The best online emergency loan is the one that gets money into your bank account quickly. No one has time to sit around and wait while a lender ponders whether you’re credit worthy or not.
Even though many online lenders claim to be fast, that’s not actually true. They could take days or even weeks to review your loan application and even longer to release funds. That’s not going to help you at all when you’re dealing with an emergency.
Luckily, there are great options available to you. You can find the best online emergency loan quickly and easily if you ask these questions and follow these tips as you search for a lender.
Narrow the Field
Many lenders offer personal loans, but not always for emergencies. Start by looking for a lender that specifically offers emergency loans. They are used to processing paperwork quickly and usually have the quickest funds release too.
How Do They Define an Emergency?
Some companies only lend for specific emergencies. For instance, they may consider a loan to pay for costly vehicle repairs or an appliance replacement. However, they may not lend you money if you’re replacing a broken cellphone or tablet that you use for your business. They might lend you money to pay for a funeral, but they may not if they discover you need the money for unexpected medical expenses.
Look for a lender that doesn’t delve too deeply into your why. They should be willing to lend to you no matter your emergency. This includes borrowing money to tide you over after a significant life change. Even if you’ve been in your new place or job for a while, you may have accumulated bills that you need to take care of now.
Do They Offer the Right Loan Amount?
The best online emergency loan is one that provides you with exact amount of money you need. First, check that the lender will lend as little or as much as you want.
If you only need $500, why should you have to borrow $1,000. If you need $15,000 and their maximum loan is $10,000, that’s not going to be the answer to your problems either.
Do They Offer Flexible Terms?
The best online emergency loan also offers the loan length and payment options you need to make repayment manageable.
For instance, you may want to pay off your loan as quickly as possible. In this case, a 6-month term could be ideal. If you want lower monthly payments, a 60-month term might serve you better.
Additionally, the lender should offer payment frequency options that align with your income. If you get paid every two weeks, you should be able to make a payment each pay day. If you receive a monthly salary, monthly payments would make more sense. Check that the lender offers bi-weekly, bi-monthly (mid and end of month), and monthly payment choices.
What Fees Do They Charge?
The best online emergency loan is fee-free. You shouldn’t have to pay an “origination fee” just for setting up your account. This is totally unnecessary and could cost you up to eight percent of the loan amount just to borrow.
Equally, a good lender shouldn’t penalize you if you want to make early payments, extra payments, or payment in-full at any time. Regrettably, many lenders do charge hefty penalties for paying more than your regular payments.
Do They Require a Minimum Credit Score?
As you sift through online lenders you will quickly discover many rely heavily on your credit score. If your credit isn’t the best or you have one small issue on your credit file, they probably won’t approve your application. Lenders will consider you too high risk.
Fortunately, the best online emergency loan doesn’t rely as heavily on your credit score when they evaluate your application. Artificial intelligence offers a more comprehensive assessment, with less emphasis on your credit score. The added bonus is that an AI pre-approval doesn’t appear on your credit file.
How Easily Can You Apply?
No one want to spend hours filling out an online application form. The whole idea is to get money quickly, not explain your life story.
The best online emergency loan application shouldn’t take more than 15 minutes to complete, providing you have your banking information at hand. You should be able to complete their form from any device at any time of the day.
They shouldn’t ask you for proof of income at this point either, but they will need some information such as your banking information, email, and cellphone number for identity verification.
How Quickly Will They Respond?
It’s an emergency and you want to know whether you’ve got your loan quickly. Check how long it takes before the lender notifies you of their decision. It should be minutes, not hours or days.
Do They Offer Competitive Interest Rates?
The best online emergency loan isn’t found on a comparison website. These websites receive compensation every time a person clicks through one of their referral links.
Even if the website mentions incredibly low interest rates, they’re reserved for those with excellent credit and a long employment history. Some of these lenders take advantage of borrowers with less than pristine credit and charge between 34.9% and 60%.
As a rule of thumb, the starting interest rate for the best online emergency loan shouldn’t be more than a regular credit card, which is 19.99%. Otherwise, it may not be a great option for you.
How Long Until Funds Are Released?
Read the fine print. Lenders often claim to offer fast funds release, but how long is that? Is it two or three days, a week, or weeks?
There’s absolutely no reason to wait that long. The best online emergency loan should offer money in your bank account within 24 hours.
What About Customer Service?
Many online companies are eager to lend, but do they care for their customers? Do they offer answers to frequently asked questions on their website? Do they have a toll-free 1-800 number so you can speak to a real person when you want to? Is the company based in Canada, or elsewhere? What about their reviews and testimonials?
The FlexMoney Advantage
Let us make life easier for you. We offer the best online emergency loan and our requirements are less stringent than traditional lenders. Plus, FlexMoney can fulfill your emergency needs quickly.
In most cases, once you sign your loan documents, you’ll have it on the same day or the next morning. The only variables that could affect the speed of your funds transfer are when you sign your loan documents and your financial institution’s business hours. Regardless, you can expect to have the cash you need in your back account within 24 hours.
Here’s what we offer, who we can help, and who we can’t. We make finding the best online emergency loan simple.
- Fast online application
- Artificial intelligence assessment
- Soft credit inquiry that does not appear on your credit file
- Quick pre-approval without obligation
- Transparent documentation
- Weekly, bi-weekly, semi-monthly, and monthly payment options
- Loans between $500 and $15,000
- Terms between 6 months and 5 years
- No origination or prepayment fees
- Interest rates starting at 18.99%
- Funds release within 24 hours
- Telephone, email, and online customer service options.
We Can Help If You Meet the Following Requirements…
- Canadian citizens who are at least 20 years old
- With the same employer for at least the last 3 months
- Earning at least $2,000 per month for at least the last three months (We will consider income from self-employment, the Canadian Pension Program (CPP), the Old Age Security (OAS), or from various private and public pension programs).
- Own a mobile phone and have an email address and active Canadian bank account with at least three months of transaction and banking history.
We Can’t Help Those…
- Currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program.
- Whose income comes form Employment Insurance (EI), Disability Benefits, Canada Child Benefit, Student Aid or COVID-19 relief benefits either.
FlexMoney lends throughout Canada. Visit our website for more information or to start the application process now.