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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

1.6

GoDay

Finanso.Multilogin™

About lender

GoDay is a Canadian lending company founded in Toronto. It was established in 2012. It is a licensed online payday lender with branches across Canada. Offices in Toronto, Vancouver, Calgary, Regina, Fredericton, and Halifax are staffed with real people. The company's online lending service works 24 hours a day and 7 days a week.

The Company was established to create an alternative way to cover the financial needs of Canadians. It provides quick financial solutions for urgent but temporary cash-flow needs. GoDay issues different types of financing, like personal, and payday loans, and also suggests fast online installment loans.

GoDay values its customers' time, so the application process is very simple and takes only 5 minutes to fill in the required information. The loan amount varies from $100 to $1500, but the approved amount depends on several factors that are transparently determined by the company.

GoDay is considered a responsible and reputable lender among other companies on the market and offers useful financial tips to solve financial problems and repay loans.

Pros and Cons

When you do not have a cash reserve for emergencies, unexpected expenses can cause a person's budget to collapse. One of the solutions to such a situation is to take out a loan from a reputable lender.

Often it is embarrassing to ask friends for help and people prefer to go to the bank or apply for a payday loan.

This will not solve all your problems, but it will give you a break until your next paycheck to find more solutions. In the long run, GoDay experts recommend taking the time to do some serious budgeting.

If you want to apply for a payday loan, you need to be aware of the financial responsibility that is on you as soon as you put your signature on the loan agreement. The lender does its part and you agree to pay back the money including interest. With this in mind, a transparent disbursement and repayment policy are very important, both for the borrower to make a good decision and for the lender to maintain a good reputation in the financial market.

GoDay services are easy to use. Let us take a look at the positive and negative sides of lending.

Pros

  • To use the service of GoDay Canadians simply need to complete the online application form, receive a quick decision regarding the loan, and sign the Loan Agreement with a digital signature;

  • easy to use mobile or desktop site;

  • prompt applying for a loan and receiving funds;

  • loans without hidden fees;

  • first loan up to $500;

  • the purpose of the loan is your business, the lender does not ask you for this information;

  • 3 different loan products are offered by one lender;

  • installment loans up to $15.000 and repayment period up to 60 months;

  • customers with an imperfect credit history are eligible to receive online payday loans;

  • funds are transferred with a deposit or Interac e-Transfer;

  • credit check in most cases does not affect the applicant's credit score. But the impact on it may depend on the customer's credit history;

  • simple and quick application process and instant decision from the lender;

  • funds can be sent within 1 hour;

  • no faxing and paperwork are needed;

  • 100% top encryption and contract security;

  • online application process;

  • early repayment at any time without penalties;

  • clients of GoDay can apply for a payday loan by completing the entire loan process without creating an account. However, the borrowers should have a private profile of GoDay and log in. Through the private profile, they can control their short-term loans.

  • applications can be sent 24/7 thanks to the automated system of GoDay via a computer, laptop, or any mobile device;

  • GoDay does not require its borrowers to be employed, different types of income would be OK;

  • BBB accredited;

  • the lender has several offices where real employees work, so the company is not virtual.

Cons

  • Payday loans are not suitable or the long term. It is only possible to make urgent loans;

  • the information provided on the GoDay website may be useful, but you cannot take it as professional advice for your particular situation;

  • if you miss the payment or violate the terms of the loan agreement, the penalties will increase your financial burden and worsen your financial situation;

  • GoDay is an institution that has a friendly, but at the same time strict policy towards its borrowers;

  • your debt with GoDay does not disappear with time until you repay it in full, including the cost of the collection procedure;

  • there is no clear information about the possible amounts of short-term loans and this product as a whole;

  • according to GoDay the website one can borrow up to $15.000 installment loan but in the FAQ it says that the maximal amount for good debtors who repaid previous loans with GoDay is $1500;

  • credit eligibility and amounts available for approval depending on the province in which the borrower resides;

  • a new loan application is only possible after the existing loan has been repaid in full;

  • if the borrower is unable to repay the loan and does not cooperate with GoDay's internal collection department, such debt will be turned over to an outside collection agency.

  • GoDay bed debtors' credit scores may be affected for up to 6 years.

Loan conditions

PayDay offers 3 types of loans:

  • Payday loans;

  • Installment loans;

  • Personal loans.

  • All types of loans can be applied for online only. The application form is standard.

Below is a detailed description of the loan terms by loan type:

Installment loans of GoDay:

  • Amount: $1,000 to $15,000

  • Term: 6-60 months

  • Interest rate: varies by province

  • Funding: within 1 day

Payday loans of GoDay:

  • Amount: $100 to $1,500

  • Term: 14-62 days

  • Interest rate: varies by province

  • Funding time: within 1 day

  • For instance, in Manitoba, Canada, the maximum fee for a payday loan is 17% of the principal amount of the loan.

Terms for the first loan

For the new clients, GoDay offers the special service of an online payday loan where they can receive a payday loan for the amount of up to $500 f to 30 days.

To get a GoDay payday loan, you must:

  • be a Canadian resident and over 18 years of age;

  • have an open bank account with a Canadian bank or credit union;

  • have your valid email account;

  • provide GoDay with your home or cell phone number;

  • have a steady income.

APR makes 495.36%

For recurring customers who paid out all previous loans with GoDay there, is a possibility of an even quicker application procedure for a new loan.

The process of applying for online payday loans can be done with these certain steps:

  • Go to the GoDay official website;

  • Specify the necessary loan amount using the slide bar;

  • Select the type of lending;

  • Click on the "Apply now" button;

  • The system will show the detailed calculation;

  • Check the calculation and in case it is accepted by you, click on "Go";

  • Specify your personal and contact information, which includes the province of residence, full name, current address, SIN, etc.;

  • After that you need to read and accept Privacy Policy and press the "Next" button;

When all the required data is filled in, GoDay will verify the details.

The customers of GoDay can borrow funds with no paperwork and hidden fees.

GoDay in Canada provides instant decisions about fast online payday loan issuance. The company's automated system reviews applications, and applicants get a quick response whether they get pre-approval or not.

Methods of a loan funding

GoDay payday loan can be received in the following ways:

  • Email money transfer: GoDay deposits an online payday loan straight to the customer's website profile by the end of the day. Money is transferred to the specified bank account.

  • Online form. After applying, the service will inform the applicant in case of getting pre-approved. The lenders can get their money within several hours in cash or use Interac e-Transfer.

The actual time of funds transferring depends on the time of application submission and the financial institution.

FAQ

What is GoDay?

GoDay is a Canadian lending company that is officially licensed to offer payday loans. It also offers personal loans and installment loans to its customers.

The company has a number of administrative offices in Canada that are responsible for back-office work. All work with customers is handled entirely online to ensure customer convenience and privacy.

GoDay is considered a responsible lender. It thoroughly reviews each application but makes quick decisions.

Money is provided on the account or via EMT.

GoDay has been noted for its reliability and loyalty to the borrower's source of income. At the same time, this lender gives high priority to customers' ability to repay loans.

Failure to repay a loan to GoDay has serious consequences for the borrower's credit history and scoring, which can extend up to 6 years.

Who owns GoDay?

The Company is duly registered and holds all required licenses, but information on the ownership structure of GoDay and UBO is not currently provided on the Company's website.

How do you qualify for GoDay?

To receive a loan from GoDay applicants need to meet the following eligibility requirements:

  • Be a Canadian resident;

  • Be at least 18 years old of age;

  • Have an active bank account open in Canada;

  • Valid email address and phone number;

Have a steady source of income.

How much can you borrow from GoDay?

GoDay payday loans range from $100 to $1,500. Please note that a number of factors are considered when reviewing your payday loan application. To find out what amount you qualify for, you will need to submit an online application. Installment loans can be up to $15,000. First-time borrowers can get a payday loan of up to $500, according to information on the website.

Is GoDay a legitimate Company?

GoDay declares itself to be a licensed online payday lender. Moreover, its rating on Trustpilot is 4,5 (Excellent). It pertains to Canadian Consumer Finance Association. GoDay Inc's license number is 4726423. It can be found on OPENGOVCA. This body states that GoDay is licensed by the Ontario Ministry of Government and Consumer Services.

Company documents

Terms of Use
Privacy Statement

GoDay gives fast and easy access to cash.

© GoDay Inc.

GoDay loans calculator

GoDay calculator will allow you to calculate an approximate payment schedule for the loan

Goday loans calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 25.09.2022
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1500 $
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What to pay attention to when applying for a loan from GoDay

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes GoDay from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All GoDay’s reviews by September 2022
Leave feedback
1 reviews
1.6
Advantages
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here. and take anywhere from 4-8hours or longer ive been waiting pretty much a week now and of course there all the sudden answeing just completely ignoring me....like wtf? no explanation nothing...and they actually had the strange gull to set my application 'as false and fake' mode so Id think im filling real application and NG and BTN sothe system automatically reject.....strange and f'd up all say and for what reason ??? i have no clue accept apprarently it the loan rep has some kind of issue with me. i could understand if I did something to them but havent done a thing accept pay and reaaply as usual...oh yeah and when i mentioned it was my bday and if they could please process my application at their earliest avail because it was long weekend ..of course I got a were processing your loan with a list of their funding times....followed by of course another email asking for my banking at closing time after I have already verified my banking more then 6 TIMES ...tell me thats not total b/s nothing but games and unprofessional so i guess i cant say there is any advantages at this point just left in "AWE"
Disadvantages
Im not so sure anymore what to think of Goday. They are definately not a friendly bunch. Anyways Ive been a customer for a few months, things were fine acceept this month all the sudden after repaying them and on time. getting another reloan. seems to be some kind of a problem. Whats confusing about it is ..k my child tax whent into a different account this month instead of what it used to. but so what big deal right? lenders would say ok send in bank statement showing a deposit of it ...and I did and did everything im required to do. but for some they keep having some petty issues, and its the person that dealing with ..the obviously have some kind of problem with me. or something and of course all the sudden. are now unreponsive unprofessional?... very. like i said friendly is not their ally. they ask me to send something ...i do it not a problem ..its good and gets updated...then ill get notified by them saying all good ...just have to wait for loan rep to finish with it then u will send ur money......but when whoever this loan rep is ...all the sudden i get another email from custonmer service asking for the same thing all over again....so its the loan rep ..finance dept said i was fine its the loan rep that has an issue. im definaty going to esculate my matter to the ECOA and PLA. I dont know what this person issue is with me or i havent done anything wrong, I confirmed supplied and verified whatever they wanted and like I said havent had any problem with them in the past ..just all the sudden....strange...very...but very interested in finding out so definatly will be getting an authority offical to investigate and see whats up.

Complain
Overall company rating
1.6
/ 5
1 reviews
Execution of an application
3.0
Support service
1.0
Mobile app
2.0
Service quality
1.0
Your satisfaction level
1.0

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