Can I get a payday loan with an unstable income?

The term payday loan suggest that you must be earning an income with a specific pay date to secure the loan. Getting one is easy and most providers have straightforward requirements. For instance, GoDay requires the following:

• Be a Canadian resident over the age of 18
• Have an open bank account with a Canadian bank or a credit union
• Have your own valid email account
• Provide a home or cell phone number
• Be employed and working in Canada

So the short answer is: you need to be employed and earning a steady, regular income to be able to get a payday loan. If for some reason, you are terminated from this employment and your income becomes unstable prior to being able to repay your loan, we highly suggest you give us a call to let us know of the situation. Here are some tips to help you meet your obligation to repay the loan on time when your income suddenly becomes unstable:

1. Assess where you can get the money for loan repayment. You might have a last paycheque still pending with your previous employer that you can use to pay back the payday loan. Maybe you can cut some items from your budget to have more money go towards repayment?
2. Focus on getting back on track. If job loss is the reason for your current unstable income situation, try looking for a replacement job, a part-time position or even freelance work. Freelance and part-time work means having an income, although not necessarily stable. Part of getting back on track should be knowing where the money comes from and how to allocate it to your daily expenses and other financial obligations.
3. Get the support you need. Talk to family, friends or a professional about how to get back on track after a period of financial instability. Aside from that feeling of relief you can get by talking about the situation, you might also be able to get some good advice on how to get through the tough times.
4. Talk to your lender. There is nothing worse than doing nothing about the situation. Calling your lender to discuss the issue is the first step to resolving it.

Taking on any loan – whether a payday loan or some other type – is a financial commitment between you and the lender. GoDay practices responsible lending and encourages responsible borrowing. However, we understand when tough situations make it difficult for people to repay their loan time. The key is to keep the communication line open with us so we can continue to help you.