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.

GoLoans

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About Lender

GoLoans, a prominent lender in Canada, offers cash installment loans tailored to meet the urgent financial needs of Canadian residents. With a streamlined online application process, borrowers can apply for loans conveniently from the comfort of their homes. GoLoans prides itself on its swift approval process, with 91.7% of customers receiving a loan request answer on the same day during business hours, ensuring that borrowers can access the funds they need as fast as today.

What sets GoLoans apart is its commitment to providing hassle-free financial solutions without the need for faxing documents or undergoing a hard hit credit check. The company emphasizes ease and discretion in job verification, allowing borrowers to apply for loans without unnecessary bureaucratic hurdles. Moreover, GoLoans' flexibility in repayment terms, allowing loans to be paid off over 91 to 120 days or more, provides borrowers with breathing room to manage their finances effectively.

GoLoans

Key Features

  1. No Hard Hit Credit Check. Unlike traditional lenders, GoLoans does not conduct hard hit credit checks, making it accessible to individuals with varying credit scores.

  2. Secure Transactions. GoLoans prioritizes the security and privacy of borrowers' personal information, implementing industry-grade encryption and security systems to safeguard sensitive data.

  3. Surety Option. While GoLoans do not require collateral, individuals with lower credit scores may need a surety to comply, facilitating access to loans for a wider range of borrowers.

  4. Educational Resources. GoLoans provides resources and guidance on responsible borrowing practices, helping borrowers improve their financial literacy and credit rating.

Pros and Cons

Pros

Quick Access to Funds. GoLoans offers fast approval and deposit, allowing borrowers to access funds as fast as today, making it ideal for urgent financial needs.

Wide Coverage. The lender caters to multiple provinces across Canada, including Alberta, British Columbia, New Brunswick, Nova Scotia, P.E.I., Ontario, and Newfoundland and Labrador.

Flexible Repayment Terms. Borrowers have the flexibility to repay loans over a period of 91 to 120 days or more, depending on their financial situation, without impacting their credit score.

Cons

Limited Coverage. While GoLoans operates in multiple provinces across Canada, its availability may be limited compared to some other lenders, potentially excluding borrowers from regions where the service is not offered.

Missed Payment Fees. Any missed payments may result in additional fees, such as NSF fees, as stated in the contract, which could add to the overall cost of borrowing.

Limited Loan Amounts. The loan amounts offered by GoLoans may be limited, which could restrict borrowing options for individuals with larger financial needs.

Reliability

The reliability of GoLoans may be called into question due to reported breaches of terms of use regarding the display of Trustpilot content. Allegations suggest that the company may be utilizing Trustpilot branding, including the TrustScore, star rating, and reviews, in a manner that could be considered misleading. Such actions raise concerns about transparency and adherence to ethical standards, potentially impacting the trustworthiness of the company in the eyes of consumers. Therefore, borrowers may want to exercise caution and conduct thorough research before engaging with GoLoans.

How to Apply for a GoLoans Loan?

  1. Visit the GoLoans Website. Start by visiting the official website of GoLoans. The website provides detailed information about the loan products offered, repayment terms, and eligibility criteria.

  2. Complete the Online Application. Navigate to the loan application section on the website, click the button “Claim Your Cash”, and fill out the online application form. You'll need to provide personal information such as your name, address, contact details, employment information, and banking details.

  3. Choose Loan Amount and Repayment Terms. Select the desired loan amount and repayment terms that suit your financial needs and preferences. GoLoans offers flexible repayment options, allowing borrowers to repay loans over a period of 91 to 120 days or more.

  4. Verify Your Information. GoLoans may require verification of certain information provided in the application. This may include verifying your employment status or bank account details. The lender may use a secure system like Flinks for instant bank verification.

  5. Submit the Application. Once you've filled out the application form and verified your information, review the details carefully to ensure accuracy. Then, submit the application for review.

  6. Await Approval. After submitting your application, GoLoans will review your information and assess your eligibility for a loan. The approval process is typically fast, with many borrowers receiving a response on the same day during business hours.

  7. Receive Funds. If your loan application is approved, GoLoans will electronically transfer the funds directly to your bank account. Depending on the time of approval, you may receive the funds as fast as today or the next banking day.

Conditions and Requirements

Conditions

  1. Loan Amount. GoLoans offers cash installment loans with varying loan amounts, depending on the borrower's needs and eligibility.

  2. Repayment Terms. Borrowers can repay their loans over a period of 91 to 120 days or more, with the option to extend payment terms if needed.

  3. Annual Percentage Rate (APR). The APR on loans from GoLoans is capped at 32%, ensuring transparent and regulated lending practices.

  4. Surety or Bond. Non-qualifying borrowers may need to provide a surety or bond to comply with loan requirements, with the amount specified in the loan contract.

  5. Grace Period. Loyal customers may have the option to renew their loans after a grace period, allowing them time to complete the previous loan before beginning payment cycles for the new loan.

Requirements

  1. Age. Borrowers must be at least 18 years old to qualify for a loan with GoLoans.

  2. Income. Borrowers must have a stable source of income to demonstrate their ability to repay the loan. Verification of employment may be required.

  3. Bank Account. Borrowers must have an active bank account in their name to receive loan funds via electronic transfer.

  4. Residency. Borrowers must be residents of Canada and provide proof of Canadian residency.

  5. Credit Check. While GoLoans does not conduct hard hit credit checks, borrowers' creditworthiness may be assessed through other means.

  6. Application Information. Borrowers must provide accurate and complete information during the application process, including personal details, employment information, and banking details.

  7. Compliance with Loan Agreement. Borrowers must adhere to the terms and conditions outlined in the loan agreement, including repayment obligations and any additional requirements specified by GoLoans.

Ways to Receive the Money

  1. Direct Deposit. Upon approval, GoLoans can electronically transfer the loan funds directly into the borrower's bank account via direct deposit. This method ensures fast access to funds, typically within 24 hours of loan approval.

  2. Interac e-Transfer. Borrowers may opt to receive the loan funds through Interac e-Transfer, a secure and convenient electronic transfer service widely used in Canada. This option allows borrowers to receive the funds directly into their bank account, often within minutes of loan approval.

  3. Electronic Bank Transfer. GoLoans also offers the option of electronic bank transfer for disbursing loan funds. Similar to direct deposit, this method ensures swift and secure transfer of funds directly into the borrower's bank account.

Products

GoLoans provides cash installment loans, allowing borrowers to access funds quickly and repay them over time in manageable installments. Loan amounts typically range from $100 to $1,500, depending on the borrower's eligibility and financial situation.

Reasons for Getting Rejected for a GoLoans Loan

  1. Insufficient Income. GoLoans requires borrowers to have a stable source of income to demonstrate their ability to repay the loan. If an applicant's income is deemed insufficient to cover the loan payments, their application may be rejected.

  2. Inaccurate or Incomplete Information. Providing inaccurate or incomplete information during the application process can lead to rejection. It's essential to ensure that all information provided is truthful and up-to-date to avoid potential issues.

  3. Failure to Meet Eligibility Criteria. Borrowers must meet certain eligibility criteria, such as being at least 18 years old, having Canadian residency, and having an active bank account. Failure to meet these requirements can result in rejection.

  4. Existing Debt Obligations. If an applicant already has significant debt obligations, such as outstanding loans or high credit card balances, it may signal financial strain and increase the likelihood of rejection.

  5. Unverifiable Employment Information. GoLoans may require verification of employment to assess the applicant's income stability. If the employment information provided cannot be verified or is deemed unreliable, the application may be rejected.

How to Repay a GoLoans Loan?

  1. Automatic Debit. GoLoans offers automatic debit from the borrower's bank account for repayment of the loan. Once the loan is approved and disbursed, borrowers authorize GoLoans to deduct the agreed-upon loan payments directly from their bank account on the scheduled payment dates. This ensures timely and hassle-free repayment without the need for manual intervention.

  2. Pre-Authorized Debit (PAD) Form. Before disbursing the loan funds, GoLoans provides borrowers with a Pre-Authorized Debit (PAD) form to authorize automatic withdrawals from their bank account. Borrowers fill out and sign the PAD form, specifying the repayment schedule and authorizing GoLoans to initiate debits for the agreed-upon loan payments.

  3. Payment Schedule. Borrowers receive a payment schedule outlining the dates and amounts of each installment payment. It's essential for borrowers to review the payment schedule carefully and ensure that sufficient funds are available in their bank account on the scheduled payment dates to avoid missed or late payments.

  4. Online Account Management. GoLoans provides borrowers with access to an online account portal where they can manage their loan account, view payment history, and track upcoming payments. Borrowers can log in to their account to monitor their loan status and make any necessary adjustments to their repayment preferences.

  5. Contact Customer Service. If borrowers encounter any issues or need assistance with loan repayment, they can contact GoLoans customer service for support. Customer service representatives are available to address inquiries, provide guidance on repayment options, and help borrowers navigate the repayment process effectively.

Alternatives

easyfinancial

easyfinancial stands as a reliable option for borrowers facing credit challenges, providing swift financial solutions with same-day funding. Despite a higher APR range, the lender offers beneficial features like autopay and loyalty discounts. With flexible repayment terms spanning from 9 to 120 months and no prepayment penalties, borrowers enjoy freedom in managing their loans according to their pace and preferences.

Eastern Loans

Eastern Loans emerges as a suitable choice for individuals seeking short-term loans of smaller amounts, prioritizing transparency and flexibility in repayment. With a consistent APR of 23% and no prepayment penalties, borrowers can navigate their repayment journey with ease. The accessibility of Eastern Loans, with no credit history prerequisite, ensures a broader reach to potential borrowers. Its positive customer experience, reflected in a four-star TrustPilot rating, coupled with same-day funding, offers a convenient and expedited borrowing process for those facing urgent financial needs.

Fairstone

Fairstone caters comprehensively to diverse borrower needs by offering secured and unsecured loan options across all provinces except Nunavut. With flexible loan terms and a straightforward application process, Fairstone stands out as a reliable choice. Despite a credit score requirement of 550, it extends lending opportunities to individuals with varying credit profiles. The lender's quick turnaround time, particularly for unsecured loans, is a notable feature, appealing to borrowers seeking prompt access to funds. Additionally, Fairstone enhances accessibility by allowing the option of adding a co-signer or co-borrower to loans, although there's room for improvement in online management for co-signers.

Captain Cash

Captain Cash offers a convenient avenue for fast and flexible borrowing, eliminating the need for a credit check. Specializing in small-scale loans with a uniform APR, the lender caters to borrowers across seven provinces and territories. The option for a co-signer or co-borrower and the availability of mobile app loan management enhance flexibility and accessibility. Moreover, same-day funding provides a significant advantage, particularly for individuals facing urgent financial requirements.

Editorial Opinion

In assessing GoLoans as a lender in Canada, it's important to acknowledge its role in providing accessible financial solutions to borrowers facing short-term financial challenges. With its range of loan products and flexible repayment options, GoLoans aims to address the diverse needs of Canadian residents while adhering to regulatory standards. However, like any financial institution, borrowers should exercise caution and carefully review the terms and conditions of their loans to ensure they understand the associated costs and obligations. While GoLoans offers convenience and expedited loan processing, borrowers should consider alternative options and compare rates before committing to a loan to make informed financial decisions.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

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

Sources

FAQ

How much can you borrow from GoLoans?

GoLoans offers borrowers access to loan amounts ranging from $100 to $1,500, depending on eligibility criteria such as income, credit history, and repayment capacity. These loan amounts cater to various financial needs, from covering unexpected expenses to addressing short-term cash flow challenges. However, the specific amount a borrower can borrow is determined based on individual circumstances and may vary accordingly.

Does GoLoans approve everyone?

While GoLoans aims to provide accessible financial solutions to a wide range of borrowers, approval is not guaranteed for everyone. GoLoans assesses each loan application based on factors such as income stability, creditworthiness, and adherence to eligibility criteria. While GoLoans may offer more flexible approval criteria compared to traditional lenders, individuals with poor credit history or insufficient income may face challenges in obtaining approval. Therefore, while GoLoans strives to accommodate diverse financial situations, approval is subject to meeting specific criteria.

Is GoLoans a legitimate company?

GoLoans operates as a lending company in Canada, providing access to short-term installment loans to Canadian residents. While it functions within the regulatory framework and offers financial solutions to borrowers, concerns have been raised regarding its representation of Trustpilot content, including TrustScore, star ratings, and reviews, which may potentially breach terms of use.

Is GoLoans a good lender?

Assessing whether GoLoans is a good lender depends on individual preferences, financial needs, and experiences. GoLoans provides borrowers with access to quick and convenient loan options, flexible repayment terms, and transparent lending practices. However, like any financial institution, there may be considerations such as interest rates, fees, and customer service quality that borrowers should evaluate. Conducting thorough research, reading customer reviews, and comparing loan options can help borrowers determine if GoLoans aligns with their financial goals and preferences.

Company documents

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© 2024 GoLoans.ca
Financial products
GoLoans
Installment Loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$100 - $1,500
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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.

Recommended FinScore™
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Loan term for the financial product

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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.

Recommended FinScore™
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300
650
1000
$500-$15,000
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Effective interest rate on the product

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Loan term for the financial product

up to 60 months
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$500-$10,000
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up to 46.93%
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Loan term for the financial product

open-ended
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
to 1500.00 C$
Rate
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Effective interest rate on the product

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