GoDay loans review
- APR
- Varies by province
- Loan Amount
- $100 - $1,500
- Loan Term
- Up to 62 days
- Turnaround Time
- As little as 2 minutes with Interac e-Transfer
- Serviced Provinces
- AB, BC, MB, NB, NS, ON, PEI, SK
Our verdict
Get fast funding for an online payday loan, but watch out for the high cost of borrowing.
GoDay offers online payday loans of up to $1,500 plus installment loans of up to $15,000. You can apply online without having to upload any paperwork, and it's possible to qualify for a loan with bad credit or non-employment income. Loans are approved 24/7, and you can get funded within an hour via e-Transfer.
But payday loans are extremely expensive and have short repayment terms, so make sure you consider all other options before applying.
Pros
-
Get funded in as little as 2 minutes
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Accepts CCB, disability tax credit, OAS, CPP and private pensions
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e-Transfer or direct deposit available
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Get approved 24/7
Cons
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Very expensive
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Short repayment terms
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$500 limit for first-time borrowers
What is GoDay?
GoDay is an online-only lender that offers fast loans through a simple, paperless application. The company has been in business since 2012, headquartered in Toronto, Ontario.
GoDay offers two types of loans:
- Payday loans. You can borrow up to $1,500 with a short-term payday loan and get funded in as little as one hour of being approved.
- Installment loans. Loan amounts of up to $15,000 are available with terms ranging from 6 to 60 months.
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. It’s also Better Business Bureau accredited.
GoDay payday lending licences
- Alberta licence: 347297
- BC licence: 67513
- Manitoba licence: 77938
- New Brunswick licence: 170060377
- Nova Scotia licence: 242482555
- Ontario licence: 4726423
- PEI licence: 41825
- Saskatchewan licence: 316782
GoDay payday loan features
| Feature | Details |
|---|---|
| Loan amount | $100 – $1,500 |
| Loan term | Up to 62 days |
| Serviced provinces | AB, BC, MB, NB, NS, ON, PEI, SK |
| Interest rate | Varies by province |
| 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 |
How long does GoDay take?
If you’re applying for a payday loan, it takes about five minutes to complete an application. GoDay offers instant decisions, and your loan can be funded by e-Transfer in as little as 2 minutes after approval.
It also takes around five minutes to apply for a GoDay installment loan, while instant pre-approvals are also available. However, the exact processing time for this type of loan is not specified.
What we like about GoDay payday loans
- Easy online application. It will take you a few minutes to apply for a GoDay payday loan or installment loan. You also won’t need to visit a physical location or storefront to verify your identity or receive your money.
- Fast approval. You can apply online 24/7 and receive instant pre-approval from GoDay’s automated system.
- Fast access to funds. If you accept your loan contract, you should get funded via Interac e-Transfer within an hour of being approved.
- Bad credit is OK. If you have bad credit or no credit, you can still qualify for a payday loan.
- Wide range of income types accepted. If you receive income from CPP, OAS, child tax benefits, disability income or other government benefits, you can still qualify. You just need to prove you receive a steady source of income and can afford loan repayments.
- No collateral required. You won’t have to secure your loan with any assets like your home or vehicle.
What to watch out for
- Sky-high fees. Payday loans have extremely high fees. Depending on where you live, a payday loan will cost you $14 to $17 for every $100 borrowed.
- Short repayment period. You’ll typically need to repay a payday loan by your next payday. This results in extremely high loan APRs and can make it very difficult to budget for repayment.
- Limits for first-time borrowers. First-time customers can only get approved for loans of up to $500.
- Automatic withdrawals. Your loan repayment will automatically be taken from your bank account on your due date, which means you have to budget accordingly to avoid late charges.
- No mobile app. Unlike some other online lenders, GoDay doesn’t offer a convenient mobile loan app.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. 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). You may also want to consider payday loan alternatives. Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.Compare payday loans
Summary of GoDay reviews
GoDay reviews are generally positive. Customers who leave positive feedback mention factors like a quick and easy application process, fast access to funds and helpful customer service. Those who leave negative reviews complain about issues like slow approvals and funding.
| Feature | Details |
|---|---|
| BBB accredited | Yes |
| BBB rating | A |
| BBB customer reviews | 1.56/5 based on 9 GoDay reviews |
| Trustpilot score | 4.4/5 stars based on 3,080 GoDay reviews |
| Google reviews | 3.7/5 stars based on 347 GoDay reviews |
Customer reviews verified as of August 27, 2024.
How much can I borrow with a GoDay loan?
The amount you borrow varies depending on where you live and whether you apply for a payday or installment loan.
- Payday loan. Loan amounts range from $100 to $1,500, with first-time borrowers limited to $500. Other limits may apply depending on where you live.
- Installment loan. You can borrow amounts ranging from $1,000 to $15,000.
Can I get a GoDay loan with bad credit?
Yes, you can qualify for a GoDay payday loan if you have bad credit. Rather than focusing on your credit score, GoDay will assess your employment and income situation. If you receive a steady source of income, whether from employment or from government, tax or pension benefits, it’s possible to get approved.
Am I eligible for a GoDay loan?
To be eligible for a GoDay payday loan, you need to:
- Be a Canadian resident
- Be the age of majority where you live
- Have an active Canadian bank account
- Get paid by direct deposit and receive a steady source of income
- Have a valid email account and phone number
- 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 your personal and contact details, bank account information and employment and income details.
How do I apply for a GoDay loan?
You can apply for a payday loan from GoDay by completing the following steps:
- Head to the GoDay website, select Apply now and choose your province from the dropdown menu.
- Using the sliding scale, decide how much you’d like to borrow. Remember that first-time borrowers with GoDay can only qualify for $500.
- Provide your name, email address, date of birth, marital status, Social Insurance Number, mailing address, years at this residence and your phone number.
- Enter your employment details as well as information about your monthly rent or mortgage payment.
- Review and submit your application.
How much will a GoDay loan cost me?
The cost of your GoDay loan depends 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 a total repayment cost of $575 and an APR of 391%.
Bottom line
GoDay is a licensed payday lender that offers an easy online application process and fast access to funds. It’s well worth checking out if you need a quick payday loan. But payday loans are extremely expensive and have very short repayment periods, so make sure you consider all other alternatives before deciding whether to apply.
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