In today’s uncertain world, inflation is seeping into budgets and affecting many Canadian households, and financial needs are growing exponentially. According to the 2022 Financial Stress Index, 38%of Canadians revealed that money is their top source of stress. During this stressful financial downturn, personal loans can offer substantial relief.

Whether you want to consolidate your credit card debt, finance your home renovation project, or cover unexpected expenses, a personal loan will help you gather the funds. But what is a personal loan, and how can you get one?

The first step to using personal loans is getting familiar with the personal role definition and learning what personal loans are used for. FlexMoney offers personal loans online to streamline the process and allow borrowers to get quick access to cash by avoiding a lengthy application process.

If you want to apply for a personal loan, it’s important to discover personal loans and learn how you can get one to improve your financial health.

What is a Personal Loan?

The first thing you need to understand when borrowing money is what is a personal loan?

A personal loan is a type of unsecured loan that serves various purposes. A personal loan meaning refers to a loan that is not secured against any collateral, such as a car or house, lenders evaluate the borrower’s creditworthiness to determine their eligibility for the loan and the interest rate they will be charged.

Different organizations offer personal loans, such as banks, credit unions, and online lenders. They are typically repaid over a fixed term, usually between one and five years, and require monthly principal and interest payments until the loan is paid off. Personal loans can be a valuable tool for people who need money for a specific purpose, such as a wedding or consolidating high-interest debt.

If you’re looking for personal installment loans in Ontario, FlexMoney can lend you anywhere from $500 to $15,000, with six to 60 months terms and rates from 18.9% APR. Our simple application process involves only three steps: pick your amount, apply online, and receive the funds.

At FlexMoney, we aim to offer one of Canada’s fastest installment loan services. Our automated system provides applicants with an instant decision within minutes. After approval, we use the industry’s most rapid tools to transfer your installment loan to you as soon as possible.

How to Get a Personal Loan?

Once you’ve learned what a personal loan is, you might want to know how to get a personal loan?

To get a personal loan, the first step is to research and compare different lenders to find one that offers the best terms and interest rates. After you choose a lender that meets your needs, you will have to fill out an application which typically asks you to provide personal information, such as your name, and address. You may also need to provide your income, employment status, and credit history information.

After you submit your application, the lender will review your information and decide whether to approve your loan. If you qualify for a personal loan, you will receive the funds in a lump sum, usually within a few business days. It’s important to remember that there is no guarantee of approval, and the terms and interest rates you receive will depend on factors such as your credit score and income. A good credit history, stable employment, and a low debt-to-income ratio can increase your chances of getting approved and securing favourable terms.

How Do Personal Loans Work?

It’s essential to understand how personal loans work to ensure a seamless borrowing process, mainly because there is so much misinformation regarding this borrowing method. FlexMoney aims to separate personal loan myths and facts to ensure you are well-informed when making borrowing decisions. We offer several valuable resources on our website, and our dedicated customer service team is also available to help you further. Our goal is to avoid adding burdens to existing financial stress by being transparent with our entire process, including the fees and loan terms.

Personal loans provide borrowers with a lump sum of money repaid over a set period, typically with interest. Once you receive the funds, you will make monthly payments to the lender, including principal and interest, as agreed upon in the contract. Personal loans are usually unsecured, so you don’t have to put up any collateral to get the loan. They can be a good option for individuals who need to borrow money for a specific purpose and want to pay it back over time with predictable monthly payments.

What Are Personal Loans Used For?

Another common question we receive is: what are personal loans used for? Personal loans can be used for various purposes, and we will discuss some of the most common ones below.

Debt Consolidation

Debt consolidation is a common strategy many borrowers implement to manage their debt. It involves taking out a single loan with a lower interest rate to pay off multiple high-interest debts.

Using personal installment loans effectively reduces financial burdens, so some borrowers take small loans online to gradually consolidate their debt and eliminate higher-interest loans. Online loans provide convenience and accessibility, allowing borrowers to manage their finances without lengthy applications.

Home Improvement

Some people use personal loans to finance home renovation projects or repairs, such as a kitchen renovation, bathroom upgrade, or plumbing repair.

Bridge Income Gap

Individuals with low incomes may struggle to make ends meet, and the gap in their income can make it challenging to pay essential bills between paychecks, especially if they face unexpected expenses. During this time, a low income personal loan can help bridge income gaps, allowing people to settle outstanding payments until they receive their next paycheck.

A personal loan can also cover expenses during an unexpected job loss, especially if you don’t have emergency savings to manage your bills while unemployed.

Medical Expenses

Canada offers a universal health care system to all citizens and permanent residents, and each province and territory has its own system. However, there are some exceptions when it comes to medical bills. So, if you have to pay an unforeseen medical bill, a personal loan can help you cover the expense. FlexMoney’s personal loans are designed to be received quickly, making it easier for borrowers to apply and receive the funds as soon as required.


Whether you need extra help to pay for tuition and textbooks or want to pursue your education while working, you may need some financial help. A personal loan can help you fund education-related expenses and allow you to focus on expanding your knowledge and skill set.

FlexMoney Personal Loans in Different Cities

If you want to discover personal loans in different cities, FlexMoney addresses your borrowing needs across Canada.


Learn how to get a personal loan in several parts of Ontario through our website. If you’re looking for a personal loan in Toronto or another city, you can borrow up to $15,000 and take up to 60 months to repay.

Our 100% Canadian-owned business ensures you connect directly with a customer service representative located in Canada. This allows you to rest assured that you will receive accurate information about the borrowing process that aligns with Ontario rules and regulations.


We also offer personal loans in Ottawa, and the process is the same, ensuring a smooth process from start to finish. FlexMoney operates entirely online, eliminating the need to visit an office or waiting days for a decision.


As a licensed lender governed by Alberta’s laws stipulating exacting practices and fee limits, we offer flexible personal loans in Calgary to help borrowers with their financial needs.


If you’re looking for personal loans in Vancouver, FlexMoney offers flexible options with a transparent borrowing process.

We use 128-bit encryption to safeguard your personal data and only use the information you provide for loan purposes, and we do not sell or share it with others.

Applying for a Personal Loan with FlexMoney

Personal loans are versatile financial tools that help you meet various financial needs. Personal loans are the ideal solution if you need to consolidate debt, cover unexpected expenses, or fund home improvements.

Contact FlexMoney’s dedicated customer service team to understand personal loans better and navigate the borrowing process more effectively. With the correct information and careful consideration, personal loans can be a valuable resource in achieving your financial goals. Once you know the process, fill out an application on our website and await approval within minutes.