The best online Canadian installment loans offer access to cash quickly. However, a good loan also provides many other benefits you might not be aware of.

Nonetheless, it is important to choose your lender wisely. Each one offers a unique product and uses their own loan process. Some are simple, while others are far more complicated than they should be.

Consequently, we’re providing you with a few factors that ensure you’re getting one of the best online Canadian installment loans available. We’ll also point out a few you should avoid if you’re looking for a fast process.

Lender Requirements

It doesn’t make a lot of sense to apply for a loan, if you can’t possibly qualify. Luckily, the best online Canadian installment loans offer total transparency.

A good lender provides you with their basic requirements upfront. That way, you only spend time completing an application form if your chances of qualifying are good.

Regrettably, you’ll soon find many lenders don’t provide this information on their website or blog. Instead, they expect you to complete their application form first. In other words, you could easily waste precious time when you could have applied elsewhere.

Always look for a transparent lender when you’re looking for the best online Canadian installment loans. Here are FlexMoney’s basic qualification requirements:

  • Minimum net monthly income of $2,000 from the same source for at least the last three months (we consider full-time and part-time employment, self-employment, and private or public pensions)
  • Income paid by direct deposit
  • Active account with a Canadian financial institution with at least three months of transactions
  • Canadian citizen
  • At least 20 years of age
  • Valid email address and mobile phone number

Application Form

The best online Canadian installment loans offer a simple application form. No lender should ask you to provide information on where you worked, lived, or banked five years ago.

Instead, you should be able to complete their application form in 15-minutes, or less. Expect to provide basic information such as your name, address, email, income source, and banking details. This allows the lender to verify your income electronically, which makes the loan process go much quicker.

Proof of Income Considerations

Unfortunately, many lenders still operate in a traditional manner, even though they offer online loans. They want you to either upload pay stubs or a letter from your employer or they want you to drop off documents to an office.

There are several problems with this approach. Firstly, you have to take time out of your busy day to fulfill this lender requirement. Secondly, it is totally unnecessary in our digital age.

Consequently, the best online Canadian installment loans utilize digital income verification. Everything is handled quickly and securely and you don’t need to do a thing. This speeds the loan process so you get your money quickly.

Credit Considerations

Many lenders require you to meet a minimum credit score requirement before they’ll consider your application. As mentioned, this isn’t information most lenders tell you upfront.

Fortunately, FlexMoney does not have a minimum credit score requirement. Instead, we use an artificial intelligence assessment that looks at many factors, but particularly your income and your ability to repay a loan.

Additionally, “how” a lender checks your credit is very important. Basically, they have two choices: soft or hard inquiry.

A “hard” credit inquiry gives the lender complete access to your credit report, including your financial history for the past six years. However, every hard inquiry lowers your credit score and stays on your credit file for up to three years.

How much a hard inquiry lowers your credit score is up for debate. Some claim 3 points, but others have lost as many as 12 points. If your credit isn’t that great now or you have a short credit history, even a small drop can be detrimental.

Luckily, FlexMoney uses a soft credit inquiry as part of our pre-approval process. It does not lower your credit score and offers the added benefit of seeing what interest rate we’re offering straightaway. If you want to continue shopping, no problem. There’s no impact on your credit.

Fees & Penalties

You may wonder what this has to do with obtaining a loan quickly, but these are important considerations. Regrettably, some unscrupulous lenders hope you won’t spend too much time reading the fine print in your loan contract. Either that, or they can make it seem you should expect to pay a particular charge, even though you shouldn’t.

FlexMoney thinks you should be aware of a few of the charges less ethical companies try to charge Canadians. The first one is an origination fee, based on a percentage of your loan amount. This fee can range between 0.5% and 8% and is really an administrative charge for setting up your account.

Another common charge is a pre-payment penalty. This is a fee the lender levies if you pay more than your regularly scheduled payments. This could include making extra payments or paying your loan off completely. It is meant to reimburse the lender for the interest they would have earned normally.

At FlexMoney, we think this is bad business. We want you to feel confident when you deal with us and know that we follow ethical business practices. As a result, when you deal with us you can obtain the best online Canadian installment loans quickly, without paying either of these charges. There’s no need to look elsewhere.

Loan Options

When you’re looking for the best online Canadian installment loans, you want them to meet your needs. Some lenders have very low maximums and others force you to borrow more money than you need.

Always look for a lender that offers a wide range of loans options. This saves you time and effort now and if you ever want to borrow again. There’s no point in establishing a rapport with a lender if they can’t possibly help you down the road. You’ll need to go through the same process again.

FlexMoney offers a broad range of loan options. Borrow as little as $500 and as much as $15,000. We offer repayment terms of between 6 and 60 months and payment frequencies to suit your life. This makes it easy to find a loan that meets your short and long-term financial goals, quickly and easily.

Automated Process

The best online Canadian installment loans offer a fully-automated process. Once you submit your application form, a good lender makes their decision in minutes. There’s no waiting around while someone works through a stack of files in their inbox.

When you’re pre-approved, the process is also very fast if you decide to move forward. You accept the terms and the lender prepares your loan contract straightaway.

However, some lenders stumble at this point. Even thought they claim to offer the best online Canadian installment loans, they still want you to visit an office to sign your documents.

Fortunately, progressive lenders like FlexMoney offer digital document signing. There’s no need to visit a brick-and-mortar office. Signing your loan contract triggers the funds release process. This makes the entire process faster and more efficient.

Funds Release

The best online Canadian installment loans are fast. However, you will want to check how the lender defines “fast”. Is it hours or days until they release funds? Do they even tell you how long you will have to wait for your money?

At FlexMoney, you can usually expect money in your bank account within 24 hours, and often less, after you sign your contract. Signing during regular business hours normally speeds the funds release process.

Customer Service Options

The best online Canadian installment loans are backed by great customer service. Unfortunately, many online loan companies only offer limited support. This can lead to frustration and wasted time if you ever need help.

FlexMoney prides itself on its customer service. We offer a toll-free number, Canadian customer service representatives,  and Canadian business hours. You can also reach us via email, chat, and website support. We also have an in-depth Help section on our website.

FlexMoney Offers the Best Online Canadian Installment Loans

If you’re still wondering whether FlexMoney is your best choice over the competition, here’s a quick summary of what we can offer you:

  • Transparency – we provide our basic requirements upfront
  • Simple application form – apply in less than 15-minutes
  • Digital income verification
  • No minimum credit score requirement
  • Soft credit inquiry
  • No origination fee or prepayment penalties
  • Loans from $500 to $15,000 – terms between 6 months and 5 years
  • Fully-automated process, including digital document signing
  • Funds release within 24 hours, or less, if loan contract signed during business hours
  • We’re Canadian – our customer service representatives live and work here
  • Licensed lender in Ontario, British Columbia, Alberta, Nova Scotia, Saskatchewan, Newfoundland & Labrador, Prince Edward Island, and Yukon Territory

Find Out More

If you’d like to start the application process or have more questions, please visit our website. FlexMoney offers the best online Canadian installment loans and we’re fast!