Ontario installment loans can be a great option when you need money quickly. However, many lenders don’t offer a simplified process, never mind the speed you might expect.
Even though most lenders promote their “quick” Ontario loans, the reality can be quite different. From start to finish, it can actually be a lengthy, frustrating process. This is especially true if part or all the process occurs off-line.
In many cases, you’ll complete an online application form, only to find the lender wants you to visit them in-person for certain things. This may include providing proof of income or signing your loan contract.
Fortunately, the top Ontario installment loans are handled completely online. You never need to visit a brick-and-mortar office, which is time consuming and inconvenient.
Here are a few reasons why you should consider FlexMoney for Ontario installment loans. We make the process much simpler.
15-Minute Online Application Form
Log onto our website at any time from the convenience of your favourite device. We will ask you a few simple questions to determine which loan product is ideal for you.
After that, we ask you complete our simple online application form. Most people can complete it in 15 minutes, or less. You will need to provide basic personal information such as your name, address, telephone number, email address, and your income source.
Don’t worry. We won’t ask you about where you worked, banked, or lived five years ago. We are only interested in your current position and your ability to repay. Consequently, our application is much simpler than most lenders.
Electronic Income Verification
We already mentioned that many lenders that claim to offer fast Ontario installment loans do part of the process the old-fashioned way. They’ll either ask you to upload old pay stubs or a letter from your employer, or you will need to drop this off to their office. Clearly, this isn’t the quickest way to handle Ontario installment loans today.
Fortunately, this is never an issue with FlexMoney. We utilize the latest technology to verify your regular direct deposits through your bank. It is a safe and secure way to handle income verification, but it does not allow us to pry into your finances.
The best part of using electronic income verification is that you don’t have to do anything. There’s no taking time out of your business life to deal with something that should be easily handled in a digital age.
No Impact on Your Credit Score
It is a normal practice for lenders to check your credit file when you apply for Ontario installment loans. However, many use a “hard” credit inquiry which can impact your credit in several ways.
Firstly, every hard inquiry lowers your credit score. Lenders may downplay this by saying it is a small or temporary reduction, but that’s not the point. You shouldn’t be penalized just because you’ve applied for a loan.
Secondly, hard inquiries stay on your credit file for up to three years. That’s not really temporary. Additionally, your credit score could drop between 3 and 12 points. Once again, that’s not an insignificant effect on your credit score, especially if you have less than pristine credit.
Fortunately, FlexMoney uses another method to check your credit file. Our soft inquiry is part of a pre-approval process. This allows you to see what we’re offering, but does not lower your credit score. If you decide not to borrow, it’s not a problem. You can shop around for Ontario installment loans elsewhere without worrying about your credit.
We Consider Many Sources of Income
Unfortunately, most lenders only consider applicants that have a “regular” job. If you work several part-time jobs, are self-employed, or draw a pension they won’t approve your application.
Luckily, FlexMoney is far more progressive. We understand many people earn money in other ways today. Our only stipulation is that you receive your income through direct deposit so we can verify it electronically.
You Don’t Need Collateral
Our Ontario installment loans aren’t back by collateral. As a result, you don’t need to put your car or home at risk just to get a loan. Instead, approval rests on your income, debts, and your ability to repay.
Keep your assets safe, and choose one of FlexMoney’s Ontario installment loans instead.
Less Emphasis on Credit
Yes, FlexMoney definitely considers your credit when you apply for a loan. However, it isn’t the only factor we look at.
Instead, we use an artificial intelligence assessment that looks at many things. This provides us with a broad overview of your personal and financial situation.
Consequently, we don’t have a minimum credit score requirement. In fact, our criteria are less stringent than many lenders. As a result, many people with less than perfect credit can still qualify.
No Unnecessary Fees or Penalties
The top Ontario installment loans don’t include unnecessary fees. The only fees you should pay are interest on your loan, unless you default. In this case, you should pay additional interest and an NSF fee if you didn’t have money in your bank account for your payment.
However, and this is a big however, many lenders do charge fees you shouldn’t pay. This includes an origination fee for setting up your account. This is just a fancy name for an administrative charge the company should absorb as a regular expense when conducting business.
This fee be very costly, since it is based on a percentage of your loan amount. This percentage ranges between 0.5% and 8.0% and comes out of the funds you receive. Consequently, you might borrow $2,000, but if the lender charges a 4.0% origination fee, you’ll only receive $1,920 ($2,000 x .04 = $80).
Another cost you shouldn’t pay is a pre-payment penalty. This is a fee charged when you want to pay your loan off early or want to make extra payments. It is meant to compensate the lender for interest lost when you pay your loan off sooner than the scheduled end date.
Luckily, FlexMoney does not have a pre-payment penalty. Our loans are “open” which means you can pay extra any time you want.
We’re a Licensed Ontario Lender
All lenders in Ontario should have a license, but some don’t bother with legalities. This can put your personal and financial data at risk.
Fortunately, the top Ontario installment loans offers the reassurance of government oversight and top-notch data security. Licensed lenders must follow strict lending and consumer laws which protect you and your sensitive information.
Additionally, choosing a licensed lender means you have recourse if your loan is handled improperly. They must respond to your complaint, and if you do not reach resolution the matter escalates to provincial authorities.
We also mentioned that we’re an Ontario business for good reasons. Many companies offer Ontario installment loans, but they’re not located in our country. This can lead to complications if you need assistance or you don’t agree with the company’s behaviours.
As well, many companies lend in Ontario, but are based elsewhere in Canada. This can cause time zone issues which can be problematic if you need to contact the company urgently.
Rest assured, FlexMoney is a licensed Ontario lender. When you deal with us, you’re dealing with fellow Ontarians. We offer a toll-free number and Ontario business hours. You can also contact us via email, chat, and website support.
We believe this is where FlexMoney shines. We are one of the few Ontario lenders that actually tells you what you need, before you spend time filling out an application form.
As a licensed lender, we’re legally obligated to be transparent in our paperwork. However, we go a step further and provide transparency throughout the loan process.
Consequently, we’re happy to provide our basic requirements for our Ontario installment loans below. Regrettably, we can’t help everyone, so you’ll also find information on when we can’t help.
Our Basic Requirements for Our Ontario Installment Loans
- Canadian citizen
- At least 20 years of age
- Valid email address
- Valid mobile phone number
- Net monthly income of at least $2,000 for at least the last three months from the same source
- Open and active account with a Canadian financial institution with at least three months of transactions
- Paid through direct deposit
When We Can’t Help
- You are involved in an active bankruptcy, consumer proposal, or credit counselling program
- You earn your income through Employment Insurance, the Disability Tax Credit, or COVID-19 benefits.
Another great benefit of using FlexMoney as your lender is our speed. Once you submit your online application form, you can expect a response within minutes. Please check your spam folder or your online account if you don’t see a response quickly.
When you receive our decision, it is just a matter of reviewing and accepting our offered terms. Of course, you under no obligation to accept what we offer and our process does not affect your credit.
However, if you decide to move forward you can accept the terms. We prepare your loan contract, send it to you for digital signature, and this triggers the funds release process.
If you sign your contract during business hours, funds for our Ontario installment loans are usually released the same day. Should you sign outside of business hours, funds release usually occurs the next business day.
Summary of What FlexMoney Offers
If you’re still wondering whether our Ontario installment loans are right for you, here is a quick summary of what we offer you:
- Ontario installment loans of between $500 and $15,000
- Flexible repayment terms of between 6 months and 5 years
- Simple application form
- Electronic income verification
- Soft credit inquiry
- Artificial intelligence assessment with less stringent requirements
- Various income sources considered
- You don’t need collateral
- We don’t have a minimum credit score requirement
- We don’t charge an origination fee or prepayment penalties
- Transparency & ethical behaviour
- Fast process from start to finish
If you want to know more about FlexMoney or you’re ready to start the application process, please visit our website. You can also find an in-depth FAQ page there that answers commonly asked questions. We also offer more information on why installment loans are your best financial choice here.
FlexMoney offers the best Ontario online installment loans, hands down. You can get the funds you need without all the hassle, whether you live in Toronto, Mississauga, Oakville, Brampton, Burlington, Hamilton, Kitchener, Vaughan, Guelph, Oshawa, St. Catherines, Niagara Falls, Markham, Richmond Hill, or elsewhere..