The best Oshawa installment loan is one that offers flexibility, value, and convenience. Consequently, it may not come from a mainstream lender such as a bank or credit union. These institutions aren’t known to be convenient or particularly efficient. Plus, they could turn down your application, even when you are a loyal customer.
Luckily, you have other options. The internet now offers loans that could easily suit you and your lifestyle. However, you need to know what to look for so you can find the best Oshawa installment loan easily.
The Best Oshawa Installment Loan Factors
Undoubtedly, many companies offer installment loans. However, that doesn’t mean they offer a good product.
Additionally, some lenders are less desirable than others. We suggest you consider the following factors when you’re trying to find the best Oshawa installment loan quickly and easily.
Credit Isn’t Lender’s Deciding Factor
Unsurprisingly, lenders will check your credit when you apply for an installment loan. However, some lenders use your credit as their sole deciding factor and even set a minimum credit score requirement. If you don’t meet their criteria, they’ll turn down your loan application.
There are several problems with this approach. First, your credit score can differ depending on which credit reporting agency the lender uses. As an example, Equifax considers a score of between 660 to 724 “good”. However, the other credit reporting agency, Transunion, wants to see a score between 721 and 780.
Luckily, some lenders use other ways to assess your credit worthiness. As an example, FlexMoney uses artificial intelligence. Their fully-automated system considers many factors, not just your credit. As a result, many people with less than pristine credit can still qualify.
Lender’s Application Process is Fast & Simple
The best Oshawa installment loan shouldn’t be complicated or slow. Consequently, this rules out most in-person lenders since you need to make an appointment, visit their office or branch, and fill out a lengthy application form.
That’s not to say that all online lenders offer a faster, simpler process – they don’t. However, the best Oshawa installment loan comes from a lender that has perfected the application process. As a result, you may be able to complete their application form in less than 15 minutes.
Additionally, a good lender does not ask you to upload proof of income documents. They use digital income verification instead. This is safe, quick, and eliminates complications which speeds the loan process even more. Plus, you don’t waste valuable time fulfilling the lender’s needs.
No Impact on Your Credit Score
This is a very important consideration, since how the lender checks your credit can lower your credit score.
Many lenders choose to use a “hard inquiry” when they pull your credit report from the credit reporting agency of their choice. This form of inquiry provides the lender with all credit details over the past six years.
However, this process also lowers your credit score by as much as 12 points. While credit reporting agencies claim this is a temporary reduction, no one defines what temporary means. Plus, this reduction occurs whether you’re approved for a loan, or not.
Fortunately, you needn’t deal with these problems at all. The best Oshawa installment loan uses a pre-approval process and a “soft inquiry”. This method provides the lender with a general overview of your financial position, but it does not lower your credit score. This allows you to shop around for the best Oshawa installment loan, without worrying about your credit.
Minimal Stability Requirements
Many lenders place a great deal of emphasis on stability. By that, we mean how long you have lived, worked, and banked in the same places.
In some cases, banks, credit unions, and some online lenders want to see years of stability. That can be a big issue if you’ve changed jobs or banks or moved within the past few years.
That’s regrettable, since you’ve probably done so for very good reasons. Perhaps you found a better job or home. Maybe you didn’t like how a bank handled your affairs or you found one that offered more perks.
The point is that in today’s highly mobile world, why should you be penalized for change. Just because you don’t have a long history with the same employer or you changed banks, it doesn’t mean that you are risky.
Luckily, a good lender is more concerned about recent months, not years. Consequently, their stability requirements are much shorter. In fact, the best Oshawa installment loan only requires three months.
Options That Suit You
The best Oshawa installment loan offers the amount, repayment term, and payment options that you need. It shouldn’t be a matter of you squeezing your life into what the lender offers.
However, you will soon find that lenders love restrictions. For instance, you may want to borrow $500, but the lender’s smallest loan is $1,000. Alternatively, you may want to borrow $15,000, but the lender only offers $5,000. Obviously, neither of these options suit your needs.
The same applies to repayment terms. Perhaps you want to pay off your loan quickly, but discover the lender’s shortest term is one year. Conversely, you may want to spread your payments out over five years, but the lender’s longest term is only three years.
These may seem obvious considerations, but there are additional reasons for choosing your lender wisely. First, you may want to borrow again. If the lender does not provide a broad range of options, you may need to start the borrowing process over through another lender. That’s a waste of time. Second, sticking with the same lender often leads to better rates which will save you money.
No Origination Fee or Pre-Payment Penalty
Never heard of either of these charges? That’s not surprising since lenders tend to disguise unnecessary costs by using fancy terms.
For instance, an origination fee is another name for an administrative cost you charged for setting up your loan. This fee can cost you anywhere between 0.5 – 8% of your total loan amount.
Obviously, the best Oshawa installment loan does not involve an origination fee. A good lender absorbs the cost of setting up your account as a normal administrative expense.
The other cost some lenders try to charge borrowers is a pre-payment penalty. This charge is meant to compensate the lender for the interest they lose when you pay more than your schedule payments. For instance, they would penalize you if you paid your loan off early or made extra payments.
Once again, the best Oshawa installment loan does not have a pre-payment penalty. It is an “open” loan meaning you can pay part or all of your loan off at any time, without penalty.
Competitive Interest Rate
Don’t use comparison websites when you’re looking for the best Oshawa installment loan. They might seem convenient, but they’re basically advertising sites that earn commissions through referral links.
Additionally, the rates mentioned on these sites are usually those reserved for the best clients. Basically, you must meet traditional lending requirements such as excellent credit and long-term stability. Clearly, that doesn’t apply to everyone looking for a loan.
Furthermore, the loans offered on these websites aren’t necessarily your best choices. You are much better off comparing loans through companies that use a “soft” credit inquiry. This method allows you to shop around for the best possible rates, without lowering your credit score. You also see your payment amount, schedule, and loan end date before committing to a lender.
Good Customer Service Options
Many companies want you to borrow, but what are they offering you? Do they provide in-depth information of their website such as an FAQ page with answers to frequently asked questions?
Do they also offer multiple contact points, such as a 1-800 number so you can talk to a real person? What about website support and email?
The best Oshawa installment loan offers many ways to find answers and get support. Any lender that offers less, isn’t worth your business.
Fast Decision & Funds Release
Check whether the lender tells you how long it will take them to decide whether they’ll grant you a loan. The best Oshawa installment loan offers a near-instantaneous decision.
Also check their website to see how long it will take to receive your money once you sign your loan contract. The best Oshawa installment loan will have money in your bank account within 24 hours.
If the lender doesn’t offer this information, you should look elsewhere. Otherwise, be prepared to wait.
FlexMoney Offers the Best Oshawa Installment Loan
FlexMoney makes it easy to borrow. Here’s a summary of what we offer and why we’re you’re best choice for an installment loan:
- 100% online process – no office visits
- Loans between $500 and $15,000
- Terms between 6 months and 5 years
- Less emphasis on credit
- Soft credit inquiry
- Decision in minutes
- No origination or prepayment fees
- Funds release within 24 hours
- Competitive interest rates
- Multiple customer service options
Basic Qualification Requirements
- A Canadian citizen
- At least 20 years old
- Minimum net monthly income of $2,000 from the same source for at least three months
- Active account with a Canadian financial institution with at least three months of recent activity
- Mobile phone number
- Valid email address
Please do not apply if you are currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program. Sorry, we can’t consider your application if your income source is Employment Insurance, the Disability Tax Credit, and government benefits related to COVID-19.
Discover why our customers say we offer the best Oshawa installment loan available. Get yours today.