The best Richmond Hill installment loan offers convenience, speed and flexibility. However, separating a good loan from a less desirable one requires more information. Otherwise, you can’t make an informed financial decision.
Consequently, we’re providing you with 7 essential steps to find the best Richmond Hill loan. This includes explanations on why these steps are preferrable to other routes you might take.
These steps also help you choose a great lender. Otherwise, your borrowing experience will be less than optimal lender.
Step 1: Choose an Online Lender
The benefits of obtaining an online loan over an in-person are multifold.
First, online loans are far more convenient. There’s no need to take time out of your busy day to visit the lender. Instead, you can apply at any time from your favourite device.
Second, an online installment loan through the right lender is far quicker than any in-person loan. You’ll enjoy a streamlined lending process, such as a simple application form and a way to move forward quickly when you’re pre-approved. There’s no need to visit an office to drop off documents either.
Additionally, funds release is usually very fast, but particularly when you choose a lender that uses an artificial intelligence assessment. A good lender can have money in your hands within 24 hours, if you sign your loan during business hours.
Finally, a reputable online lender invests heavily in data security. In fact, their reputation depends on protecting your sensitive information well. That’s not necessarily the case when you apply through an in-person lender. They usually rely heavily on paper documents and when they input your data into their system, security isn’t their primary focus.
As a result, the best Richmond Hill installment loan comes from an established lender with a 100% online loan process.
Step 2: Look for Transparency
An important step when you want to find a good lender is to check if they are open. When you borrow, you enter into a legal contract. Choose the wrong lender and the experience can be a nightmare. Choose the right lender and it will be a seamless, positive experience.
So, how do you separate good lenders from the bad and mediocre? Start by checking whether they provide in-depth information on their website.
Do they have a FAQ page that answers commonly asked questions? Do they explain any potential fees or penalties, or is the loan fee-free? Are their loan requirements easily found on their website too?
If you can’t find the information you need easily, you’re better off looking elsewhere. It could indicate the lender isn’t concerned about its’ customers and they don’t care whether you spend time applying for a loan that you can’t possibly get.
Fortunately, the best Richmond Hill installment loan is transparent. You should know what is expected of you beforehand as well as what’s involved in the lending process.
Step 3: Check for a Streamlined Application Process
You definitely don’t want to apply through a company and then discover they conduct part of the loan process offline. That makes borrowing cumbersome and time-consuming.
Always choose a lender with a 100% online process. This should include a simple application form that only asks for identification and banking information. IT shouldn’t take more than 15-minutes to complete. If they ask for banking information it is to confirm your income and to transfer funds into your bank account. They’re only interested in your regular direct deposits, not your personal affairs.
Avoid lenders that what to know where you lived, worked, and banked over many years. There’s absolutely no reason for you to fill out a complicated application form in our interconnected, digital world. Most needed information is at most lender’s fingertips.
Consequently, the best Richmond Hill installment loan has a simplified, fast application process. You don’t need to rack your brain trying to remember old information that isn’t relevant today.
Step 4: Choose a Lender That Uses Digital Income Verification
As mentioned, a good lender can confirm your income digitally. You should never have to dig up old pay stubs or ask your employer for a letter to confirm your income. This even applies if you’re a self-employed contractor or someone drawing a pension. Digital income verification eliminates the need to upload proof of income documents.
This method is far more convenient and faster too. Consequently, the best Richmond Hill installment loan never involves document uploads.
Step 5: Make Sure They Use a Pre-Approval Process
Unfortunately, when a lender chooses to use a mainstream method during their loan process, it can affect you negatively.
First, some lenders use a minimum credit score limit to automatically sort through applications. If you don’t meet this number, they will turn you down for a loan. Of course, they don’t tell you what this magic number is. Instead, they expect you to fill out an application and wait for their decision.
Even more troubling, is that each credit reporting agency uses a different rating system to assess your credit. A fair score on one, could be a poor score on the other.
Second, traditional lenders often get your credit information by performing a “hard” credit inquiry. This provides them with all details on your credit report over the past 6 years.
Unfortunately, a hard credit inquiry also lowers your credit score by up to 12 points. If you’re a new borrower or someone trying to improve their credit, that’s a hard blow. Additionally, both credit reporting agencies claim this reduction is temporary, but they don’t specify how long that is.
Fortunately, the best Richmond Hill installment loan utilizes a pre-approval process instead. The lender gets a good overview of your financial position by using a “soft” credit inquiry. This does not lower your credit score.
Pre-Approval also allows you to see what the lender’s offering you, without obligation. If you don’t like what you see, you can continue to shop around without worrying about the effect on your credit.
Step 6: Find Out How Long It Takes for a Decision
The best Richmond Hill installment loan offers a very fast decision. No one wants to sit around for days waiting for a loans officer to review their application.
Instead, a good lender uses an automated system. Their artificial intelligence quickly checks the details on your application form and provides a decision in minutes. This occurs even if you apply after hours, on a weekend, or a holiday.
If you decide you want the loan, you need to accept the lender’s terms. The lender then prepares your loan contract for signature.
Step 7: Check for Digital Document Signing
Traditional lenders almost always want you to come into an office or branch to sign your loan contract. That’s not necessary today, when you choose the right lender. They allow you to sign your contract digitally.
This gives you time to review your contract thoroughly. Once you’re satisfied everything is in order, your electronic signature makes the loan official once you return your contract to the lender. This triggers the funds release process.
If you sign your contract during business hours, the best Richmond Hill installment loan can get money into your hands within 24 hours. If you sign on a holiday or weekend, you usually get funds the next business day.
FlexMoney Offers the Best Richmond Hill Installment Loan
Certainly, you have many lenders to choose from in Ontario. However, FlexMoney has been issuing installment loans since 2012. As a result, we’ve the process down pat.
If you’re looking for the best Richmond Hill installment loan, here’s what we offer:
- 24/7 application
- Quick artificial intelligence assessment with a decision in minutes
- We’re Canadian owned and operated, including our customer service team
- No office visits – we’re 100% online
- Simple 15-minute application form
- Pre-approval process does not lower credit score
- Digital income verification
- Digital document signing
- Quick funds release
- Toll-free number with extended Ontario business hours, email, and website support as well as an in-depth FAQ section on website
FlexMoney’s Best Richmond Hill Installment Loan Requirements
FlexMoney is happy to provide you with our basic requirements for our best Richmond Hill installment loan:
- You are actively receiving a net income of $2000 per month or greater for a period of at least three months
- Your open and active bank account with a Canadian financial institution shows at least three months of transaction and banking history
- You are a Canadian citizen
- Valid email address and mobile phone number
- At least 20 years old
- Not currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program
Please note that we do not lend on Employment Insurance, the Disability Tax Credit, and government benefits related to COVID-19.
Let us show you why so many people agree we offer the best Richmond Hill installment loan available. We make borrowing easy.