GoDay

GoDay, online payday loans for Canadian residents

GoDay is an online payday lender operating in Canada, serving residents over 18 who need to cover temporary cash-flow gaps. The company presents itself as a licensed lender and states that its team has been issuing online payday loans since 2012. All operations are conducted remotely: it does not accept in-person applications or hand out cash at offices.

Products and available amounts

The catalogue focuses on payday loans, short-term loans and cash advances, names that the company itself groups under the same service. Amounts range from $100 to $1,500 Canadian dollars, and applicants choose the amount within that range. The website states that the cost of borrowing is shown upfront on the homepage and in the loan agreement, with no hidden fees.

Requirements to apply for the loan

To access a loan, the company requires applicants to be a Canadian resident, over 18, have an open bank account at a Canadian bank or credit union, receive income by direct deposit, have their own valid email address and provide a landline or mobile phone number. Homeownership is not required: tenants can apply if they can prove their current address, regular income and commitment to repay.

The source specifies that employment is not required. Income from the Canada Child Benefit, the Disability Tax Credit, Old Age Security, private pensions and the Canada Pension Plan, among other sources, is accepted.

Application and disbursement process

Applications are submitted online 24/7 and the company claims that most applications are completed in under five minutes, with instant pre-approval and a decision in seconds. No faxing of documents is required. Once approved, the money is transferred by direct deposit or email money transfer; the actual timing depends on the customer's financial institution and when the application is submitted. The company states that the loan can arrive in as little as one hour from approval.

Coverage in Canada

GoDay serves customers across the country and specifically mentions Ontario, British Columbia, Nova Scotia, Alberta, New Brunswick, Saskatchewan, Prince Edward Island and Manitoba. Cities cited include Toronto, Vancouver, Halifax, Calgary, Edmonton, Charlottetown, Mississauga, Regina, Saskatoon, Ottawa, Hamilton, Kitchener, Victoria, Scarborough, Barrie, Oshawa, London, Oakville, Kingston, Ajax, Waterloo, Pickering, Brampton, Guelph, Whitby, Windsor, Brantford, Surrey, Burnaby, Kelowna, Dartmouth, Sydney, Winnipeg, Belleville, Burlington, Markham, Milton, Niagara Falls and Richmond Hill. Customer service is based in Toronto.

Cost transparency and regulatory warnings

The website details the cost of borrowing by province. In British Columbia, a $300 loan for 14 days has an annual percentage rate of 365%, with a cost of $14 per $100 borrowed, and the online payday loan licence for that province is number 67513. In Ontario, the cost is $14 per $100, with an example of $500 for 14 days whose total repayment amounts to $570 and an annual rate of 365%. In New Brunswick, the maximum permitted charge is 14% of the principal. In Nova Scotia, it is stated that these are high-cost loans. In Saskatchewan, the same rate of $14 per $100 applies. In Manitoba, a $300 loan for 12 days has an annual rate of 425.83%. In Alberta, a $300 loan for 42 days for a customer paid weekly reaches an annual rate of 121.67%. The company reminds that these loans are not a long-term financial solution, but a response to urgent and temporary liquidity needs.

Educational resources and customer service

GoDay maintains financial education sections focused on planning, budgeting, debt management and loan repayment, as well as a blog and an FAQ section on how loans work and the consequences of not repaying them. The company states that its team answers applicants' questions throughout the process and that the application is protected with high-level encryption to prevent unauthorised use of personal data.

Location and contact

Phone: 888-984-6329