Quick installment loans in Canada can be your lifeline if you need money in hand in a flash. Unfortunately, not all lenders offer them and some promise to deliver speed, but don’t.
When you start looking for a loan, you’ll soon discover that some lenders define “quick” as the time it takes after you’ve finalized your loan documents. They don’t take into account how long it might take you to fill out their complicated application form. Equally, they may conveniently ignore the fact that part of their process involves digging up paperwork and/or visiting their office.
Clearly, asking your employer for income verification or taking time out of your busy day to visit a loans officer isn’t ideal. Here are a few reasons why FlexMoney’s quick installment loans in Canada are your better option.
Simple Online Application Form
Our online application form takes most people less than 15 minutes to complete. We ask you for basic information such as your name, address, telephone number, email address, and your income source.
However, we don’t believe in asking you about where you worked, banked, or lived five years ago. We only want to know where you stand now. Consequently, applying is faster and more straightforward.
Since we operate online, you can also apply at any time from any device. We will never ask you visit us in person, even when it comes time to sign your loan documents. We handle everything digitally.
Electronic Income Verification
Lenders naturally will ask you how much you earn on your application form. However, some want written documents to confirm this information.
As a result, you could find yourself scurrying to find old paystubs to upload. Alternatively, you may need to email human resources for income data which you’ll upload once you receive it.
Fortunately, you don’t need to do this when you apply through FlexMoney. We electronically verify your income through authorized bank statements. You never need to waste valuable time and it speeds the loan process too. Don’t worry – your banking and personal information remain safe and secure.
Our Credit Inquiry Does Not Lower Your Credit Score
Lenders check your credit when you apply for an installment loan. However, most people don’t realize lenders can choose from two methods to do so. They are a “hard” or “soft” credit inquiry.
Why should you care about this? First, a hard credit inquiry lowers your credit score, whether you’re approved or not. Second, hard inquiries remain on your credit file for up to three years. Finally, multiple hard credit inquiries are a red flag for lenders. It can make it seem you’re struggling to obtain credit, even if you’re just shopping around for the best loan.
Luckily, FlexMoney uses a soft credit inquiry. It does not lower your credit score. If you’re pre-approved, you can see what we’re offering you, without obligation. When you like what you see, it is simple to move forward. If you don’t want to borrow, no problem. You can continue looking for quick installment loans in Canada without worrying about your credit.
Various Income Sources Considered
This can be the deciding factor for applicants that don’t work in a “regular” job. Most lenders only consider applications for quick installment loans in Canada if you have full-time employment. Of course, in today’s world that excludes many people.
Fortunately, FlexMoney is more progressive. We consider applications from those who are self-employed, retired, or earn income for other sources. However, you must be paid by direct deposit so we can verify your income.
We Don’t Ask for Collateral
Our installment loans don’t require collateral to back them. We will never put a lien against your vehicle or home to guarantee you’ll repay your debt. Instead, our quick installment loans in Canada rest on your income.
If you’re uncomfortable with risking your assets, our loans are a better choice.
Artificial Intelligence Assessment
Another detail many lenders fail to reveal is that they have a minimum credit score requirement. They expect you to complete their application form to determine whether you qualify. Naturally, this can be a complete waste of time if your credit falls below their requirement.
Fortunately, you needn’t worry about this when you choose FlexMoney. We do not have a minimum credit score requirement. Instead, we use our proprietary artificial intelligence assessment. This assessment provides us with a broader overview of your current situation.
We consider many factors, not just your credit. Consequently, many people with small issues on their credit file can still qualify. Our criteria are less stringent than many lenders.
Never Worry About Hidden Fees or Penalties
Regrettably, many lenders claiming to offer quick installment loans in Canada charge fees and penalties you shouldn’t pay. For instance, a common one is an “origination fee” which lenders try to pass off as a routine industry charge.
This fee can range between 0.5 and 8.0 percent of your loan amount and comes right off the top. Consequently, you either need to borrow more and pay interest on this amount, or you receive less. What’s worse is that this fee is actually a charge for setting up your account. FlexMoney considers this an administrative cost and not one you should bear.
Others penalize you if you want to pay your loan off early or when you want to make extra payments. Luckily, FlexMoney welcome extra payments at any time without penalty.
We’re a Licensed Canadian Lender
Many companies offer quick installment loans in Canada, but not all of them are licensed. Licensing is an important consideration as it ensures the lender follows ethical lending practices. Licensed lenders must also follow provincial and Canadian consumer lending laws and standards which protect you.
You’ll be happy to know that FlexMoney has a strong presence across Canada. We’re currently licensed in Ontario, British Columbia, Alberta, Nova Scotia, Saskatchewan, Newfoundland & Labrador, Prince Edward Island, and Yukon Territory.
Our administrative head office is in Toronto, but we operate online. However, you can contact us via a toll-free number during business hours as well as via email and website support. Our customer service representatives are Canadians, eager to help.
When you start looking for quick installment loans in Canada, you’ll soon discover very few lenders state their requirements. Many lenders want to see work, home, and banking stability over many years. Others demand a high income before they’ll consider your application. The problem is, they want you complete an application form and then they’ll tell you whether you qualify.
FlexMoney believes this is bad business. It is only fair that we tell you what we want from you, so you don’t waste your time. The following are our basic qualification requirements:
- Canadian citizen
- At least 20 years of age
- Valid email address
- Valid mobile phone number
- Net monthly income of at least $2,000 for at least the last three months from the same source
- 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 those who:
- Are involved in an active bankruptcy, consumer proposal, or credit counselling program
- Earn income through Employment Insurance, the Disability Tax Credit, or COVID-19 benefits.
No one wants to sit around for hours, days, or weeks waiting to get a response from a lender. Nonetheless, it happens all too often.
Some lenders ask you to fill out an online form to get your details and then you must contact a loans officer or branch to continue the process. Others send you an irritating email confirming they’ve received your application and you should receive an answer “soon”.
Luckily, neither will happen to you when you choose FlexMoney. Our fully-automated system sends you our decision in minutes. If you’re pre-approved, we’ll also provide you with the interest rate we’re offering. You’re under no obligation to accept, but if you want to move forward it’s very easy.
Quick Funds Release
As we mentioned, it is easy to move forward if you like what you see. We’ll ask you to accept the terms and then prepare your loan contract for signature.
If you sign your contract during business hours, funds for our quick installment loans in Canada are usually released the same day. Should you sign outside of business hours, funds release usually occurs the next business day. Consequently, you’ll have your money within 24 hours.
FlexMoney also offers excellent customer service. Should you need to know precisely when the funds transfer will occur, you can contact one of our customer service representatives. We offer a toll-free number, email, and website support through Canadian customer service representatives.
Quick Installment Loans in Canada Through FlexMoney
If you’re still wondering whether our company and our installment loans are right for you, here is a quick recap of what we offer:
- Loans between $500 and $15,000
- Repayment terms between 6 months and 5 years
- Simple application form
- Electronic income verification
- Soft credit inquiry
- Artificial intelligence assessment with less stringent requirements
- Various income sources considered
- No collateral
- We don’t have a minimum credit score
- No origination or prepayment fees
- Transparent lender
- Quick decision & funds release
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 there that answers commonly asked questions. Our personal installment loans are a flexible financial solution for Canadians.
Get the money you need now instead of waiting for other lenders.FlexMoney offers quick installment loans in Canada without the hassle.