FlexMoney installment loans are a great solution if you need money for a wide variety of reasons. They’re also easier to obtain than traditional loans through big banks.
While our loan process is very straightforward, we realize most people don’t have time to waste on an application if it won’t deliver what they need. If you’re considering a loan through FlexMoney, please check out these here are 5 quick tips that can help the process go quicker and easier for you.
Tip 1: Understand When We Can Help
Unlike most lenders, we’re more than happy to provide you with what we need from you before you apply. We understand there’s no point in applying for one of our FlexMoney installment loans if you don’t meet our criteria. It just wastes your time and could give you a dim view of our company. We don’t want that.
Our Loan Criteria
FlexMoney does not rely on your credit alone. Instead, we use our own scorecard to decide whether we’ll grant you a loan. Your basic requirements to qualify are:
- Canadian citizen who is at least 20 years old
- Valid email address
- Active cellphone number
- Open bank account with a Canadian financial institution showing at least three months of activity
- Regular net income of at least $2,000 per month from employment, self-employment, or pensions over at least the last three months
- Details of whatever existing debt you may have to determine your debt-to-income ratio
- Reside in British Columbia, Alberta, Saskatchewan, Ontario, Nova Scotia, Newfoundland & Labrador, Prince Edward Island, or the Yukon Territory
We will need to verify your identity electronically, so it is very important you provide accurate information. Please do not use a Virtual Private Network from outside of our lending areas to avoid automatic disqualification.
You must complete the bank verification process for approval. We suggest you find a blank cheque or your bank account, transit, and financial institution numbers before you start filling out our online form.
This information confirms your income through bank statements, instead of asking you to submit proof of income. It does not allow us to peer into your personal finances. We also use your banking details to transfer funds to your bank account and to setup your loan payments.
Don’t worry, we won’t share this information with third-parties and our soft credit check doesn’t negatively impact your credit file. You are under no obligation to follow through with our FlexMoney installment loans after pre-approval either.
Unfortunately, we can’t help if:
- Employment Insurance, the Disability Tax Credit, or COVID-19 benefits are your income source
- You’re involved in an active bankruptcy, consumer proposal, or credit counselling program
- Your application includes inaccurate or misleading information
- We can’t confirm your identity, because you did not complete all sections of our application form
- Income verification through your bank failed
- You did not meet the requirements of our artificial intelligence credit scorecard
- Your debt-to-income ratio is too high – generally, your debts including your loan application amount should not exceed 40% of income
- You have a loan with us now (Once you’ve paid off your loan and the payment has cleared the bank, we’re happy to lend to you again).
Unfortunately, no lender can guarantee 100% approval. If you’re turned down, it could be for one of the reasons mentioned above. If your financial or life situation changes, you can re-apply.
Tip 2: Decide on Your Loan Amount
It might be tempting to borrow a little “extra” just in case you may need it down the road. However, we don’t suggest you do this. It is far better to decide on your loan amount beforehand.
Why? FlexMoney installment loans are debts and we charge interest on whatever you borrow. While there may not seem a huge difference when you spread this “extra” money across many payments, you will pay more over the long-term.
FlexMoney is a responsible lender and we want you to manage your debt well. Calculate what you need and only apply for that amount. FlexMoney installment loans offer a wide range of amounts from $500 to $15,000.
You receive the approved amount in your bank account. Unlike many lenders, we don’t charge an origination fee for setting up your account.
FlexMoney installment loans are issued for your approved fixed amount and repaid over your chosen time period. You do not pay compound interest on the outstanding balance. Instead, each payment delegates a portion towards the principal outstanding a portion towards interest.
We will also ask you why you want to borrow. This is because some loans may be better-suited to your need than others. For instance, a debt consolidation loan may differ from one needed for a dream vacation.
Luckily, FlexMoney installment loans are available for almost any purpose. Consolidate your bills, make a major purchase, pay for a move, wedding, cosmetic surgery, or handle an emergency. We’ve got you covered.
Tip 3: Consider Your Repayment Options Carefully
FlexMoney installment loans offer a wide range of repayment options. For instance, you can choose weekly, bi-weekly (every two weeks), semi-monthly (twice a month), or monthly payments. We suggest you align your payments with your pay days for convenience.
You can also choose to repay in as little as 6 months or as long as 5 years. If you’re unsure of which suits you best, use our handy calculator to play with the numbers.
Most people would like to pay off their debt as quickly as possible. However, it is important you choose your terms carefully since they’re fixed throughout your loan. You’ll pay the same interest rate and payments from start to finish.
Certainly, choosing a shorter term means you pay less interest. Nonetheless, you’ll want to leave some wiggle room to handle unexpected expenses.
Luckily, FlexMoney installment loans allow you to pay extra or in-full at any time, without penalty. This makes a longer term a very viable option. Your payments will be more affordable and you won’t stress your finances. However, you will pay more interest.
Tip 4: Review Your Loan Contract
If you’re pre-approved and agree to our terms, we’ll send you your loan contract for review. This process occurs very quickly, but we strongly suggest you take the time you need to read through your contract carefully.
FlexMoney installment loans involve a legal contract between us (the lender) and you (the borrower). While we do our best to keep things as simple as possible, legal contracts are complex.
Your loan contract includes the fine details of our FlexMoney installment loans. While you probably have no intention of defaulting on your loan, you do need to understand the consequences if you do. No one likes surprises.
We invite you to contact us if you have any questions or concerns. You should understand your commitment before you sign. FlexMoney offers a 1-800 number, email, and online support for your convenience.
You are under no obligation to sign if you change your mind about borrowing. Our credit inquiry does not negatively impact your credit score and you are welcome to re-apply at any time.
The interest rate we offer you is based on your application, bank, and credit scorecard information. Our rates start at 18.99%, which is lower than almost all online competitors and lower than most credit cards. Lenders may legally charge up to 60% on installment loans in Canada.
Your contract also outlines your payment amount, loan terms, and your loan end-date. It is your responsibility to confirm the accuracy of this information before you sign.
Tip 5: Set Up Automatic Payments
If you decide to sign your loan documents, you can do so digitally. There’s no need to visit an office.
Once signed, your contract becomes a legally-binding contract. Payments begin on your loan payment start date specified in your loan documents. We will also start reporting your loan to the credit bureaus at this time.
As a result, we strongly suggest you set up automatic payments with your financial institution once you’ve secured your loan. It’s convenient, protects your credit, and ensures you meet your loan obligations. Additionally, you could enjoy lower interest rates and more loan choices in the future.
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The loan process is simple, straightforward, and incredibly convenient. If you follow these 5 quick tips, it will be even faster and more likely to succeed.