Applying for a FlexMoney installment loan is relatively straightforward. Nonetheless, there are some things you can do to improve your chances of approval and speed up the process.

Let’s take a look at the recommended steps and why they are important.

Check Your Credit

A FlexMoney installment loan application doesn’t rely on your credit alone, but that doesn’t mean you should ignore it. Before you apply, check your credit scores and credit files through Canada’s two credit bureaus, Equifax and Transunion. They each store credit information on you and their files can differ. You can obtain free copies from both credit bureaus, if you’re willing to fill out their forms to confirm your identity.

Borrowell, Credit Karma, and Mogo also offer free credit reports and credit scores online. However, they may send you emails with product recommendations and they may not check both credit bureaus. Nonetheless, they are good resources if you want a quick snapshot of your overall credit to determine whether there might be a problem.

Why should you bother with this? Errors occur on credit reports quite often and they can give lenders the wrong impression. Identity fraud also occurs more often than you might think.

Experts recommend checking your credit reports at least once per year as either of these problems could lead to a loan refusal or a higher interest rate than you deserve. Even a one percent higher interest rate substantially increases how much you will pay over your loan term.

If your credit score is low for other reasons, you may still qualify for a FlexMoney installment loan. We use artificial intelligence for an overview of your financial health. A small problem on your credit file doesn’t necessarily lead to loan refusal.

How Much Do You Really Need?

Decide how much you want to borrow before you start the application process. You can obtain a FlexMoney installment loan for as little as $500 and up to a maximum of $15,000. We don’t charge fees and you receive the full amount. That isn’t the case with most other lenders.

Many tack on an “origination fee” just for setting up your account. Origination fees can range between 0.5% and 8.0% of the loan amount. What’s even worse is that this fee is often deducted off the loan so you end up borrowing more than you intended. Alternatively, you can choose to tack it onto the loan amount and pay interest on it. Either way, you pay more.

Consider Loan Types

Once you’ve checked your credit, it is important to find a loan that suits your needs. While a FlexMoney installment loan can be used for many reasons, we also offer loans for particular needs.

For instance, if you need a loan to consolidate debts we have a loan specifically for that purpose. It can simplify your life by eliminating other debts so you pay a single payment instead. A consolidation loan may also offer a lower interest rate than credit cards. Handled properly, a consolidation loan can also add to your credit mix and demonstrate you are a responsible borrower.

Another possible FlexMoney installment loan is a renovation loan to help you deal with the costs of home improvement without putting your home up as collateral. Home equity loans are “secured”. In other words, a lender has a stake in your home until you pay off your loan completely.

A FlexMoney installment loan can also be used to pay medical expenses. These could include cosmetic surgery, hospital and specialist visits not covered under government health care and even costly prescriptions. A medical loan can spread the financial burden out over many months or years so that it is easier to manage.

Of course, a FlexMoney installment loan is also a great choice when you need to deal with an emergency. Emergency loans can help you get your vehicle back on the road, fix a burst pipe and water damage, or buy a new furnace when yours fails on a cold day.

Lastly, a FlexMoney installment loan can also be used to fund your dreams. Perhaps you’re planning a wedding and need to put down deposits for your venue, florist, and caterer. Maybe you want a once in a lifetime vacation or a memorable honeymoon that you’ll cherish forever. Whatever the reason, a FlexMoney installment loan can help you fulfill your dreams and make it easier to handle the expense too.

Consider Loan Variables

The other variables available besides the amount you borrow and loan type are your payment frequency, repayment term, and interest rate.

A FlexMoney installment loan offers many payment options such as weekly, bi-weekly, bi-monthly, and monthly. We have a handy online calculator you can use to find the ideal balance between payments and the repayment length (term).

Choose to keep your payments low and pay your loan back slowly or pay higher payments to be debt-free quicker and pay less interest.

The FlexMoney interest rate offered is based on the information provided in your application, so accuracy is critical. As mentioned, FlexMoney looks at more factors than you’re your credit file and score. However, inaccurate or incomplete information is the most common reason for a FlexMoney installment loan refusal.

A FlexMoney installment loan offers highly-competitive interest rates starting at 18.99%. Rates through other lenders range between 19.99% up to 48.63%.

Do You Have Other Debts?

Another factor a lender may consider is your debt-to-income ratio. As a general rule, how much you owe (including your potential loan payment) should be no more than around 40% of income. For instance, if you earn $2,000 monthly your debt payments shouldn’t be more than $800.

Nonetheless, a FlexMoney installment loan considers multiple factors and consequently it can be more forgiving. If your debts are slightly higher, you may still qualify. A FlexMoney installment loan is often a more affordable alternative than most credit cards and a definite possibility even if you’ve been turned down elsewhere.

Understand How a FlexMoney Installment Loan Works

A FlexMoney installment loan is handled entirely online. You don’t need to make an appointment or come into our office. Just provide us with the necessary information in our online application form.

We’ll ask for identifying data such as your name, address, employer, and monthly income. We will also ask whether you need your FlexMoney installment loan for a specific purpose. This isn’t because we want to snoop into your life. Instead, we want to offer you the best possible product for your needs.

Once you complete your application, you will receive a response quickly. If pre-approved, our documents state the interest rate offered and other terms. However, you are under no obligation to accept and up to this point the process does not affect your credit report either.

If you like what you see, we’ll send you your loan documents for you to sign electronically. We may ask you for other documents at this point to finalize your loan. Once you do this, you’ll typically get your loan funds in your bank account within 24 hours.

How Payments Work

Your FlexMoney installment loan is issued for a fixed amount and repaid over a chosen time period through a specific number of payments (installments). Each payment includes a portion that goes towards the original loan amount and another portion that pays interest.

Check when the first payment is due and consider setting up automatic payments from your checking account. This ensures you pay on-time each month which looks great on your credit file. You may want to make slightly larger payments to reduce your balance even quicker.

A FlexMoney installment loan allows you to pay additional payments or larger payments at any time without penalty. Timely repayment of your loan can diversify your credit mix and may improve your credit too.

Understand the Requirements

Even though a FlexMoney installment loan uses less stringent criteria, some are a must. For instance, you must be at least 20 years old and a Canadian citizen.

You must also be actively working with a net monthly income of at least $2,000 for at least three months. Sorry, government benefits do not qualify and we will not consider applicants currently in an active bankruptcy, consumer proposal, or credit counselling program.

For verification purposes, you will need to have an open and active bank account with a Canadian financial institution for at least three months, as well as a valid email address and mobile phone number.

We are more lenient, but we can’t guarantee approval. If you’re turned down for a FlexMoney installment loan you may need to pay off debt, improve your credit, or find a co-signer.

We currently lend in Ontario, British Columbia, Alberta, New Brunswick, Nova Scotia, and Newfoundland, but we’ll be adding others areas soon. Start now and you could have your FlexMoney installment loan in your bank account quicker than you might think.