A Canadian renovation loan could be your solution if you want to update a tired or dated home. It could also be the answer if you need capital to give an investment property a cosmetic makeover before you flip it.
Whatever your reason, a Canadian renovation loan is a great way to get money quickly. Here are just a few reasons why a Canadian renovation loan through FlexMoney is a good choice.
Can’t Lose Your Property
Traditional lenders will grant credit on the equity on your property. IT usually easiest to apply through the same company that holds your existing mortgage. However, the lender will want a guarantee you’ll repay it. Consequently, they will place a lien on the property.
The Government of Canada warns borrowers they could lose their property if they are unable to repay a home equity loan. Should you default on it, the lender could initiate foreclosure proceedings and sell your home to recoup the debt.
The world is chaotic at the moment and the last thing you want to do is risk a major asset. As a result, property owners may want to look for a better way to borrow than putting everything on the table.
Easy Application Process
Even if you only want to borrow $15,000 to renovate your bathroom, many lenders will put you through the paces. They probably ask you for a property appraisal, bank statements, and quotes from contractors.
If you refinance or take out a second mortgage to access capital, you may also face a higher interest rate as well as many fees for an appraisal, title search, title insurance, and a lawyer.
Do you really want to bother with all that for that sum of money? Probably not. Luckily, a Canadian renovation loan through FlexMoney doesn’t involve any of that. You’ll need to provide your personal and employment information, including your banking details. Don’t worry all data is encrypted and we do not have access to your bank account and we only use your data during the validation and approval process.
Our soft credit inquiry that does not appear on your credit file and you are under no obligation when you are pre-approved.
No Usage Restrictions
Many lenders want you tell them exactly why you want to borrow. They ask for quotes on your specific project and if you want switch things up, you have to tell them. Luckily, this isn’t the case with FlexMoney.
Choose your loan amount, payment frequency, and how long you want to take to repay. Use it for one or more renovations including:
- Upgrading Kitchen
- Renovating Bathroom
- Upgrading Plumbing
- Upgrading Electrical
- Replacing Roof
- Building a Rec Room
Taking the time out of your busy schedule to fill out paperwork and to provide finance and property information is bad enough. Consider even though you decided to go through all that, it does not guarantee the lender will get to your application quickly. They may have a pile of applications to sort through and it could take days or weeks.
The worst part is that after all that waiting, they may turn you down. You will certainly be aggravated since you spent all that time fulfilling their demands. Now you’re back to square one and you have to look for funding elsewhere.
Not surprisingly, you might even feel pretty miffed if you’ve been a loyal customer too. Why couldn’t they treat you with the respect you deserve and at least let you know sooner?
Fortunately, when you apply for a Canadian renovation loan through FlexMoney we’ll give you our decision in minutes. If pre-approved, you can also move forward very quickly.
No Office Visits
That’s right – you’ll never need to visit a brick-and-mortar office to fill out forms. We won’t ask you to come in to sign your Canadian renovation loan documents either. FlexMoney operates completely online.
Fill out our application at any time from any device. We currently operate in Ontario, British Columbia, Alberta, New Brunswick, Nova Scotia, and Newfoundland, but we’re expanding quickly.
Less Stringent Criteria
Traditional lenders rely very heavily on your credit. If you have one indiscretion on your file, they probably won’t approve your application.
Alternatively, a Canadian renovation loan through FlexMoney utilizes an artificial intelligence assessment. Yes, we consider your credit, but it isn’t the only factor we look at. We want to get a good overview of you and your life.
As a result, applicants that have been turned down through a traditional lender have a better chance of approval through our company. Of course, we do have requirements and we can’t approve everyone, but your odds are much improved.
ways to finance your home improvement loan. Before applying for a loan or any financing option, make sure you have set some money aside to help you with unexpected costs. This will keep you from having to renegotiate your loan or constantly applying for new funds.
Better Than Revolving Credit
It may seem an easy solution to put renovation expenses on a credit card or line of credit. However, it is easy to lose track of what you’re spending.
Additionally, if you don’t pay off the balance quickly, you’ll be charged interest on the outstanding balance. Essentially, you end up paying interest on interest.
A Canadian renovation loan through FlexMoney offers regular payments. A portion of each payment goes towards the principal outstanding and a portion goes towards interest. You never pay compound interest and you know precisely when you’ll be debt-free too. That isn’t the case with revolving credit.
A Canadian Renovation Loan Offers Flexibility
When you apply for a Canadian renovation loan you choose what suits your life most. As an example, you may want to pay your loan off slowly to enjoy affordable payments. However, you may decide to male bi-weekly payments to pay less interest.
Alternatively, you may only need the loan money to do renovations so you can sell the property. In that case, you could choose a shorter term with monthly payments. When the sale goes through, just pay the loan off.
Did we mention that we don’t charge unnecessary fees like many other lenders? Some charge an origination fee just to set up your account. Silly as it might seem, many also charge prepayment penalties if you want to make extra or lump sum payments or if you have the money and you want to pay the loan off in-full.
FlexMoney welcomes extra payments at any time. Pay a bit extra on your loan or all of it whenever you have the money.
Wide Range of Options
A Canadian renovation loan through FlexMoney offers the choice of weekly, bi-weekly, semi-monthly, or monthly payments. Our loans range from $500 to $15,000. We also offer repayment terms between 6 months and 5 years.
Unfortunately, many lenders take their time after they approve your loan. You could wait many days before they release funds. That can be very frustrating when you just want to start your project.
Fortunately, FlexMoney is fast. We usually have the money in your bank account within 24 hours after you sign your loan documents digitally. Depending on the time of day all this transpires, you could have your money much sooner.
We don’t believe in wasting your valuable time. We’re totally transparent regarding what we offer and what we need from you.
First, check our requirements and listed below. Please read them carefully, because in some circumstances we won’t be able to process an application:
- Canadian citizen – 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.
If you meet these qualifications, you’ll need to collect your banking information. We ask for this to confirm your financial information through your bank. Otherwise, we would need proof of income.
Complete our online application – the entire process normally takes less than 15 minutes.
Wait for our decision – it only takes a few minutes. If pre-approved, just review our terms and decide whether you want to move forward. If not, no problem. It won’t impact you in any way.
Find Out More About a Canadian Renovation Loan
A Canadian renovation loan can be you started on your project quickly. If you have more questions or you’re ready to start the application process, please visit our website. We offer outstanding customer service, a comprehensive FAQ section, and one of the easiest loan processes in Canada.
Why go elsewhere when you can start building now?