FlexMoney offers great products, including the best Ontario online installment loan. While this may seem a bold claim, we believe you will soon see the value of what we offer.
Here are 10 powerful reasons you should consider us for your next installment loan.
Reason #1 – We’re 100% Online
Many lenders offer installment loans in-person or partially online. By partially online, we’re referring to the fact that many lenders start the process over the internet, but expect you to conduct part of the process in-person.
For instance, the lender may want you to drop off a letter from your employer or old pay stubs to confirm your income. Clearly, that’s not a completely online loan, since you still need to take time out of your business day to visit a brick-and-mortar office.
The same can apply when it comes time to sign your loan contract. While you might start the process online, many lenders expect you to visit them to put pen to paper.
Fortunately, FlexMoney offers a totally online process from start to finish. We think it is totally unnecessary in our digital world for you to have to go out of your way to borrow money. A 100% online process is more convenient.
That’s the first reason why we think you will find our Ontario online installment loan preferrable to the competition.
Reason #2 – We Offer a Quick & Easy Application Form
Certainly, you can find other online lenders. However, we invite you to take a look at their application form. Are they asking you where you lived, worked, and banked one, two, or even five years ago? Do they need personal and work references?
That’s not surprising, since many lenders still use the same practices that they used when they operated in-person. They’ve just built a website. Nonetheless, they still expect you to jump through all their hoops.
Luckily, this isn’t the case with FlexMoney. We’ve embraced the digital age and offer a simplified application form. We’re only interested in where you stand now and your ability to repay.
Consequently, we won’t ask you for information from years ago. In fact, most people can easily complete our application form in 15-minutes. That’s yet another reason FlexMoney offers the best Ontario online installment loan – it’s quick and easy.
Reason #3 – We Verify Your Income Electronically
We already mentioned that many lenders expect you to submit proof of income. This may be in-person or by uploading documents to the lender’s website. In both cases, FlexMoney thinks is an unnecessary time-waster.
In our digital age, it is possible to electronically verify your regular direct deposits through your bank. It’s quick and safe since all data is fully-encrypted. Plus, you don’t need to do a thing, yet another reason why FlexMoney outperforms the competition.
Reason #4 – We Use a Soft Credit Enquiry
All lenders check your credit file when you apply for a loan. However, how they go about it can affect you in several ways.
Should they choose to use a “hard” credit inquiry, it will lower your credit score. These lenders may mention it is a temporary or minor effect, or they might not mention this at all.
The problem is that it is neither. Your credit score could drop by as much as 12 points and it could stay at this lower rate for months. That’s not temporary.
Additionally, every hard credit enquiry remains on your credit file for up to three years. If you have several hard enquiries on your file, some lenders will consider it a red flag.
Fortunately, FlexMoney uses a soft inquiry as part of our pre-approval process. This does not lower your credit score. It also allows you to see the terms we’re offering you.
Should you decide not to borrow, no problem. That’s yet another powerful reason FlexMoney offers the best Ontario online installment loan.
Reason #5 – We Consider Various Income Sources
When you start to look for a loan, you’ll soon discover that many lenders expect you to have a full-time job. However, times have changed and many people earn money in other ways besides regular employment.
As an example, you might be paid through the Canada Pension Plan, CPP, or a private pension. You could be self-employed, yet earn a steady income. Perhaps you work several regular part-time jobs.
Luckily, FlexMoney considers income from various sources. If you’re paid a steady income through direct deposit, you could qualify. That’s another reason why FlexMoney offers the best Ontario online installment loan.
Reason #6 – Artificial Intelligence Assessment
Unfortunately, most lenders place great emphasis on your credit. They may have a minimum credit score requirement as reassurance you’re a dependable borrower. However, that can make it very difficult for those with less than perfect credit to get a loan.
FlexMoney looks at the loan qualification process in a different manner. Yes, we look at your credit, but we also consider many other factors. By using our proprietary artificial intelligence software, we obtain a snapshot of your personal and financial circumstances.
We put more emphasis on your ability to repay your loan. As a result, our criteria are less stringent than many lenders. That’s another reason why FlexMoney offers the best Ontario online installment loan.
Reason #7 – No Origination Fee or Pre-Payment Penalty
An origination fee is a cost many lenders levy just for setting up your account. It can be substantial too, since it is based on a percentage of your loan amount (0.5% and 8.0%).
A pre-payment penalty is the amount a lender charges when you pay your loan off early or make extra payments. It is meant to compensate the lender for the interest they would have earned if you made regular payments until the loan end date.
Regrettably, many lenders don’t tell you about these costs upfront. Instead, they hope you will sign your loan contract so you’re on the hook.
Fortunately, FlexMoney does not charge either of these. We believe setting up your account is an administrative expense, not yours. We also welcome your payments at any time, without penalty. That’s huge and another reason why we offer the best Ontario online installment loan.
Reason #8 – We’re Licensed to Lend in Ontario
You may be thinking, “So, what? Aren’t all lenders licensed?” The answer to that is an emphatic, “No!”.
Even though all lenders, whether operating online or in-person, should have a license, some don’t bother. Choosing an unlicensed lender is very risky as you could become involved in a scam.
Fortunately, FlexMoney is a licensed lender. Licensing ensures your loan has government oversight and that we must follow strict lending and consumer laws to protect you and your sensitive information.
Reason #9 – We’re Transparent
When you’re shopping for a loan, most lenders don’t tell you their qualification requirements. Instead, they expect you to fill out an application form. Of course, this makes little sense if you can’t possibly qualify.
Luckily, FlexMoney is a transparent lender and we value your time. We’re happy to provide our basic requirements beforehand, yet another reason we offer the best Ontario online installment loan.
Our Basic Requirements
- Canadian citizen
- At least 20 years of age
- Valid email address
- Valid mobile phone number
- Minimum net monthly income of $2,000 for at least the last three months from the same source(s)
- Open and active account with a Canadian financial institution with at least three months of transactions
- Paid through direct deposit
Reason #10 – We’re Fast!
Perhaps the greatest benefit of choosing FlexMoney for a loan is our speed. Once you complete and submit our application form, you’ll have our decision in minutes.
Look over what we’ve offered and decide whether you want to move forward. If so, accept the terms and we’ll prepare your loan contract. If not, no problem. Our process does not affect your credit.
If you’ve decided to work with FlexMoney, we’ll prepare your loan contract, send it to you for digital signature. Your signature triggers the funds release process.
Signing your contract during business hours usually means you’ll have your money the same day. Signing your contract outside of business hours usually means you’ll have your money the next business day.
The Best Ontario Online Installment Loan Through FlexMoney
If you’re still unsure whether we actually do offer the best Ontario online installment loan, here is a quick summary of what we offer:
- 100% online process
- Licensed Ontario lender
- Loans between $500 and $15,000
- Repayment terms between 6 months and 5 years
- Simple, fast loan process
- Electronic income verification – no proof of income
- Soft credit inquiry does not impact credit score
- Artificial intelligence assessment with less stringent requirements
- Various income sources considered
- No origination or prepayment fees
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 with answers to commonly asked questions.
Let us show you why our product is the best Ontario online installment loan. Get the money you need quickly and skip the hassle.