A Kitchener medical loan is a great choice if you need or want health treatments, procedures, or medications that OHIP does not cover. While other companies may offer similar products, we think you will quickly see why FlexMoney’s Kitchener medical loan is your better choice.
We Operate Online
FlexMoney is an online lender that offers a totally remote experience. The benefits of this way of borrowing are extensive, but we’re providing you with the most significant below. These benefits make online borrowing a much safer, faster, and more effective way to borrow.
When you think about it, the idea that you must travel to a lender to borrow money is very out of date. Everything else seems to be handled remotely, so why not a Kitchener medical loan?
There’s no need for you to take time out of your busy to go to a lender’s office. There’s no struggle to find parking or standing in line either. Even more importantly, it doesn’t matter when you apply.
As an online lender, FlexMoney accepts applications during the day, in the evening, on the weekend, and even on holidays. We make the process convenient for you, instead of you having to visit us during office hours.
Simpler Application Process
Besides the general inconvenience of visiting a lender in-person, there’s another reason why you’ll want to choose online over in-person loans – simplicity.
FlexMoney’s online loans do not involve a lengthy, complicated application form. Most people complete our form in under 15-minutes. That’s because we are only interested in where you stand now, not where you worked, banked, and lived years ago.
Since you’re completing your application form online, there’s no delay waiting for an employee to input your data into a computer like you would if you applied in-person.
Additionally, our Kitchener medical loan has less stringent requirements. As a result, many people who cannot qualify through mainstream lenders are able to get a loan through FlexMoney.
Artificial Intelligence Assessment
FlexMoney uses an artificial intelligence assessment to determine loan eligibility. This may benefit you in several ways.
First, our artificial intelligence assessment considers many factors, not just your credit. That’s certainly not the case with many other lenders, where their decision rests primarily on your credit score.
Basing a decision on your credit score can be detrimental to many applicants. For instance, students, new borrowers, and those trying to restore their credit can be automatically refused by these lenders. This is because they don’t have a high enough credit score or they don’t have a long enough credit history.
Second, one of the most important factors FlexMoney looks at when you apply for a Kitchener medical loan is your income. As a result, if you earn a steady, recurring income paid by direct deposit you could qualify, providing you earn enough money. We provide details on this next.
Our Basic Kitchener Medical Loan Requirements
When you start looking for a Kitchener medical loan, you’ll soon discover that most lenders won’t tell you what they need from you before you apply. Instead, they expect you to fill out and submit and application form and wait.
FlexMoney doesn’t work like this. We like to keep you in the loop from start to finish. Consequently, we’re happy to provide you with our basic requirements for our Kitchener medical loan beforehand:
- Canadian citizen
- At least 20 years old
- Actively receiving a net monthly income of at least $2000 for at least the last three months (we consider regular, self-employed, pension, and other forms of recurring income)
- Have an open and active bank account with a Canadian financial institution showing at least three months of transaction and banking history
- Valid email address and mobile phone number
- Not currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program
Sorry, we cannot consider your application if your income source is Employment Insurance or government benefits related to COVID-19.
FlexMoney’s Pre-Approval Process
Our loan approval process benefits you in many ways. As mentioned earlier, we do not base our decision on your credit. Instead, our artificial intelligence assessment considers many factors.
What we didn’t mention that pre-approval uses a different method than most mainstream lenders use to check your credit. Traditional lenders (and many online lenders) ask for your credit information from the credit reporting agencies using a “hard” inquiry. This provides them with all details on your credit report over the past six years.
However, a hard inquiry also lowers your credit score by as much as 12-points and stays on your credit file for up to 3-years. Even though this reduction in your credit score is said to be “temporary”, no one defines precisely how long that is. Obviously, it can be bad news for anyone with a short credit history or less than pristine credit, no matter how long it lasts.
Conversely, the pre-approval process depends on a “soft” credit inquiry. This inquiry provides us with a general overview of your financial position. However, it does not lower your credit score. Consequently, it is the best way a lender can invite consumers to check out their rates on their Kitchener medical loan.
Indeed, that is one of the greatest advantages of pre-approval. You immediately see the terms offered, without obligation and without affecting your credit.
Our Digital Income Verification
You might be surprised to know that many online lenders still want you to provide paper documents. The only difference between applying in-person and online is that you must scan and upload the documents or fax them to the lender. Who has time for that?
Luckily, FlexMoney has a better solution – digital income verification. There’s no scanning, faxing, or uploading. We do everything electronically. Since we’re an online lender, we invest heavily in the best possible data encryption software available today to protect your sensitive data too.
Our digital income verification process safely and quickly confirms your recurring direct deposits through your bank. All data is heavily encrypted and we cannot peer into your affairs. Your financial institution simply acknowledges the information you provide to us in your application form. That’s it.
In-person lenders and some online lenders are very slow. Consequently, it is very important you choose the right lender for your Kitchener medical loan.
If a particular lender does not tell you how long it will take them to make a decision, look elsewhere. Otherwise, you could be sitting around waiting for hours or days to find out whether you’re approved.
Luckily, that’s not an issue with FlexMoney. Our streamlined lending process means you will have our decision in minutes after submitting your application. Since we use a pre-approval process, you will also see the terms we’re offering so you can make an informed financial decision.
Sign Your Contract Remotely
Unfortunately, even online lenders may drop the ball when it comes to finalizing your loan contract. Instead of using the latest technology, they want you to sign and fax or scan and upload.
Once again, who’s got time for that? Even more importantly, why should have to do this in today’s digital world? Fortunately, you don’t need to do either when you choose FlexMoney for your Kitchener medical loan.
FlexMoney offers digital contract signing. Documents are encrypted for data protection and the process is fast. Once we receive your signed contract, it triggers the funds release process too.
Get Your Money Quickly
FlexMoney relies on the fastest tools in the lending industry to get money to you quickly. If you sign your loan contract within regular working hours, we usually have money to you within 24 hours. Otherwise, you will receive your funds the next business day. Remember, weekends, holidays, and your bank may affect funds transfer times.
Use Our Loan For Any Medical Purpose
FlexMoney’s Kitchener medical loan can be used for any purpose. Whether you want an operation or procedure or you want to pay for medication that isn’t covered under OHIP, we can help. This includes any cosmetic surgery, dental, and much more. You can find in-depth information on what’s possible here.
No Fees or Penalties
FlexMoney does not charge hidden fees and penalties. Our Kitchener medical loan is “open” meaning you can pay extra payments, lump sum amounts, or your whole loan off without penalty.
We do not charge an origination fee for setting up your account either. This can cost you between 0.05% and 8.0% of your total loan amount, when you apply through other lenders.
FlexMoney’s Kitchener Medical Loan
If you’re weighing your options, here are a few more reasons why FlexMoney is your better choice of a Kitchener medical loan:
- Installment loans of between $500 and $15,000
- Terms between 6-months and 5-years
- Set interest rate
- Simple, not compound interest
- Canadian owned and operated
- We’ve issued loans to Canadians since 2012
- 100% online process
- 15-minute application form
- Applications accepted 24/7
- No usage restrictions – borrow for any medical need including cosmetic treatments, dental, eye, and ear care, medications, and more
- Pre-approval process – no impact on credit score
- Fast decision
- Digital income verification
- Digital loan contract signing
- Quick funds release
- Toll-free customer service number with extended Ontario business hours, email, and website support as well as an in-depth FAQ section on website.
Whether you are ready to start the application process or want more information, please visit our website. FlexMoney makes it easy to borrow for all your medical needs, without the hassle.