Canada online installment loans are some of the most recent offerings by lenders. They’re extremely popular, flexible, and more affordable than most credit cards and almost all payday loans.
These loans usually don’t require any collateral such as a home or another asset to back them up either. Unfortunately, this tends to result in much higher interest rates through some lenders, because they want to compensate for the added risk.
Luckily, not all lenders are unreasonable. Some Canada online installment loans are an attractive option with a wide range of repayment options and varying minimum and maximum loan amounts. Here are just a few ways Canada online installment loans can help you.
Consolidate Your Debt
Canada online installment loans offer a lump sum payment which you can use to pay off small debts. Instead of juggling multiple bills, you choose when you want to make payments and how long you want to take to repay your loan.
The lender offers you an interest rate which remains steady throughout the term of the loan. You pay equal payments until you pay off the amount borrowed, plus the calculated interest.
Unlike credit cards, you are not charged additional interest on the balance outstanding. Each payment reduces the principal amount owing and pays off a portion of the interest on the loan. Credit cards continue to add interest to the unpaid balance. This can make it difficult, and sometimes impossible, to pay off your debt.
Besides making total financial sense, consolidating debts using Canada online installment loans makes your life a lot easier. You only need to deal with a single payment and a single company. This makes it so simple to track your expenses and budget for your loan.
However, you should check the details of all Canada online installment loans very carefully. Some charge an “origination fee” just for setting up your account. This can reduce your loan amount by a percentage between 0.5 – 8% of your total loan cost. You shouldn’t pay this fee as it is totally unnecessary.
Renovate Your Home
Many homeowners don’t want to use their house as collateral just to do home improvements. As a result, Canada online installment loans are a much better choice. You can still add value to your home, without the hassle and restrictions involved in applying for a home equity loan.
One of the greatest benefits of Canada online installment loans is that you can usually pay it off early or make extra payments. However, not all lenders offer this bonus which means you will pay more in interest.
Check whether the finance company mentions a prepayment or early payment penalty. These are fancy names for fees they’ll charge you should you want to pay more. Obviously, you shouldn’t pay these fees either.
Make That Big Purchase
Canada online installment loans are a great choice if you want to make a big purchase. Most people don’t have huge sums of money in their savings account and even if they do, they might not want to drain it. Maintaining your bank balance provides security and options.
Luckily, Canada online installment loans make it easy to split a large amount into small, manageable payments. For instance, you might want to buy a new television. If you choose to put it on a credit card or finance it through the store, you’ll probably pay at least 19.99% interest rate.
Canada online installment loans are also a great option if you want to buy a used car, boat, motorcycle, or RV. If you apply for an auto lender, you’ll need to make a down payment of between 10 and 20%. Canada online installment loans allow you to borrow the full amount.
Fulfill a Dream
Nobody’s travelling abroad at the moment, but chances are it will start again within the year. Resorts and airlines know they must do something to overcome people’s reluctance to book, so they’re offering incredible deals. Plus, these deals come with free cancellation options so you’re not stuck if something changes.
If you’ve been longing for Bali, Spain, or Hawaii, now could be the perfect time to get in on these deals. Canada online installment loans can provide the funds for that dream trip and you can pay at least part of it off before you even go. Affordable loan payments make travelling very accessible.
Manage a Tight Squeeze
Let’s face it – these past months have been tough for most of us to manage. However, things are slowly turning around and many people have returned to work over the past months.
Nonetheless, many Canada online installment loans want to see steady work for at least a year. This is very frustrating when you have a job and you’ve been working for over three months with the same employer. You just want someone to cut you some slack.
Fortunately, some Canada online installment loans have fewer exacting requirements. While they won’t lender to you if you are on government benefits, they will consider your application if you meet the three-month minimum and you earn at least $2,000. You can get the loan you need to get back on your feet and pay it off slowly.
You’re Getting Married
If you’ve been waiting for what seems like forever, chances are you’ll finally be able to book your wedding soon. First off, congratulations! Your wedding should be an event you’ll remember forever.
However, weddings are very expensive, no matter how simple you decide to go. Flowers, rings, wedding dress, suit or tux, catering, and a venue are just a few of your potential expenses. Then there’s invitations, hotels, gifts for bridesmaids and the best man, photos or video, and your honeymoon.
Canada online installment loans can help you break the cost of a wedding into timed payments that are much easier to handle. Book each item without stress and pay as you go.
Handle an Emergency
You’ve been managing the pandemic relatively well and then boom! Your hot water tank blows or your car needs a new front end. It’s the last thing you want to hear, but you need to deal with it.
Canada online installment loans can provide you with the money you need to resolve an urgent need. Repair your car or replace your hot water tank so that life returns to normal quickly.
Good lenders allow you to pay off the expense at your own pace. Choose weekly, bi-weekly, bi-monthly, or monthly payments. Pay the loan off quickly or take up to five years.
Fund a New Venture
The pandemic has caused many of us to think outside of convention. Many traditional jobs have fallen by the wayside, while other new exciting ventures have erupted onto the scene.
If you’re an entrepreneur itching to jump start a new business, Canada online installment loans can help. Traditional lenders won’t consider a business loan unless you have a solid banking and financial history, excellent credit, and positive financial statements. This makes it almost impossible for solopreneurs to get off the ground.
However, Canada online installment loans have less stringent requirements. As long as you can show you’ve worked in the past three months with the same employer and earn a decent wage, a loan could provide you with seed money.
You Need to Move
Things have changed at breakneck speed over the past year and a half. Consequently, many people now find they must move if they want to keep working with the same employer. They may have bought a home in a new city and don’t have money to set up their new household. Or they sold everything, because it wasn’t worth the moving costs.
Luckily, Canada online installment loans can provide the capital you need to get from point A to point B, plus outfit your household once you get there. Pay hookup fees, buy household items, and settle in without worry.
The FlexMoney Advantage
Canada online installment loans aren’t created equally. Here’s what FlexMoney offers and why they’re a better choice than the competition.
Simple Application Process
The FlexMoney application process shouldn’t take you more than 15 minutes providing you have your banking information available. You do not need to provide proof of income or come into our office. Everything is done online.
You must be a Canadian citizen that is at least 20-years old who has actively worked with the same employer for at least three months. You must also earn a minimum income of $2,000 per month and have a cellphone and email address to verify your identity.
We also consider applications based on self-employed income, Canadian Pension Program (CPP), Old Age Security (OAS), and income from various private and public pension programs.
Sorry, we can’t consider your application if you’re receiving Employment Insurance (EI), Disability Benefits, Canada Child Benefit, Student Aid or COVID-19 relief benefits.
Simple Review Process
We use artificial intelligence to help us make a fully-informed decision and do not have a minimum credit score requirement. Our credit inquiry will not appear on your credit file, unless you decide to go through with the loan.
We’ll let you know whether you’re pre-approved quickly (usually within minutes). You’ll see the interest rate offered and the loan terms. If you agree, you can move forward easily. If not, you can look elsewhere.
Sorry, we cannot consider your application if you’re currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program.
Simple Funds Release
Depending on the time of day we receive your signed loan application and your financial institution’s business hours; your installment loan will be delivered on the same day or the next morning. That’s right, with FlexMoney you will have the cash you need within 24 hours. It’s that simple.
Find Out More
Canada online installment loans don’t get better than this. If you want to know more about FlexMoney or you’re ready to start the application process, please visit our website.