The best online moving loans can be hard to find if you don’t know what to look for. While it may be tempting to use whatever company pops up on the search engines, it certainly doesn’t mean they offer the best loans.
So, how do you find the best online moving loans fast? What features are good and which should you avoid? How can you tell a good lender from a less desirable one?
Check out the following considerations before you borrow. They can help you determine which are the best online moving loans from those that won’t serve you well.
Do They Offer a Simple Application Process?
Just because a lender offers online loans, it doesn’t necessarily mean they make the process simple. Some lenders ask for far too much information and it can take hours to fill out their application form.
Look for a lender that offers a straightforward, simple application form. It should ask for basic personal information such as your name, address, telephone number, and email and take less than 15 minutes to complete.
However, you’ll want to avoid any lender that asks where you’ve lived, worked, or banked over many years. You shouldn’t need to reveal your entire history just to qualify for a loan. A good lender should be more interested in where you stand now.
Are They Transparent?
Unfortunately, many online lenders won’t tell you what they want from you before you apply. They expect you to fill out their application form first. Obviously, this can be a total waste of time. Why would you bother with an application if you couldn’t possibly qualify?
Always look for a lender that is very transparent regarding when they can and can’t help you. If the lender doesn’t offer this information upfront, look elsewhere.
Are They 100% Online?
Many lenders claim to offer online loans. However, some start the process online, but still want you to finalize everything in-person. Clearly, this defeats the purpose of choosing an online lender in the first place.
The best online moving loans offer a totally online process. You can apply from anywhere at any time and even sign your loan documents electronically. If the lender wants you book an appointment, visit an office, or talk to a loans officer, look elsewhere.
Do They Have a Minimum Credit Score Requirement?
Regrettably, many online lenders require a minimum credit score. The problem is they seldom tell you they do or define what score you need. Clearly, this can be very frustrating and another time waster.
Look for a lender that does not have a minimum credit score requirement. These lenders consider many factors instead of just your credit. This can be especially helpful for those that have small issues on their file.
How Do They Check Your Credit?
As a rule, most lenders check your credit file, even if they don’t have a minimum credit score requirement. They want to get a good overview of your financial situation. However, how they check your credit is especially important.
Lenders can use either a hard or soft credit inquiry. A hard credit inquiry provides the lender with all your credit details. It lowers your credit score slightly and creditors pay attention to it. It also remains on your credit file for up to 3 years, even if you don’t qualify for a loan.
Conversely, a soft credit inquiry only provides the lender with a summary of your credit history. The inquiry does not affect your credit score and carries little weight with creditors. Obviously, choosing a lender that uses a soft inquiry benefits you.
Do You Need to Provide Proof of Income?
The best online moving loans are simple. They won’t ask you to upload or drop off pay stubs, a letter from employer, or an income statement.
We live in a technological world and there’s absolutely no reason to do this anymore. Find a good lender that offers electronic income verification through bank statements. It’s fast, safe, and convenient and does not compromise your financial privacy.
Do They Charge Unnecessary Fees?
Some online lenders try to charge their customers unnecessary costs. They may make them sound like they are the industry norm, but they’re not.
Steer away from any lender that tries to charge you an “origination fee”. This is basically a charge for setting up your account. Reputable lenders absorb this as an administrative cost.
Also check whether the lender levies a “prepayment penalty” if you want to make make extra payments, early payments, or want to pay your loan off in-full. Once again, you shouldn’t pay penalties that help the lender recoup lost interest.
Do They Offer the Amount You Need?
You might expect online lenders would offer similar products, but that’s not the case. Some only offer loans over $1,000 and others only offer a maximum of a few thousand dollars.
Fortunately, the best online moving loans offer a wide range of amounts. If you only want to borrow $500, the lender should offer small loans. If you need $15,000, they should offer that too.
How Long Do You Have to Repay?
Once again, this can vary greatly between lenders. The common minimum term for many lenders is one year. This may not suit you if you want to borrow and repay quickly. For instance, you might borrow to move, sell your house, and then repay your loan straightaway.
If you want to spread your payments out over the long-term for greater affordability, check the lender’s maximum loan term. They should offer at least five years.
Do They Offer Multiple Payment Options?
Unfortunately, many lenders only offer monthly payments. That’s great if that aligns with your needs, but that isn’t always the case.
The best online moving loans offer a variety of payment options. You should be able to choose between weekly, bi-weekly, bi-monthly, or monthly payments options.
How Long Until They Make a Decision?
The best online moving loans move quickly. Once you submit your application form, you should get a decision within minutes.
Any lender that expects you to wait hours, days, or weeks for a decision isn’t offering the best process.
When Will Receive Funds?
Clearly, you don’t want to be waiting around for money after an approval. You’ll have more important things to do.
Luckily, the best online moving loans get funds in your bank account fast. A good lender often releases funds in under 24-hours.
What Are Their Customer Service Options?
Most of us do many things online today. Consequently, you already know how frustrating it can be when you must deal with a company with poor customer service.
You might send an email and not hear back for days, or not at all. You may call the company’s telephone number, but experience communication problems since their customer service representatives are in another country.
The best online moving loans are through a Canadian lender. They should offer multiple customer service options including a website FAQ section and support tickets, email, and a toll-free number.
How Do the Best Moving Loans Online Work?
The best moving loans online are unsecured personal loans. Avoid lenders that ask for collateral such as a house or car to back your loan.
Good lenders charge simple, not compound interest. Every regular payment reduces your outstanding balance. Interest does not accumulate on whatever remains.
Find the Best Moving Loans Online
FlexMoney is a licensed, ethical Canadian lender. We’re totally transparent, so here’s what we need from you to qualify and when we can’t help.
Our Requirements
- Canadian citizen
- At least 20-years old
- Steady source of income paid by direct deposit for at least three months
- Minimum monthly net income of $2,000 (we consider self-employment, Canadian Pension Program, Old Age Security, and other private and public pensions)
- Cellphone number
- Valid email address
- Active account with a Canadian financial institution for at least three months
Sorry, we can’t help if…
- Your income source is Employment Insurance or COVID-19 relief benefits
- You are currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program.
FlexMoney operates in Ontario, British Columbia, Alberta, Nova Scotia, Saskatchewan, Newfoundland & Labrador, Prince Edward Island, and Yukon Territory. We’ve helped countless Canadians manage their moving expenses.
If you are ready to start the application process, please visit our website. We also have an extensive FAQ section that answers common questions.
Otherwise, feel free to call our toll-free number or email us to connect with our Customer Service Team. They’re available – Monday to Friday from 8:30 a.m. to 5:00 p.m. EST.
Why waste time and energy? Find the best online moving loans fast through FlexMoney now.