An emergency loan could be the relief you need when things go wrong. It is meant to help you deal with a serious, unexpected situation that you can’t cope with through other means such as savings, friends, or family.

However, many people do not know which situations may merit an emergency loan and when they should consider other measures. We suggest you probably wouldn’t want to use an emergency loan for non-essential purposes such as a vacation or shopping spree. Nor would you want to use an emergency loan for ongoing expenses. That could indicate you need to improve your money management skills.

Regardless, there are times when an emergency loan can make sense. Let’s take a look at some of the common reasons Canadians turn to an emergency for help. Of course, if you have almost any pressing financial need other than these that you need to deal with straightaway, an emergency loan could be a good solution.

Fix Your Car

Unfortunately, even late model cars can fail you at any time. Even worse, getting your vehicle repaired is rarely cheap. According to the Canadian Automobile Association, the average cost of a vehicle repair is around $1,000. However, that’s an average. Vehicle repairs can easily cost thousands of dollars and the older the model the more likely it is to fail.

If you need your car to get to work, you have to get it fixed quickly. It isn’t sensible or even possible for most people to take the bus or taxi to and from work each day. Fortunately, an emergency loan can provide you with the funds you need now. Take anywhere from 6 to 60 months to repay and set your payment frequency to align with your paydays.

Household Emergency

You’ve been away for the weekend and return to discover a huge puddle of water pooled on the floor around your hot water tank. You’d never even considered how old it is, until now.

You call a few plumbing companies and they tell you they can send a plumber out on an emergency call, but the rate will be much higher. You don’t have any choice, so you agree to pay overtime, travelling time, and the cost of the only hot water heater they have in stock.

When you receive the bill, you’re shocked by the price. You have some money in your emergency savings, but not near enough to pay this! You don’t want to put this amount on your credit card, because you know you won’t be able to pay it off quickly. So, what can you do?

Once again, an emergency loan could help you. It is an installment loan that offers predictable payments, including a set amount towards interest each time. You won’t pay compound interest like a credit card adds to the amount owing when you don’t pay off the balance in-full.

Business-Related Expense

If you operate a startup company or you’re an entrepreneur, you rely heavily on your resources. Money is tight enough without something breaking down that you must have to generate income.

Whether you need to replace your laptop, tablet, cellphone, or desktop computer, an emergency loan can get you up and running again quickly. Tailor the repayment terms to suit your budget so you can get on with generating income.

Family Emergency

We never know what life might throw at us. Maybe someone needs to move quickly, because they snagged a new job. Possibly, you’ve discovered health care doesn’t cover an expensive treatment or medication you need.

Whatever the reason, an emergency loan can help you manage difficult times. Spread the cost across months or years and pay affordable payments while waiting for things to return to normal.

Emergency Travel Costs

If the pandemic has taught us anything it is that things can change at a moment’s notice. You could suddenly discover that you must travel to visit a close relative and pay unexpected expenses.

Hotels, airfare, and meals while away can cost a lot. However, your visit isn’t optional so you must come up with the money.

Of course, a worst-case scenario is you must deal with funeral costs too. No one wants to think about death, but you must face the financial consequences of a funeral, nonetheless. Considering funerals can cost upwards of $10,000, an emergency loan could be the solution if you need to pay back this expense at your own pace. Luckily, you can choose from convenient weekly, bi-weekly, bi-monthly, or monthly payments.

Consolidate Debts

Some Canadians needed to apply for relief during the pandemic. Now they’re back to work, but find they’re paying high interest charges on their credit cards or they’ve taken out small loans that are causing them inconvenience.

Others moved to obtain work and racked up bills doing so. Now they just want to pay them off and get on with their life again. An emergency loan is a far better choice than credit cards, since you’ll pay regular, fixed payments. Plus, you’ll know precisely when your loan ends.

The FlexMoney Advantage

Emergency loans are available for many lenders, but some are a better choice than others. The following are just a few of the reasons why should consider FlexMoney for your emergency loan.

100% Online

You’ll never need to make an appointment, stand in a line, or visit a brick-and-mortar office. FlexMoney conducts the entire loan process online from start to finish.

Artificial Intelligence Credit Assessment

Most lenders have a minimum credit score requirement or they rely heavily on the information within your credit file. FlexMoney does neither.

Instead, our company uses an artificial intelligence assessment that includes many factors. Generally, our requirements are less stringent than traditional lenders. Chances are if you have a reasonable regular income and stability and an active bank account, you could qualify. Our application process does not affect your credit file either.

We Don’t Leave You Dangling

Your time is valuable. We will give you our decision on your emergency loan application within minutes. At that time, we will also lay out all the terms offered including the interest rate, payment amount, and loan end date. You are under no obligation to accept our terms, but we believe you will find them competitive.

Reasonable Interest Rates

Some lenders take advantage of applicants that can’t qualify through traditional lenders. The maximum allowable interest rate for an emergency loan in Canada is 60 percent and some lenders charge it. However, more often you will see rates around 46.96%.

Conversely, FlexMoney offers very competitive interest rates starting at 18.99%. That’s less than most credit cards. Plus, an emergency loan offer flexibility without unnecessary compound interest.

Fast Cash

It’s an emergency, so you needed this money yesterday. However, be careful when you check our lenders, because their definition of “fast” can mean days or weeks.

Luckily, FlexMoney is fast. In almost all cases, once you sign your loan documents, you’ll have the cash you need in your back account within 24 hours.

No Hidden Fees

Don’t let shady lenders charge you an origination or pre-payment fee. The first is an unnecessary cost levied just to set up your account with the lender. The second is a penalty charged if you want to make early or extra payments or if you want to pay the loan off in-full. Both are just ways to get extra money out of you.


Borrow any amount between $500 and $15,000. Repay your loan within six or 60 months. Choose from weekly, bi-weekly, or monthly payments – it’s all up to you.

Outstanding Customer Service

FlexMoney offers a toll-free 1-800 number plus email and website support. Our website also includes a detailed FAQ section to clarify any issues you might have.

Straightforward Requirements

FlexMoney is very transparent. As a result, we’re happy to let you know precisely when you might suit an emergency loan through our company and when you might not.

We Will Consider Your Application If You…

  1. Are a Canadian citizen that is at least 20-years old
  2. Can demonstrate active work with the same employer for at least three months
  3. Earn a minimum income of $2,000 per month (including income from self-employment, the Canadian Pension Program (CPP), the Old Age Security (OAS), or from various private and public pension programs)
  4. Have a cellphone, valid email address, and three months of financial activity with a Canadian financial institution.


Regrettably, we cannot consider your application if you’re currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program.

Additionally, we cannot consider income from Employment Insurance (EI), Disability Benefits, Canada Child Benefit, Student Aid or COVID-19 relief benefits. Other than these restrictions, we’ll carefully assess any application.

Find Out More

A FlexMoney emergency loan is easily accessible. If you have more questions or want to start the application process, visit our website. You could have the money you need to deal with your emergency within 24 hours.