GoDay loans review
Borrow up to $1,500 on the same day you apply with this online direct lender.
Apply for a GoDay payday loan, get an instant decision and receive your funds via Interac e-Transfer within 1 hour after signing your contract. You can apply and get approved if you have bad credit and/or income that doesn’t come from employment, such as government benefits and private pensions.
$100 - $1,500
Up to 62 days
Varies by province
GoDay loans at a glance
- Get funded in as little as 1 hour
- Accepts CCB, disability tax credit, OAS, CPP and private pensions
- E-transfer or direct deposit available
- Incredibly steep interest rates
- Short repayment terms
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 payday loan features
|Loan amount||$100 – $1,500|
|Loan term||Up to 62 days|
|Serviced provinces||AB, BC, MB, NB, NS, ON, PEI, SK|
|Repayments||By your next payday or in installments depending on where you live|
|Fees||If you default on your loan, you may be charged NSF fees and late fees.|
|Eligibility requirements||- Canadian resident over the age of 18|
- Valid email address and phone number
- Have an open bank account with a Canadian bank or credit union
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.
|BBB customer reviews||1.17 out of 5 stars, based on 6 GoDay reviews|
|Trustpilot score||4.4 out of 5 stars, based on 1,870+ GoDay reviews|
|Customer reviews verified as of||May 31, 2022|
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:
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.
⚠️ Warning: Be cautious with payday loansPayday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider payday loan alternatives:
- Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
- Debt relief companies. There are services to help you reduce your debt payments.
- Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
- Side jobs. Sell unwanted items online, sign up for food delivery and more.
Compare GoDay to other payday loans
Maximum borrowing costs per provinceAlways refer to your contract for exact repayment amounts and costs as they may vary from our results.
|Province||Maximum allowable cost of borrowing|
|Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island||$15 per $100 borrowed|
|Manitoba, Saskatchewan & Nova Scotia||$17 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||Up to $60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|