GoLoans

GoLoans: No Credit Check Online Loans in Canada

GoLoans is a Canadian online lending platform that offers no credit check financing to customers across the country. The company presents itself as both a matching service with lenders and a direct provider of installment loans, with a fully digital application process that can be completed in about two minutes. According to information on its site, funds can be electronically transferred within minutes after approval, and a response to the application usually arrives the same day if submitted during business hours.

Products and Financing Terms

GoLoans' catalog includes installment loans from $250 to over $2,000 Canadian dollars, with repayment terms ranging from 3 to 4 months or more if the applicant's situation requires it. The company states that it does not require collateral; instead, it may require a cosigner or surety for applicants who do not meet all requirements. The terms published on the site include an annual percentage rate (APR) of 32% and an effective credit rate of 31.99% in the examples shown. Loans are repaid through biweekly payments, and the company allows early repayment without penalty, as well as extending terms without affecting the client's credit score.

The site details several loan examples with their corresponding repayment amounts, payment frequency, term, nominal rate, and debit cost. It also mentions a 50% rebate program and the possibility of getting up to 100% rebate on interest on the first loan by watching a video, subject to conditions.

Application and Disbursement Process

The application is done entirely online, without paperwork, through a secure form available 24 hours a day, 7 days a week. Once submitted, the system automatically directs the applicant to the lender willing to issue the loan. GoLoans states that 91.7% of customers receive a response to their application the same day if they apply during business hours, and that funds can be deposited within 2 hours or less via electronic transfer or Interac. The company also mentions the possibility of approval and delivery within 1 hour with express delivery.

Requirements and Applicant Profile

GoLoans targets people who need urgent financing and who may not meet traditional banking requirements. The site notes that conventional banks typically do not approve loans for unemployed individuals, social assistance recipients, or those with bad credit history. The company does not perform a hard credit check (no hard hit), although direct lenders may perform a soft check that does not affect the score. For applicants who do not meet all criteria, a cosigner may be required. GoLoans also indicates that its loans are backed by a third-party bond and do not require collateral.

Geographic Coverage and Additional Services

GoLoans operates across Canada and explicitly mentions the provinces of Alberta, British Columbia, New Brunswick, Ontario, Newfoundland and Labrador, and Prince Edward Island. In addition to installment loans, the company offers a cosigning service that matches the applicant with the most suitable lender, and states that it can help build an internal credit history to access better rates on subsequent loans. The site also mentions that, to expand financing opportunities, other financial services that benefit the customer are sought.

Security and Data Protection

The company declares that the security of personal information is a priority and that it uses best-practice encryption, federal bank servers, and industry-grade security systems that are regularly tested. According to its policy, personal data is not used or disclosed for purposes other than those for which it was collected, except with the consent of the individual.

Customer Service and Availability

GoLoans offers telephone support at 1-866-478-4119 and email at help@goloans.ca. The site indicates customer service hours on Saturdays and Sundays from 12:00 to 16:00. The application platform is available 24/7, although response and disbursement depend on business hours.