-term loans are designed to help borrowers bridge the gap between paychecks and address urgent financial needs quickly.
• GoDay Installment Loan. In addition to payday loans, GoDay offers installment loans with higher loan amounts ranging from $1,000 to $15,000. These loans provide borrowers with more substantial financial assistance and offer flexible repayment terms spread over multiple installments.

Reasons you may be denied a GoDay loan

• Insufficient Income. GoDay requires borrowers to have a steady source of income to demonstrate their ability to repay the loan. If your income is deemed insufficient to cover the loan repayment, your application may be denied.
• Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on your loan application can lead to a denial. It's essential to ensure that all the required fields are filled out correctly and that the information provided is accurate and up to date.
• Poor Credit History. While GoDay considers various factors when assessing loan applications, including income and employment status, a poor credit history may impact your eligibility for a loan. However, having a less-than-perfect credit score does not automatically disqualify you from obtaining a loan, as GoDay evaluates each application on a case-by-case basis.
• Unverifiable Information. GoDay may be unable to verify the information provided on your loan application, such as your employment status or banking details. If the information cannot be verified, your application may be denied.
• Active Bankruptcy. If you are currently in bankruptcy proceedings or have recently filed for bankruptcy, you may be ineligible for a GoDay loan. Bankruptcy status can significantly impact your ability to obtain credit, including payday loans.

How to repay a GoDay loan

1. Review Loan Terms. Before repayment, review the terms of your loan agreement, including the repayment amount, due date, and any applicable fees or interest rates. Understanding these terms ensures that you can fulfill your repayment obligations effectively.

2. Ensure Sufficient Funds. Make sure that you have sufficient funds available in your bank account to cover the repayment amount on the due date. If necessary, arrange for additional funds to be deposited into your account to avoid insufficient funds fees.

3. Automatic Withdrawal. GoDay facilitates automatic loan repayments by withdrawing the repayment amount directly from your bank account on the agreed-upon due date. This automated process ensures timely repayment and eliminates the need for manual intervention.

4. Alternative Payment Arrangements. If you're unable to repay the loan amount on the specified due date, contact GoDay's customer service team at least two business days before the repayment date to discuss alternative payment arrangements. GoDay may offer extended repayment plans or other solutions to accommodate your financial circumstances.

5. Keep Contact Information Updated. Ensure that your contact information, including your email address and phone number, is up to date to receive important notifications and reminders regarding your loan repayment.

6. Monitor Bank Account. Monitor your bank account closely for the withdrawal of the repayment amount on the scheduled due date. Verify that the repayment transaction has been processed successfully and that sufficient funds are available to cover the repayment.

7. Confirmation of Repayment. Once the repayment has been processed, you'll receive confirmation from GoDay indicating that the loan has been repaid in full. Keep this confirmation for your records as proof of repayment.

Editorial opinion

Important

How to Choose a Lender

1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

• GoDay Online Banking
• How to Apply for GoDay Loan
• How to PayOff GoDay Debt
• GoDay Personal Loans for December 2024
• GoDay Customer Reviews

Sources

• GoDay Website