The best online personal loan should be fast and free of complications. Regrettably, this isn’t always the case as some lenders make things much harder than they should be.
While the time between your approval and funds release may be quick, many lenders have a very detailed and demanding application process. This takes time to navigate and turns a quick online personal loan into a nightmare.
Luckily, FlexMoney approaches an online personal loan in a very different way. From start to finish, we try to make your experience fast, simple, and hassle-free. Here are some of the reasons you should consider us for your online personal loan.
We Offer a Simple Application Form
FlexMoney will only ask you for basic personal information on our application form. You can apply any time from any device. We accept applications 24/7.
We’re only interested in where you stand now, so you will need to supply your name, address, email, telephone number, age, and your source of income. However, we don’t ask you where you worked, banked, and lived years ago. We don’t consider this information relevant.
We will ask you for your banking details for several reasons. Firstly, we need this to confirm your income electronically through authorized bank statements. Secondly, we need this data to deposit funds in your bank account once you’re approved. Lastly, your payments will be automatically withdrawn from this bank account for your convenience.
All and all, most people complete our form in less than 15-minutes. It doesn’t get much simpler than that.
FlexMoney Uses Electronic Income Verification
Many lenders do not use the automated electronic income verification process mentioned above. This means you need to spend time and energy getting documents to the lender.
For instance, some lenders accept recent pay stubs as proof of income. However, you need to scan them and upload them to their website.
Others want a letter from your employer or accountant that confirms what you earn. Once again, you must scan and upload these, with no guarantee the information in these documents is well-protected.
Obviously, these scenarios waste significant time and create a lot of hassle for you too. On the other hand, electronic income verification is fast, safe, and you don’t need to do a thing. The process also keeps your banking and personal information safe and secure as all data is fully-encrypted.
Our Credit Inquiry Does Not Lower Your Credit Score
Lenders can choose between two methods when they check your credit for an online personal loan: hard or soft inquiry.
A hard credit inquiry provides the lender with your entire credit report and lowers your credit score. This applies whether the lender grants you a loan, or not. Additionally, hard inquiries remain on your credit file for up to three years.
FlexMoney uses a soft credit inquiry as part of our pre-approval process. This inquiry provides us with a broad overview of your financial standing. We use this information together with many other factors to determine whether we’ll grant you an online personal loan.
A soft credit inquiry does not lower your credit score. While it does appear on your credit report, lenders realize these inquiries are often used when people are shopping around for a loan. Consequently, you can check what many lenders offer, without obligation or an impact on your credit score.
Our Company Considers Income from Various Sources
Many lenders are eager to offer you an online personal loan. Nonetheless, many only seriously consider applications from those who have regular employment.
Conversely, FlexMoney realizes many people earn money in other ways. Consequently, we accept applications from those with part-time jobs, self-employment, or through private or public pensions. If you earn a steady income and we can confirm your direct deposits through your bank, you could qualify.
You Don’t Need Collateral to Back Your Loan
Many lenders will offer you an online personal loan, providing you back it with collateral. This guarantees they’ll get their money, either through regular payments or by seizing your asset, such as a car or home.
Luckily, FlexMoney does not operate this way. We know may people don’t have or don’t want to risk a valuable asset, just to borrow a relatively small amount of money. This doesn’t make them any less responsible – it just means their wants and needs differ.
Our decision to lend rests on your income and financial position, not your assets. Apply for an online personal loan through FlexMoney, and keep your assets safe and secure.
FlexMoney Does Not Have a Minimum Credit Score Requirement
Many lenders have a minimum credit score requirement as they believe it reduces their risk. However, many people have less than pristine credit, but now handle their money well.
FlexMoney doesn’t believe a loan decision should be based on credit alone. Instead, we utilize the power of an artificial intelligence assessment. This assessment evaluates your overall life position and your ability to repay.
We do not have a minimum credit score requirement and our other lending criteria is also less stringent than most lenders.
We’re a Licensed Lender
This is an important consideration, as unlicensed lenders do exist and can cause you plenty of problems.
For instance, an unlicensed lender could be a scam artist only after your sensitive personal data. If they get it, it could lead to identity theft and illegal use of your information to obtain credit.
Additionally, unlicensed lenders aren’t bound by regional and federal consumer protection laws. Should they actually issue you an online personal loan, you could pay open-ended fees and extremely high interest rates.
Luckily, FlexMoney is a licensed lender in Ontario, British Columbia, Alberta, Nova Scotia, Saskatchewan, Newfoundland & Labrador, Prince Edward Island, and Yukon Territory. We must follow consumer standards and ethical lending practices in these regions.
No Origination Fee or Pre-Payment Penalty
Read the fine print on many lender websites and you’ll discover several unnecessary charges buried there. One is an origination fee that the lender charges you just for setting up your account.
FlexMoney considers this an administrative cost, not one you should bear. That’s fortunate, since this fee can cost you between 0.5 and 8.0 percent of your loan amount. That’s a lot of money.
As well, many lenders charge pre-payment penalties. These are amounts you pay money beyond your scheduled payments.
While you would think lenders would be happy to receive their money sooner, this isn’t always the case. Instead, they penalize you to make up for the interest they would have earned if you dragged out your loan until the scheduled end date.
FlexMoney believes this is bad business. We are happy to accept extra payments at any time. If you want to pay your loan off sooner, you can, without penalty.
Quick Review & Funds Release
FlexMoney won’t leave you sitting around waiting for a decision. You’ll have our decision within minutes. We also provide you with our terms at that time. Our company offers loans between $500 and $15,000, with repayment terms available between 6 months and 5 years.
Our no-obligation process does not impact on your credit score. However, if you want to move forward everything happens quickly. Just accept the terms and we’ll prepare your loan contract for digital signature.
If you sign during business hours, you could have your funds that day. Outside of business hours, you can expect your money the next business day.
Should you need to the exact time of funds release, one of our customer service representatives will let you know. Contact us via our toll-free number, email, or chat.
We’re a Transparent Lender
Have you ever tried to find what a lender requires from you when you apply for an online personal loan? Chances are the information isn’t readily available or available at all.
Instead, they ask you to fill out their lengthy, detailed application form. Then you must wait for their decision. Only then do you discover what you should have known before you wasted all that time.
FlexMoney values your time. As a result, we’re happy to provide you with our basic online person loan requirements below:
- 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
Sorry, we cannot help those actively involved in a bankruptcy, consumer proposal, or credit counselling program. We will not consider applications from those earning income from Employment Insurance, the Disability Tax Credit, or COVID-19 benefits either.
If you want to know more about FlexMoney or you’re ready to start the apply for an online personal loan, please visit our website. You can also find an in-depth FAQ page there that answers commonly asked questions. We also offer more information regarding the benefits of our online personal loans here.
FlexMoney makes borrowing quick and easy.