FlexMoney emergency loans can provide you with the cash you need to upgrade your home or to put the finishing touches on a current project. Unlike other home renovation loans, we make it fast and easy to get funds quickly.
Our company knows your time is valuable, so we’ve summarized what we offer and why FlexMoney renovation loans are better than those of our competitors.
Read through this guide to quickly decide if our loans feel like a good fit for you and your home renovation aspirations.
Here’s What We Offer
FlexMoney renovation loans are repaid in equal payments and the interest rate on your loan does not vary throughout the term.
We don’t require collateral such as your home or car to back a loan either. You don’t need to risk your assets just to improve your home. This is not the case with almost all other forms of renovation loans.
You can also comfortably borrow a higher amount than what you can charge on a credit card, without paying compound interest.
Unlike a credit card, every payment reduces your principal amount, while credit cards charge additional interest on the unpaid balance. Consequently, it can make it very hard to reduce credit card debt.
FlexMoney renovation loans are also governed by provincial regulations, because we are a licensed lender. We currently lend in Ontario, British Columbia, Alberta, New Brunswick, Nova Scotia, and Newfoundland and follow the rule of law in each jurisdiction to the letter.
Regrettably, this isn’t always the case with the many unlicensed lenders in Canada.
Our Eligibility Criteria
FlexMoney renovations loans don’t involve as much fuss as traditional lenders. You don’t need to get quotes from multiple contractors, or pay for legal fees, an appraisal, title search, or title insurance.
You don’t need to tell us precisely how you will use the money either. Spend your funds on whatever home renovation project you want.
However, you will need to meet certain requirements if you want to qualify for one of our FlexMoney renovation loans. Luckily, they are straightforward and most people who have a steady, reasonable income and decent credit often qualify.
Here’s what you will need:
- You are a Canadian citizen who is at least 20 years of age
- Have a valid email address and mobile phone number
- Your income (before taxes) is at least $2,000 per month and you’ve worked with the same employer for at least three months, OR
- You earn at least $2,000 per month from self-employment, the Canadian Pension Program (CPP), the Old Age Security (OAS), or from various private and public pension programs.
- Your open, active Canadian bank account shows at least three months of activity
Our artificial intelligence software assesses your credit worthiness on more factors than your credit file. It gives a better idea of who you are and whether we think you’ll be a great customer. We urge you to apply even if you have a small issue on your credit report. When others turn you down, we are still an option.
We welcome applications from anyone living in Ontario, British Columbia, Alberta, New Brunswick, Nova Scotia, or Newfoundland, except in the cases mentioned in next section.
When We Can’t Help
Regrettably, we can’t issue our FlexMoney renovation loans to everyone. Please do not apply if your income source is Employment Insurance, the Disability Tax Credit, or COVID-19 benefits.
Sorry, we can’t lend to you if you are currently involved in an active bankruptcy, consumer proposal, or credit counselling program either.
Loan Amounts & Fees
FlexMoney offers renovation loans of between $500 and $15,000. Unlike many lenders, we do not charge an origination fee just for setting up your account.
This fee can knock a healthy chunk off what you receive in your bank account. Lenders may charge anywhere between 0.5 and 8.0 percent of your loan amount. If you’re borrowing $15,000, that’s $750 at 0.5 percent and a whopping $1,200 at 8.0 percent as an unnecessary administrative charge.
Additionally, many lenders charge pre-payment penalties if you want to make extra payments or you pay your loan off before the loan end date. Fortunately, if you get a FlexMoney renovation loan you can pay part or all of your loan off at any time, without penalty.
FlexMoney Renovation Loans Are 100% Online
We’re 100% online, so feel free to apply whenever you want and from any device. We’ll never ask you to come into an office to apply or even when you need to sign your loan documents.
FlexMoney’s application process is quick and easy too. It takes about 15 minutes to fill in our form. Please complete the banking information section so we can verify your income with your bank. We use this method as it is faster, simpler, and safer than uploading private documents such as paystubs or pension documents.
Please do not use a VPN (virtual private network) from outside your region when applying. Our artificial intelligence software could mistakenly locate you outside of our licensed areas and decline your application.
If we do run a credit check on you, we use a “soft” inquiry which does not appear on your credit file. This is important as many lenders use a “hard inquiry” which stays on your credit file, even if you choose not to borrow from them.
Please review your application for accuracy and completeness before you submit it. You’d be surprised how often good applications end up in the reject pile, because the applicant missed a section or input incorrect information.
Please note, banking information is required for all applications. We also need this information to send funds to your bank account.
FlexMoney Renovation Loans Are Flexible
Our renovation loans offer many options for repayment. Choose a term as short as six months or spread your repayment out longer. Our maximum term is 5-years, or 60 months.
Even if you decide on a longer term and lower payments, you can pay less interest by increasing your payment frequency. For insurance, instead of paying monthly, choose weekly, bi-weekly (every two weeks), or semi-monthly (twice a month). Tailor your payments to the days you receive income for the most convenience.
FlexMoney won’t leave you hanging for hours, days, or weeks. Our artificial intelligence software makes a quick assessment and let’s you know straightaway.
Your application information should agree with our AI finds during its assessment. However, when our artificial intelligence software detects incorrect or false information or you don’t meet our qualifications it will reject your application. Unfortunately, it won’t approve your application if you already have an unpaid loan with us either.
Luckily, those with a steady income, reasonable credit, and an honest, accurate, and complete application often receive pre-approval. Then it is just a matter of reviewing the terms such as the interest rate, payment amount and frequency, and the end date of your loan.
If everything looks good, it is simple to move forward. If you don’t like what we’ve offered, no problem. Your application does not impact your credit and you are free to apply again at any time.
Finalizing Your Loan
We already mentioned we operate completely online. If you want to move forward, just accept the terms and we prepare your loan documents.
Read through the documentation carefully and call or email us if you have questions or concerns. Our customer service representatives are Canadians and we have a toll-free number for your convenience.
Once you’re satisfied, we’ll ask you to sign your loan documents electronically. They become a legal document and your payments begin on the specified dates. You may want to consider automatic payments for simplicity’s sake.
Traditional lenders can take days or weeks to release funds after loan approval. If you’re itching to get on with your renovation, you can’t go wrong with one of our FlexMoney renovation loans.
FlexMoney strives to get your money in your bank account within 24 hours of approval if you finalize your documents on a weekday. On weekends or holidays, expect your money the next banking day.
If you have any problems with your funds transfer, we’ll get to the bottom of it right away. This rarely happens, but we want you to call us if it does. We rely on our reputation and if you’re unhappy, we are too.
If you’re ready to apply for one of FlexMoney’s renovation loans, please visit our website. We also offer various contact methods there and an extensive FAQ section with answers to many of our potential customers questions.
Why go through the complicated application process of many lenders? FlexMoney makes it easy to get the renovation loan you need quickly and painlessly, without leaving the comfort of your home.