A payday loan is one of the best ways to help you get cash quick when you’re in a financial emergency, or need to pay off a bill and don’t have the cash to do so right then and there. Payday loans can save you from penalties that can be incurred from late payments such as losing your services if you don’t pay for example. A payday loan is payable within the next paycheck, which means you will only be in debt for a couple of weeks, and they have several advantages over other types of credit when you’re in a bind.
Benefits of payday loans
Speed
Applications for payday loans are often improved instantly when you provide the lender with all the information they need. With the application process being quick and easy, you don’t need to fill out lengthy forms, and you can get cash quick, when you need it. It can take a couple hours for a lender to transfer the funds to you, but it can still be a way quicker turnaround time than a traditional loan or other form of credit.
Ease and convenience
All the processes and interactions involved when applying for a payday loan are conducted online. You don’t need to book an appointment, or sit on the phone/hold for hours on end to get your money, payday loans can be easy and convenient, and you can apply from anywhere. When you get a traditional loan, expect to be in several meetings or calls with your loan officer before getting approved.
The bonus of a payday loan as well is that you can spend it on anything including paying your bills like electricity or your car payment. Traditional loans are usually issued with a specific purpose in mind. For example, a car loan, a mortgage, etc.
Few requirements
To get a payday loan, it’s way easier because you only need to meet a few basic requirements. Most importantly, you’ll need to show you have a stable source of income, but other than that, as long as your income is consistent, you are almost guaranteed to get approved. Traditional loans, however, will take more collateral. You’ll not only need to prove your stable income, but also credit checks, proof of employment, etc. may be required.
For a payday loan you’ll likely also need to prove you are a permanent resident of the country you are applying in, as well as, you’ll need to be above the age of 18.
You can get more
Payday lenders limit the loan amount that new borrowers can access. You can only access an amount that is within your salary and lenders range. For example, at GoDay, you can borrow up to $1,500. If you are approved for less than the maximum amount, you can increase that value next time you need a payday loan by ensuring you pay off your payday loan on time.
Protect your credit score
With a payday loan, you’ll have a short repayment period, which can feel like a burden to some people, but can be an advantage for most in terms of protecting your credit rating. If you apply for a regular loan, you will have a certain period, usually longer term, to pay it back. A lot can happen in a long time period and you can easily miss your instalments and accrue interest, plus it can damage your credit score. When was the last time you checked your credit score? Keeping on top of it is important as it’s what can hold you back from getting approved for biggest loans like a mortgage down the line.
Borrowing with GoDay
Whether you are looking to get yourself out of a financial bind or stay afloat until your next paycheck, GoDay offers payday loans in Canada. These loans aren’t intended for a long-term financial solution, but they are intended to solve urgent, but temporary cash-flow needs. GoDay likes to keep it simple; fast cash with the security you need and want. So curious on how it works?
- GoDay partners with the most reputable financial institutions and uses the fastest and most secure tools to ensure speedy service.
- GoDay accepts and approves online applications 24/7, apply from anywhere at anytime!
To break it down further, here is all the information you need about GoDay services:
First time customer
If you’ve never used GoDay before, there’s is a first timer’s policy in place. To start, you can only request a loan of up to $500 for up to 30 days. As our relationship grows with one another, and we establish mutual trust, we will gradually increase loan amounts up to a maximum of $1,500 for any future loans you might need or request. After you’re approved, GoDay uses the industry’s fastest tools to transfer your loan to you as soon as possible.
Professional service
Unlike many online lenders, GoDay has real people and physical locations that are there to support you. At GoDay, we’re proud of the service we offer. Our customer service reps are professional, experienced, and available to answer any questions you might have about your loan at anytime. On top of that, we want to help prepare you financially to not need loans down the line, yes we love your business, but not needing a payday loan is always a good thing. That’s why we provide resources for customers on our blog and our Finance 101 page that includes many helpful guides and links.
Fast cash
GoDay partners with the most reputable financial institutions and uses the fastest tools to be able to provide you with the quickest service. We know you may need your money quickly, and we don’t want to hold you back. Because our loan applications are accepted and processed instantly, 24 hours a day, seven days a week, you won’t have to worry about playing the waiting game. From our instant approvals process, to email notifications on the status of your loan, we’ll stay in touch through the whole process.
No surprises
One of the first things everyone thinks about when it comes to payday loans are the interest rates and fees associated with getting a loan. When you get a loan with GoDay versus another payday loan lender, or short term loan lender, there aren’t any hidden fees. We disclose all the fees up-front, what why we have a “what you see is what you get” policy in place, so you can rest assured that the numbers you see won’t change. Other lenders would be willing to give you anything and everything if they know they can charge you interest long-term. With us, we are a short-term solution to help you get back on track, not further off of it.
Privacy and security
It’s not always safe to disclose private information, and we understand why people can be skeptical of this, however, as an online company, we pride ourselves on secure loans. It’s our job to keep your privacy and security top-of-mind, while protecting the information you give us. This is all part of our responsible lending strategies at GoDay. You’re protected legally with every cash advance, and we’re always happy to answer any questions you might have about privacy.
Building an emergency fund
Outside of depending on fast cash through a payday loan like GoDay’s, it’s important to also prepare yourself financially for times that you may need money quick to help you stay afloat. Building an emergency fund can be a good cushion to help get you from paycheck to paycheck when you have an unplanned expense arrive that needs to be paid sooner than later.
You’re probably wondering how you are supposed to be saving when you’re in a pinch or living paycheck to paycheck, but there are easy ways to start building an emergency fund, even if you don’t think you have room in your budget.
First things first, you’ll want to set a savings goal. What’s a good amount of money to have as a cushion in case of an emergency? The thing to keep in mind is that it really doesn’t matter how small your goals or regular savings your putting aside is. For example, even $20 a month can go a long way.
Next, set up a separate bank account to save your emergency fund in that you aren’t tempted to spend this money on other, non-emergency things. Then, finally, ask yourself if you really need something before you buy it. Do you need to have that glass of wine with or after dinner? What about your morning coffee or can you make that at home? Are you paying for subscriptions or premium services that you don’t really use? Find ways to cut spending, and start saving.
Here at GoDay we want to make sure you’re covered. We’re here to provide you with quick access to money you need to stay on track, but we also want to make sure we prepare you for success down the road. What are your biggest tips for saving money? Share them with us!
