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GoDay is an online alternative lender headquartered in Toronto. They were first established in 2012, and since have branched out across Canada. They currently have offices in Toronto, Vancouver, Calgary, Regina, Fredericton, and Halifax. Canadians in NS, NB, SK, AB, BC, PEI, and ON looking for extra funds can apply for a payday loan or installment loan with GoDay. They are an online loan source that operates 24/7, allowing you to apply from your mobile device, laptop, or home computer.
How To Get A GoDay Loan?
Applying for a GoDay Loan is fast and easy. Simply follow these steps to get started.
Step 1. Start Your GoDay Loan Application Online
Go to the GoDay website and click the “Apply Now” button to start your application. You’ll be prompted to provide your province and the loan amount you’re looking for.
Step 2. Fill Out The Application With The Following Information
After that you can fill out your online application with the following information:
- Personal Information – Name, address, years lived there, rent paid, number, DOB, SIN, marital status.
- Financial Details – Source of income, since when you’ve received this income and more
- Income Payment Details – When do you get paid, how much you get paid after taxes, how do you get paid, when your next pay dates are, bankruptcy questions
- Bank Information – Bank name, account type, account number, transit number, and institution number.
Step 3. Get Pre-Approved
Once you fill out your online application, you’ll know how much money you are pre-approved for.
Step 4. Get Approved And Funded
From there a GoDay representative will be in touch with you to see if you need to provide any additional information. If approved, they will go over the terms and conditions of the contract which you may sign if you agree with it. Once signed, you should receive your funds within a few hours via direct deposit or email money transfer.
Requirements To Qualify For A Loan With GoDay
Whether you apply for a payday loan or a personal installment loan, there are certain basic requirements you need to meet to be approved.
- You must be a resident of NS, NB, SK, AB, BC, PEI, ON or MB.
- You must be at least 18 years or older
- You must have a steady income which is received income via direct deposit
- You must have an active Canadian bank account
- You must have a working email address and phone number
Do keep in mind that first-time applicants will only be eligible for a loan up to $500. Every subsequent loan after that will provide you access to larger loan amounts. The amount you qualify for will depend on your income level as well as how well you meet the other requirements. In addition to that, GoDay may require a credit check.
What Kind of Income Is Accepted By GoDay?
In order to be eligible for a loan with Goday, you must have a reliable source of income. This includes the traditional employment income as well as income from Canada Child Benefit (CCB), Disability Tax Credit, Old Age Security (OAS), Canadian Pension Plan (CCP), and other benefits.
What Loan Products Are Available With GoDay?
GoDay specializes in payday loans but they also provide personal installment loans. While you can borrow between $100 – $1,500 for a payday loan, you can borrow up to 15,000 with a personal loan.
GoDay Payday Loan Features
|GoDay Loan Amount||$100 – $1,500|
|Max Borrowing Cost||NS – $19 per $100 borrowed|
SK – $17 per $100 borrowed
AB – $15 per $100 borrowed
PEI – $25 per $100 borrowed
ON – $15 per $100 borrowed
BC – $15 per $100 borrowed
NB – $15 per $100 borrowed
MB – $17 per $100 borrowed
|Repayment Period||14 – 30 days|
|Eligibility Requirements||– Must be a resident of NS, NB, SK, AB, BC, PEI, MB or ON|
– Must be a Canadian resident and over the age of 18.
– Must have a steady income and an active Canadian bank account
– Must have an email account and phone number
|Funding Method||Direct deposit or email money transfer|
|Funding Time||As little as 1 hour after approval|
|Repayment Options||Automatic withdrawal|
GoDay Personal Loan Features
|Loan Amount||Interest Rate||Repayment period|
|Personal Loan||$1000 – $15,000||Not available||6 – 60 months|
How Much Does It Cost To Borrow From GoDay?
The fees associated with a GoDay payday loan are based on the province you live in. You can check out the max borrowing cost per $100 in the table above. As an example, if you live in Alberta and borrow $700 from GoDay, you will pay $105 in fees. At the end of your term, which is typically two weeks, you will have to pay back $805.
Fees: You should also be aware of potential fees that may be charged for missed payments, pre-payments, administrative fees, and more.
GoDay Loan Pros
- Available All Day – GoDay accepts and approves applicants every day at any time of day due to its highly automated system.
- Simple and Easy Application – Applying for a GoDay loan only takes a few minutes and borrowers can complete the application from the comfort of their homes.
- Fast Approval And Funding – With GoDay you can get instant pre-approvals. Moreover, if approved, you can get your funds in little as 1 hour via e-transfer.
- Reputable – Some payday lenders can be sketchy, but Goday is BBB accredited.
GoDay Loan Cons
- High APRs – Like any other payday loan, GoDay charges the maximum interest permitted by the law in each province it provides its services.
- First-Time Borrower Restrictions – First-time borrowers can only apply for amounts of $500 or lower.
- Not Available In Every Province – Currently, you can only get a GoDay loan in NS, NB, SK, AB, BC, PEI, ON or MB.