When you’re looking for a St. Catherines installment loan, there are many factors you should consider. Otherwise, the loan and process could be inconvenient, costly, and time-consuming.
Luckily, FlexMoney makes it very simple to borrow. Not sure? The following 10 features might convince you to give FlexMoney a try for your St. Catherines installment loan.
1. Convenient Online Process
Even though banks, credit unions, and other in-person lenders want you to come to them, that’s no longer necessary. In fact, it a complete waste of your valuable time.
In today’s digital age, you can easily apply a St. Catherines installment loan when it is convenient for you. There’s no making an appointment, finding parking, or standing in line.
No Office Visits
FlexMoney operates online, so a visit to an office is never in the cards. However, that’s just one of the reasons why an online application process is more convenient. There’s more.
Easy Application Form
FlexMoney’s application form takes far less time to complete than most other lenders. That’s because we’re only interested in your ability to repay a loan now, not where you lived, worked, and banked years ago.
Consequently, most people can complete our application form in less than 15-minutes. Just grab your favourite device and apply whenever and wherever you please. We accept applications 24/7.
No Proof of Income
Another important reason to choose FlexMoney is that we do not ask you to upload documents. That’s not the case with most lenders, especially when it comes to proof of income. Most lenders want specific documents to verify how much you earn, but that can be a big hassle. They may ask for your last pay stub or a letter from HR. If you’re a contractor, you may even need to get an income statement from your accountant.
Who needs all that when you can choose FlexMoney instead? We verify your direct deposits electronically. It’s fast, safe, and you don’t need to do a thing.
2. FlexMoney is a Transparent Lender
Take a look at a few lender websites. Do they tell you their basic requirements to qualify for a St. Catherines installment loan? Probably not.
Instead, they want you to complete their application form and wait. Even more frustrating, you may fill out their online form and then be told that you must contact a loan’s officer or visit an office to complete the process.
Either way, that’s not the way FlexMoney does business. We’re transparent throughout the borrowing process. Here are our basic requirements for a St. Catherines installment loan:
- Canadian citizen
- Between the ages of 20 and 65
- 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
Sorry, We Can’t Help If…
- You are currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program.
- Your income is based on Employment Insurance or government benefits related to COVID-19.
3. Credit Plays a Lesser Role
Most lenders place a great deal of emphasis on credit. In some cases, it is their leading factor. For instance, many lenders set a minimum credit score requirement. The first thing they do when you apply is run your name through one of Canada’s credit agencies to see where you rank. If your credit score is lower than what they want to see, they automatically turn you down.
Once again, FlexMoney doesn’t operate this way. We do not set a minimum credit score requirement. Will we check your credit? Yes, that’s expected when you apply for a loan. However, it isn’t the only factor we consider when we review your application. As a result, many individuals with less than pristine credit can still qualify for our St. Catherines installment loan.
4. FlexMoney’s Pre-Approval Process Offers Benefits
FlexMoney uses a pre-approval process that can benefit you in several ways. First, whether your pre-approved or not, our “soft” credit inquiry method does not lower your credit score. Regrettably, that’s not the case with most mainstream lenders.
Mainstream lenders tend to use the “apply and wait” method. This gives them time to pull a full credit report on you using a “hard” credit inquiry. This provides them with every detail on your credit file over the past six-years and it lowers your credit score. Plus, it is unclear how long the reduction lasts. Both credit reporting agencies only mention it is “temporary”.
Second, the pre-approval process shows you what the lender’s offering. You see the interest rate, payments, and repayment schedule. However, you are never obligated to accept. Theoretically, this means you can shop around through as many lenders as you like, providing they use a pre-approval process.
However, multiple hard inquiries on your credit file are bad news. It can appear that you are struggling to obtain credit, even if you simply didn’t like the terms offered by certain lenders. As a result, every hard inquiry may make it harder to obtain credit.
5. No Fee St. Catherines Installment Loan
FlexMoney doesn’t hide unnecessary fees by calling them something else. Unfortunately, this happens more often than it should.
One of the most common charged is an “origination” fee. Basically, this is an administrative cost a lender levies for starting your account with them. This can cost you between 0.5 – 8% of your total loan amount.
FlexMoney does not charge an origination. Setting up your account is a normal administrative expense that we absorb as part of doing business with you. Even though many lenders make it seem like this is an expected cost you should bear, it is not.
Another common charge is a pre-payment penalty. Straight away it sounds like you’ve done something wrong, but that’s not the case. In actuality, a pre-payment penalty is an amount a lender charges you to make up for lost interest. It applies when you pay more on your loan than just your scheduled payments.
Sound crazy? FlexMoney thinks so too. Why should a lender dislike getting their money sooner? Fortunately, FlexMoney’s St. Catherines installment loan is “open”. Pay extra payments or pay your entire loan off early, without penalty. We want to consider again in the future and hope you’ll tell your friends too.
6. Top-Notch Customer Service
Customer service is what separates a good lender from one that is so-so or downright terrible. Definitely take a look at what they offer, before you decide on a lender.
Unfortunately, many lenders that offer a St. Catherines installment loan are located outside of Ontario and sometimes outside of Canada. While this might seem to be a big issue, we never know what the future might hold. The past few years are a testament to that.
If you need help immediately, you probably don’t want your only point of contact to be email. You probably wouldn’t want to deal with a customer service representative that knows nothing about Ontario or Canada either.
Luckily, FlexMoney offers multiple customer service options. This includes a toll-free number and extended Ontario business hours. Our entire customer service team is also Canadian.
If you prefer to reach out digitally, we offer website support and email too. We also have an in-depth page on our website as well as many financial resources.
While we do offer customer service by email, we also have many Canadian customer service representatives, Ontario business hours, and a toll-free number. If you need an answer to a pressing question, our service staff is eager to help you.
If you prefer to communicate digitally or you like to find answers yourself, we also offer chat and website support, as well as an in-depth FAQ page. This page provides answers to questions about everything from us, our application process, and our loans, to repayment and your account.
7. Small to Large Loans
FlexMoney has a much broader range of loans available than most other lenders. Other lenders tend to avoid loans under $1,000 or over a few thousand dollars. Luckily, FlexMoney grants loans of between $500 and $15,000.
Our repayment terms are also much broader. Take as little as six-months or as long as 5-years to repay.
Even if you don’t need $15,000 and 60-months to repay, it makes sense to borrow through us. Should you ever need to borrow again, you’ll already have an account and you could qualify for better terms.
8. Fast Seamless Progression
FlexMoney will not leave you sitting around wondering whether you’re pre-approved once you submit your application. We use an artificial intelligence assessment. Consequently, you will get our decision in minutes.
If pre-approved, you’ll immediately see your interest rate and repayment schedule. Review the information and decide whether you want to move forward. If so, accept the terms and our customer service team will prepare your loan contract for signature.
Sign your contract digitally to trigger funds release. If you sign your loan contract within business hours, you could have money in your bank account within 24 hours. If you sign outside of business hours, funds should be in your hands the next business day.
FlexMoney’s St. Catherines Installment Loan
If you’re interested in starting the application process for a St. Catherines installment loan, or if you have more questions, please visit our website. We also offer more on Ontario installment loans here.