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Find A LenderGoLoans: Overview
If an unexpected expense suddenly falls on your lap, but you don’t have the cash available to cover it, an online installment loan can help.
GoLoans is an online fintech firm that offers short-term financial solutions to help you cover urgent and unforeseen expenses. The company is becoming one of the more popular alternatives to payday lenders in Canada. Unlike payday loans, an installment loan from GoLoans can be repaid over a few weeks or months rather than all at once in a lump sum payment.
No matter what your financial and credit profile looks like, qualifying for an online installment loan from GoLoans can be faster and easier than the traditional lending route.
What Does GoLoans Offer?
GoLoans offers cash installment loans of anywhere from $500 to $5,000. Loan applications are accepted online 24 hours a day and can be approved as quickly as one hour following application. If your loan contract is signed before 11:30 a.m. MST, your funds will be sent electronically via Interac or bank transfer within the same business day.
GoLoans charges up to 32% APR on their installment loans, and loan terms range from 91 to 120 days. In some cases, you can apply for a loan term extension if needed. Or, you can make higher loan payments to save on interest and pay your loan off more quickly.
Choose from weekly, bi-weekly, and monthly payment frequencies to pay your loan at a pace that’s most comfortable and feasible for you.
No collateral is required to secure an installment loan from GoLoans. Instead, you pay a guarantor fee (referred to as a surety fee on the GoLoans website). This reduces the lender’s risk and helps you get approved for your loan. If you repay your full loan without any NSF penalties, GoLoans will refund a portion of the guaranteed fee you paid.
GoLoans Features And Benefits
A GoLoans cash advance comes with several unique features and perks, including the following:
- Fast process. Applying for a GoLoans installment loan can be done in as little as two minutes.
- 100% online. There’s no need to visit a physical bank branch or print any forms. The loan application, approval, and funding process takes place entirely online.
- No hard credit checks. Only a soft check will be performed to help the GoLoans review your payment history and creditworthiness, which won’t affect your credit score.
- Same-day transfers. Get access to emergency funds the same day you apply, as long as your loan contract is finalized by 11:30 a.m. MST. With express delivery, loans can be approved and delivered within one hour.
- No collateral required. There’s no need to secure your loan with a valuable asset, so you won’t risk losing any collateral with a GoLoans cash advance.
- Cover any bill. GoLoans offers plenty of flexibility. You can use your borrowed funds for any legitimate purpose.
- Safe encryption. Your personal information will be kept safe thanks to GoLoans’ robust security systems.
Cost Of A GoLoans Loan
There are a few costs that you should budget for before applying for an installment loan from GoLoans:
Interest. GoLoans charges up to 32% APR, depending on the loan amount, loan term, and your credit.
Guarantor fees. A guarantor fee may be required on your loan if your credit score falls below a certain range. If your credit score is optimal, however, no guarantor fee will be charged. Further, you may qualify for discounts on guarantor fees if you make your loan payments on time or repay your loan early.
Missed payment fee. If you miss a loan payment, it will be added to the end of your loan contract and will result in a $45 NSF fee.
Payment deferral fee. If you need to defer your payment to give you more time to come up with the money, a $25 deferral fee will apply.
GoLoans Special Rebate
Paying off your loan quickly will not only help you save a lot of money in interest, but GoLoans will also reward you for your timely payments and early loan repayment.
Timely Loan Payments
Making your loan payment on time will give you the opportunity to take advantage of GoLoans’ special rebate offers of up to $250 cashback. You may also qualify for a 10% rebate on guarantor fees by keeping your loan account in good standing. Even if you miss one payment, you can still get a 5% discount on your guarantor fees if subsequent payments are made on time until the loan is fully repaid.
If you apply for another loan, you can get a 10% discount on guarantor fees, plus a 10% discount if you make on-time payments.
Early Loan Repayment Guarantor Discounts
If you’re able to go the extra mile and pay your loan off early, GoLoans will offer you savings in guarantor fees.
Furthermore, by repaying your GoLoans installment loan early, you’ll save on interest as you have no remaining balance to pay off.
Requirements For a GoLoan
To be eligible for a GoLoan installment loan, you must meet the following criteria:
- Be at least 18 years old
- Be a Canadian citizen
- Live in BC, Alberta, Ontario, New Brunswick, Newfoundland and Labrador, or PEI
- Have an active Canadian bank account for at least five months that is capable of accepting direct deposits
- Have a stable job for at least three months
- Earn a monthly income of at least $1,600
- Have few or no NSF transactions
- Not in bankruptcy or consumer proposal
- Have minimal short-term debt
How To Apply For a Loan With GoLoans
To apply for a GoLoans installment loan, you’ll need to provide the following information:
Personal information:
- First and last name
- Birthdate
- Email address
- Phone number
- Address
Job information:
- Income source (ie. employed, government benefits, etc)
- Company name
- Hiring date
- Job title
- Location
Financial information:
- Bank name
- Pay frequency
References:
- Names
- Phone numbers
Loan information:
- Loan amount
- Loan term
- Purpose of the loan
Make sure all information is accurate and up-to-date to avoid any delays in the approval process.
What Happens If You Miss a Loan Payment?
As mentioned, you’ll be charged $45 if you miss a loan payment. You’ll also be required to make up for the payment before the end of the loan term.
However, this will have no negative impact on your credit score as GoLoans does not report to the credit bureaus. If you’ve missed a payment and have questions or concerns, contact GoLoans right away.
What Is Flinks?
Flinks is an instant bank verification software that helps GoLoans quickly and securely review your bank account information. Lenders typically perform bank verification to ensure that borrowers have an active account that is capable of deposits and withdrawals for payment purposes.
With Flinks, this process can be expedited so you can get approved and funded much faster. Plus, your personal information is kept secure and protected.
If you have trouble accessing Flinks, you can manually upload your bank statements, photo ID, and recent proof of residence. If you need further help, you can email GoLoans at support@goloans.zendesk.com.
Final Thoughts
Many Canadians who are in urgent need of fast cash turn to payday loans. But these loans can be incredibly expensive and very difficult to repay in such a short time.
GoLoans provides a much better alternative to traditional payday loans. You can apply, get approved, and get your money within a few hours, and you’ll have more time to repay your loan. Ultimately, a loan from GoLoans can be cheaper and easier to manage than a payday loan.
