GoDay offers online payday and installment loans across Canada, with instant decisions 24/7 and fast access to funds. GoDay is a popular lender, but it’s not your only option if you need a short-term loan.
In this guide, we’ll compare seven loans like GoDay, explore their pros and cons, and find out how they stack up against GoDay’s loan products.
Like GoDay, Cashco Financial offers installment loans as well as payday loans, and you can apply and get funded online. Cashco Financial is also an established lender with over 15 years in business, and it operates more than 50 branches across 4 provinces.
Bad credit is OK
Get funded within 24 hours
Large branch network if you prefer in-person service
Flex Loan could improve your credit score (but not the payday loan)
Wagepay offers fast payday loans 24/7, just like GoDay. You can apply online or via a handy mobile app, and there's no need to complete a credit check during the application process. If you're approved, you'll get fast access to your loan funds via e-Transfer.
Quick and easy application process
Get your money within minutes
Loans funded 24/7
No late fees
Payday loans are expensive
Short repayment period
Relatively new lender
Only in BC and Ontario
Loan Amount
$100 – $1,500
Loan Term
Up to 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
BC, ON
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
No
Requirements
- Be at least 18 years old in Ontario or 19 in BC - You must live and work in Canada - You must be employed and receive a regular, consistent income from your employer of at least $400/week ($1,600/month) - You must leave enough of your income each pay cycle in your account to be able to repay an advance - You must have a generally good banking history
Similar to GoDay, iCash offers 24/7 payday loans in Canada with instant decisions. It provides fast access to funds and accepts an even wider range of income types than GoDay. Like its competitor, iCash has also earned plenty of positive reviews on sites like Trustpilot.
Get funded fast by e-Transfer 24/7
24/7 customer support
4.6/5 stars based on 2,700+ Trustpilot reviews
Also offers a mobile app
Payday loans are expensive
Short repayment terms
Loan Amount
$100 – $1,500
Loan Term
7 - 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
AB, BC, MB, NB, NS, ON, PEI
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
Yes
Requirements
- At least 18 years old (for applicants in Alberta, Manitoba, Ontario and PEI) - At least 19 years old (for applicants in British Columbia, New Brunswick and Nova Scotia) - Canadian resident in a province that iCASH services - Valid cell phone number, address and email address - Net income of at least $800/month deposited into bank account - Receiving the same source of income for the past 3 months - Have a Canadian bank account that's been open for at least 3 months with online banking
Unlike GoDay, KOHO doesn't offer payday loans but rather short-term cash advances through its KOHO Cover feature. Promoted as a payday loan alternative, it provides an interest-free cash advance of up to $250. There are no credit checks during the application process, no job or income requirements, and you also get the flexibility to repay your advance at any time, unlike GoDay.
No interest charges or NSF fees
No income required to qualify
Fast access to funds
You can increase your Cover limit
$250 advance may not be enough for you
Monthly KOHO Cover fee
Monthly KOHO plan fee
Costs
0% + monthly fee from $2
Loan Amount
$20 – $250
Loan Term
Flexible
Credit Check
No
Turnaround Time
Immediately
Requirements
KOHO account—access higher loan amounts over time by using KOHO for everyday spending, repaying your monthly fees and using its other services
Unlike GoDay, Nyble offers a small line of credit with flexible repayments. You can borrow between $30 and $250 without a credit check, and you won't pay any interest on the money you use. And because Nyble reports payments to the credit bureaus, taking out a line of credit could potentially boost your credit score.
Could help rebuild your credit score
No interest or mandatory fees if you opt for standard delivery
No late fees
Easy to apply
Instant funding available (for a fee)
Late payments are also reported
Can only borrow up to $250
Slow funding with a free account
Costs
0%
Loan Amount
$30 – $250
Loan Term
31 days, extendable
Credit Check
No
Turnaround Time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Requirements
You must be 18 years or older and have a minimum monthly income of $1,000.
Bree is another interest-free cash advance company that offers an alternative to payday loans from GoDay and other lenders. It offers advances of up to $500, and you can apply online or via an app and get approved instantly 24/7. You can also qualify for funding if you have low income or non-employment income, and you can get the money by e-Transfer if you're willing to pay a fee.
No credit checks
No interest or late fees
Instant decisions
Easy application process
$500may not be enough for your needs
$2.99 optional monthly subscription fee applies for features including instant transfers
Costs
0%
Loan Amount
$20 – $500
Loan Term
Next pay cycle (90 days max)
Credit Check
No
Turnaround Time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and within 1 to 3 business days for standard delivery.
Requirements
You must have a bank account with regular income deposits and a Visa or Mastercard debit card with a CVV
Loans Canada is not a lender, but rather a loan search platform where you can compare your borrowing options. Like GoDay, you can apply online, even if you have bad credit. Once you fill out an application, you can compare offers from multiple lenders in one place. You can search for personal loans as well as a wide range of other financing options, then choose the lender that is best for your needs.
Loans for all types of credit
Easy online application
Compare multiple lenders
Wide range of financing options and amounts
It could take one to three business days to get funded
High rates for bad credit
Not a direct lender
Loan Amount
$500 – $50,000
APR Range
8.99% – 35%
Loan Term
4 - 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian resident, age of majority in your province of residence
How does GoDay compare?
GoDay offers online payday loans of up to $1,500 and installment loans of up to $15,000 (through its FlexMoney product) across Canada. Let’s take a look at the pros and cons of GoDay to give you a better idea of how it compares to these seven loans like GoDay.
Pros
Completely online. GoDay offers a 100% online application process, and you can submit a loan application in a matter of minutes.
Instant decisions 24/7. GoDay’s automated system can provide instant loan approval 24/7.
Fast access to funds. You can receive your loan funds within an hour of being approved.
Poor credit is OK. You can still qualify for a GoDay payday loan if you have bad or limited credit.
Wide range of income types accepted. GoDay accepts a variety of income sources for loan applicants, including CCB, disability tax credit, OAS, CPP and private pensions.
Established lender. Operating since 2012, GoDay is a licensed payday lender.
Short repayment period. Payday loans are typically designed to be repaid when you receive your next paycheque, so it can be very difficult to budget for your loan repayment.
May perform a credit check. You may need to undergo a credit check as part of GoDay’s automated approval process.
Loan limit. First-time applicants are limited to a maximum loan amount of $500.
No mobile app. GoDay doesn’t offer a convenient mobile app.
Find out more about how GoDay stacks up against the competition in our full GoDay review.
How do I choose the right loan?
There are several factors that affect whether a loan from GoDay or one of the alternatives listed here is the right choice for you. The best loan for you will depend on:
How much you need to borrow
Your income and how much you can afford to repay each pay cycle
The type of income you receive and your employment situation
Your credit score
You’ll need to compare loans and lenders side by side to find the most affordable borrowing option and a repayment plan that suits your pay schedule. Check loan APRs to calculate the cost of borrowing, check when you’ll need to make payment(s), and find out whether you can repay the loan early without penalty.
Remember that payday loans are very expensive and should only be used as a last resort. And no matter which lender or loan type you choose, make sure you understand the total cost of borrowing before you apply.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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