FlexMoney installment loans are highly flexible, but did you know the process is also very simple? Here’s a short outline of a few preliminary steps we suggest and a walkthrough of what you should expect.
Check Your Credit
FlexMoney installment loans don’t rely on your credit file alone, but that doesn’t mean you should ignore it. We suggest you check your credit files and scores beforehand for several reasons.
First, errors occur on credit reports often. Second, some errors can negatively impact your credit score, lead to higher interest rates, or even result in loan refusals.
If you have less than pristine credit, you may still qualify for FlexMoney installment loans. We use artificial intelligence for a more comprehensive overview of your financial health.
Do You Meet Our Qualifications?
FlexMoney installment loans have less stringent criteria than traditional lenders and we don’t have a minimum credit score requirement. However, we do have some basic requirements.
- Earn a net income of $2,000, or more, each month, and have earned this for at least the last three months. This income excludes payments made through Employment Insurance, the Disability Tax Credit, and COVID-19 benefits
- Have an open and active Canadian bank account with at least three months of transactions
- Canadian citizen who is at least 20 years of age
- Have a valid email address and mobile phone number
- Not involved in an active bankruptcy, consumer proposal, or credit counselling program.
We currently lend in Ontario, British Columbia, Alberta, New Brunswick, Nova Scotia, and Newfoundland. However, we expect to offer FlexMoney installment loans in other locations soon.
Pick Your Amount
FlexMoney installment loans are available for amounts between $500 and $15,000. We don’t charge additional fees, so you will receive the full amount if you’re pre-approved and decide to move forward.
We don’t recommend borrowing “extra” funds just to be on the safe side. The payments on FlexMoney installment loans include interest and it is calculated on the entire loan balance. We make it easy to borrow, but taking on more debt than necessary isn’t in your best interest.
Tell Us Why You Want One of Our FlexMoney Installment Loans
We ask you about how you intend to use your loan money, because some loans are more suited to specific needs than others. For instance, a debt consolidation loan may differ from one needed to take a dream vacation.
FlexMoney installment loans are available for consolidating bills and expenses, buying an item, moving, improving your home, or even paying your rent or mortgage, in some cases.
Fill Out Our Simple Application Form
FlexMoney installment loans are handled online from start to finish. Once you’ve chosen the amount you want to borrow and the purpose of your loan, we’ll ask for some basic information.
We suggest you find a blank cheque or your bank account, transit, and financial institution numbers before you start filling in the form. We need this to fulfill our requirements and to transfer funds to your account if you’re pre-approved and decide to accept our terms.
Completing the form will take about 10 minutes. The other information we’ll ask for are your name, address, email, cellphone number, date of birth, and driver’s license number (if you have one). You will also be asked to choose a user name and password for your account.
Don’t worry, we won’t share this information with third-parties and our soft credit check will not appear on your credit file. You are under no obligation to follow through with our FlexMoney installment loans after pre-approval either.
Please review your application carefully and be honest. Loan refusals are often due to inaccurate or misleading information.
Choose Your Repayment Terms
FlexMoney installment loans offer a wide range of repayment options. Choose to repay in as little as 6 months or as long as 5 years. Your payments should suit your lifestyle and your financial goals.
We also offer many payment options including weekly, bi-weekly (every two weeks), semi-monthly (twice a month), and monthly. When you pay often, you pay your loan off quicker and pay less interest. Use our handy payment calculator to find the ideal balance between your loan amount, term, and payments.
Wait for Our Decision
If you waited for days or weeks to hear from your bank or another lender only to discover you were turned down, don’t worry. We won’t put you through all that again. You’ll find out whether you’re approved for one of our FlexMoney installment loans within minutes of submitting your loan application.
If you’re pre-approved, we will offer you a very competitive interest rate based on the information you provide in your application. Our rates start at 18.99%, which is lower than almost all online competitors and lower than most credit cards. Some lenders currently charge as much as 47.72%.
We will also outline your payment amount, loan terms, and the exact date you will be debt-free. We believe in total transparency and will gladly answer any questions you might have. If you agree with the terms, you can move onto the next step seamlessly.
Unfortunately, we can’t guarantee 100% approval even if you fulfill all our qualifications. If we’ve turned you down, we suggest you pay down your debt, improve your credit, or find a co-signer.
As a general rule, your debts should not exceed approximately 40% of income. For instance, if you earn $2,000 monthly your debt payments shouldn’t be more than $800.
Review Your Loan Documents
At this point, we will ask you to confirm that you want to move forward. We will prepare your loan documents and may ask for proof of income.
We want you to review your loan documents carefully to ensure you agree with the loan terms. Our paperwork is straightforward and transparent, but we also want you to feel completely comfortable with our interaction.
FlexMoney offers a 1-800 number, email, and online support if you have questions or need help.
Sign Your Documents Electronically
You will not need to come into our office to sign your loan documents. FlexMoney installment loans are handled completely online, including the finalization of your loan documents.
We will ask you to sign your loan documents electronically. Once you do, it becomes a legally-binding contract and payments begin on the date specified in your loan documents. We will also start reporting your loan to the credit bureaus at this time.
Set Up Automatic Payments
We highly suggest you set up automatic payments with your financial institution once you’ve secured your loan. This is the best way to ensure we receive your payments on time. Besides, it’s convenient and cost-effective.
Paying your loan on-time and in-full can lead to lower interest rates and more product availability in the future. It can also improve your credit score and credit history.
FlexMoney installment loans are issued for a fixed amount and repaid over your chosen time period through a specific number of payments (installments). Unlike credit cards that compound interest, each payment includes a portion that goes towards the original loan amount and another portion that pays interest.
Watch Your Funds Arrive Quickly
We strive to release funds for our FlexMoney installment loans into your bank account within 24 hours of approval on a weekday. If you apply on a weekend or holiday, it may take until the next banking day.
We pride ourselves on our speedy delivery so you can get on with your life. If you have any problems, contact us and we’ll set things right.
No Additional Fees
FlexMoney does not charge an “origination fee” just for setting up your account. Many lenders charge between 0.5% and 8.0% of the loan amount.
We will not charge you prepayment fees either. Make extra payments, lump sum payments, or pay your loan in-full at anytime. You will pay your payments and nothing more.
Find Out More
If you’re a Canadian citizen interested in exploring our FlexMoney installment loans or you have more questions, please visit our website. Our process is simple, straightforward, and fast. You could have your loan money in your bank account quicker than you might think.