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.