GoDay loans review

Our verdict

Our verdict

Borrow up to $1,500 and get your funds in as little as 2 minutes via Interac eTransfer. With an easy online application, GoDay accepts employment income as well as government benefits such as CCB, disability tax credit, OAS, CPP and private pensions. Since interest rates are sky high for payday loans, you should only apply if you have no other alternatives.

Best for: Borrowers looking for a payday loan with instant approval.

Pros

• Get funded in as little as 2 minutes
• Accepts CCB, disability tax credit, OAS, CPP and private pensions
• E-transfer or direct deposit available

Cons

• Incredibly steep interest rates
• Short repayment terms

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Loan Amount

$100 - $1,500

Loan Term

Up to 62 days

Interest Rate

Varies by province

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GoDay Payday Loan

Learn more on GoDay's secure site

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What is GoDay?

GoDay is an online-only lender offering payday loans through a simple, paperless application. It has been in business since 2012 with a head office in Toronto, Ontario.

Is GoDay legit?

Yes, GoDay is a licensed payday lender and a member of the Canadian Consumer Finance Association (CCFA). It has physical offices in Toronto, Vancouver, Calgary, Regina, Fredericton and Halifax with an active social media presence on Facebook and Twitter.

• GoDay licences

  • Ontario licence: 4726423
  • Alberta licence: 347297
  • BC licence: 67513
  • Manitoba licence: 77938
  • New Brunswick licence: 170060377
  • PEI licence: 41825
  • Nova Scotia licence: 212482555
  • Saskatchewan licence: Not included on website

  As of May 2022

GoDay payday loan features

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What we like about GoDay loans

If you’re on the hunt for a payday loan, here are the perks of choosing GoDay:

• Easy online application. It will take you less than 5 minutes to apply for a GoDay Payday Loan. You also won’t need to visit a physical location or storefront to verify your identity or receive your money.
• Fast approval. GoDay provides an instant pre-approval decision on your loan application. If you accept your contract, you should get your money through an Interac e-Transfer deposit within an hour after being approved for your loan.
• Anyone can apply. Whether you have bad credit, no credit, or you receive income from CPP, OAS, child tax benefits, disability income or other government benefits, GoDay encourages everyone who is interested to apply for a loan. You just need to prove you receive a “steady source of income” to make your loan repayment.
• Unsecured loans. You won’t have to secure your loan against any assets like your home or vehicle.

What to watch out for

Consumers across the board need to tread carefully with payday loans. Here are the key red flags that come with a GoDay Payday Loan:

• Sky-high fees. Payday loans are notorious for their incredibly high fees, and GoDay is no exception to this rule. Count on fees, such as $15 or $17 for every $100 borrowed, depending on the province you live in. That’s far more than the interest charges you’d incur from using your credit card.
• Low maximum borrowing amount. You can only borrow up to $1,500 or 50% of your paycheque, whichever is less, according to payday loan regulations set by your province.
• Limits for first-time borrowers. First-time customers can only get approved for up to $500.
• Automatic withdrawals. Your loan repayment will be taken automatically from your bank account on your due date, which means you have to budget accordingly to avoid late charges.
• Only available in some provinces. GoDay only services AB, BC, MB, NB, NS, ON, PEI, SK.
• No in-person interaction. While customers can receive online and telephone customer service, GoDay doesn’t have retail stores for in-person help.
• Late fee. If you do not repay your loan on time, you may be charged late fees and NSF fees.

Summary of GoDay reviews

GoDay reviews are mostly positive. People have commented on GoDay’s fast service and helpful team members. Those who left negative reviews mentioned slow service and not being approved for higher loan amounts.

Am I eligible for GoDay loans?

To be eligible for a GoDay Payday Loan, you need to:

• Be a Canadian resident.
• Meet the minimum age requirement, which varies from province to province.
• Get paid by direct deposit with a “steady source of income” whether from employment or from government, tax or pension benefits.
• Have an open bank account with a Canadian bank or credit union.
• Have your own valid email account, phone number and home address.
• Live in the following provinces: AB, BC, MB, NB, NS, ON, PEI, SK.

What documents do I need to apply?

The application for GoDay loans is paperless, but you’ll need to provide personal contact information, employment information and banking information.

How do I apply for GoDay payday loans?

If you’re ready to apply for a GoDay Payday Loan, follow these steps:

• 1. Head to the GoDay homepage

  Click on “Apply Now” and select your province from the drop down menu. GoDay will show you the cost of borrowing in your province and showcase its licence under the Payday Loans Act. Click “Go!” to proceed.

• 2. Start your loan application

  Using the sliding scale, decide how much you’d like to borrow. Remember that first-time borrowers with GoDay can only qualify for $500.

• 3. Provide personal information

  This includes your full name, email address, birthday, marital status, social insurance number, full mailing address, years at this residence and your phone number. Agree to the terms and conditions and click “Next” to submit your application.

• 4. Provide information about your employment

  This includes your employment status, your employer, length of service, salary and upcoming payday. You’ll also provide details about your rent or monthly mortgage payments. Click “Next”.

• 5. Review your application

  Review and submit your application. You should receive an instant pre-approval offer via email within minutes.

• 6. Get verified

  If you’re happy with your loan approval, get verified and negotiate the terms of your loan if you meet the eligibility requirements. A loan officer may contact you if they need more information to proceed with your application.

• 7. Get your funds

  Once you’ve signed off on your loan, GoDay will send your funds within the hour via Interac e-Transfer.

• 8. Repay your loan

  On your next payday, GoDay will take a payment for the amount of your loan plus the borrowing fee directly from your bank account.

How much will a GoDay loan cost me?

The cost of your GoDay loan will depend on where you live and how much you borrow. As an example, if you’re an Ontario resident and you borrow $500 over 14 days, your GoDay loan will cost $75 in fees ($15 for every $100 borrowed), which works out to 391% APR.

I got the GoDay Payday Loan. Now what?

If you take out a GoDay Payday Loan, it’s due on your next regularly scheduled payday unless your payday is in the next 2 days, in which case it’s extended to your following payday.

On the agreed date, GoDay will automatically withdraw payment directly from your bank account. Make sure you have this date marked on your calendar and you keep adequate funds in your bank account for this withdrawal, otherwise you’ll face further penalties and charges for a late payment, missed payment and insufficient funds.

Compare GoDay to other payday loans

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Name	Product	Loan Amount	Loan Term	Interest Rate	Turnaround Time	Serviced Provinces	Offer	Table description
iCASH Payday Loan iCASH Payday Loan		$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer®	AB, BC, MB, NB, NS, ON, PEI	Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.	Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. 24/7 instant approval and e-Transfer funding. Income of at least $800/month required.	Go to site View details	Compare	loading Fetching your data...
GoDay Payday Loan GoDay Payday Loan		$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer®	AB, BC, MB, NB, NS, ON, PEI, SK		To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.	Go to site View details	Compare	loading Fetching your data...

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Frequently asked questions

• What do I need to get a GoDay loan?

  To get a GoDay payday loan, you need to be a Canadian resident over 18 years old, have a recurring income that's paid through direct deposit and have an active bank account.

• Do I need to be employed?

  No. GoDay accepts other types of income, such as government benefits and private pensions.

• Can I get a GoDay loan if I have bad credit?

  Yes. GoDay will consider your application if you have bad credit as long as you have a steady source of income.

• Do I need a bank account to get a GoDay loan?

  Yes, you need an active bank account to get approved for a GoDay payday loan.