The best Markham installment loan is one that you can access easily, without hassle. It should offer flexibility, convenience, and of course, value.
However, find the right loan isn’t as easy as you might think. The industry is full of bad or mediocre loans and less than optimal lenders.
Fortunately, you can find the best Markham installment loan easily, if you check for these factors.
Simple Application Process
The best Markham installment loan shouldn’t involve a complicated or slow application process. For the most part, that probably rules out most brick-and-mortar lenders.
In-person lenders want you to come to them to start the loan process. That means you need to make an appointment and either visit a bank branch or the lender’s office.
Besides that, in-person loans inevitably include a long, complicated application form. You may even need to come back a second time to drop off documents such as proof of your income.
Conversely, when you apply for an online installment loan you can usually do so at your convenience. A good lender doesn’t limit the hours or days that you can apply.
However, just because a company operates online it doesn’t necessarily mean they’re refined the on-line loan process. Some lenders treat online applications much like they would if you wandered into their office.
Consequently, you’ll want to look for a lender that specializes in online loans. They should offer a simple application form that you can complete in less 15-minutes and you should never need to visit an office.
No Proof of Income
One of the sticking points for many online lenders is that they expect you to upload documents, such as your proof of income. This isn’t only inconvenient, but also unnecessary.
The best Markham installment loan utilizes digital income verification. This is done securely through your bank, but does not allow access to your personal banking details. The lender is only interested in your regular recurring direct deposits. It’s fast, simple, and you don’t need to lift a finger.
Less Emphasis on Credit
If the lender has a minimum credit score requirement, they will automatically screen your application and could turn you down without explaining why.
How could this happen? First, every lender determines the cut off point for approvals and refusals. Of course, they don’t tell you what that is. Second, each credit reporting agency uses a different scale when they calculate your credit score. If the lender chooses the agency with the steeper scale, your credit might not make the grade. Third, every lender chooses which method they use when they pull your credit file. One method provides every item over the past 6 years, while the other provides a general overview. If the lender chooses the detailed root, there’s more chance they could find something they don’t like.
Your credit score shouldn’t be the only factor the lender considers. Why? This outlook can automatically eliminate new borrowers, students, and those trying to rebuild their credit. That is very unfair, particularly when these people have a steady job and the ability to easily repay a loan.
No Impact on Your Credit Score
Did you know that the method most mainstream lenders use to check your credit actually lowers your credit score? It is called a “hard” credit inquiry and it can take as much as 12 points off it.
While this reduction is said to be “temporary”, neither of the two credit reporting agencies define precisely how long that is. Regardless, no one wants their credit score to drop unnecessarily.
Additionally, hard credit inquiries stay on your credit file for up to three years. That’s important, because when creditors see many of them, it may appear you are trying to take on more credit than you can afford.
Luckily, you can avoid all this by choosing a lender that utilizes a pre-approval process. This involves a “soft” credit inquiry which does not lower your credit score. Pre-approval also allows you to shop around for the best Markham installment loan, without affecting your credit.
Short Stability Requirements
Traditional lenders consider long-term stability an important factor when they’re deciding whether they’ll grant you a loan. Consequently, they usually want to know where you worked, lived, and banked over many years.
Regrettably, that can cause problems for many people since we live in a very transient world. You may move to a new home, change jobs, or switch banks for very good reasons. That shouldn’t mean you are less creditworthy.
Thankfully, some lenders have much shorter stability requirements. Instead of years, you’re looking at months. You may only need to show three-months of stability to qualify for the best Markham installment loan.
Broad Range of Terms
The best Markham installment loan offers a broad range of loan amount and repayment terms. This allows you to not only borrow what you need now, but also set yourself up for the future should you ever need to borrow again.
Clearly, it doesn’t make a lot of sense to choose a lender that only offers small loans. It doesn’t make sense to borrow from a lender whose maximum amount is relatively low either.
Equally, the lender should offer both short and long repayment terms. That way, repayment suits your life, not lender requirements. A good lender offers terms as short as 6 months and often as long as 5 years.
If you choose the right lender from the get-go, you won’t need to go through the entire process again if you borrow again. You’ll have an account and you’ll have established a working relationship with the lender. As a result, you may enjoy a better interest rate the next time around.
Open Installment Loan
Unfortunately, many lenders charge you extra fees when you take out a loan. They don’t advertise this, but they are there and often disguised by fancy names.
The first is an origination fee. That’s an administrative cost the lender tries to pass onto you for setting up your account. It is not a small amount either, since it ranges between 0.5 – 8% of your total loan amount.
Another common unnecessary cost is a pre-payment penalty. The lender charges you for the interest they lose when you pay more than your scheduled payments. As an example, they try to recoup lost interest when you pay your loan off early, through partial or a lump sum payment.
Neither of these costs are necessary or an industry standard. Consequently, the best Markham installment loan is always “open” loan meaning you can pay part or all of your loan off at any time, without penalty.
Multiple Customer Service Options
While you may not think you will ever need to contact your lender, you never know. Perhaps you have a question about when you can borrow again? Maybe you’ve changed banks and are concerned about your loan payment. The point is, you should be able to contact your lender quickly and easily.
Regrettably, many lenders only offer email customer support. That might suffice if you have a general question, but not when you have a pressing need.
Consequently, always look for a lender that offers multiple customer service options, the most important being a toll-free number with Ontario business hours. Of course, a good lender also provides website support and an in-depth FAQ page and industry-standard email too.
In today’s automated world, there’s absolutely no reason for you to have to sit and wait for days to find out whether you’re approved for a loan. The lender should be able to make a decision in minutes.
Additionally, the time from approval to contract signing should be short. A good lender uses digital document signing to speed the process.
Finally, industry leaders have money in your hands very quickly, once you sign your loan contract. In fact, the best Markham installment loan will have money in your bank account within 24 hours.
FlexMoney Offers the Best Markham Installment Loan
If you’re considering borrowing, FlexMoney offers many benefits over the competition:
- Canadian owned & operated
- Canadian customer service team, Ontario extended business hours, and toll-free number to connect with an actual person
- 100 % online loan process
- Loans between $500 and $15,000
- Terms between 6 months and 5 years
- 15-minute application form
- Less emphasis on credit
- Does not lower credit score
- Decision in minutes
- No origination or prepayment fees
- Funds release within 24 hours
Our Basic Loan Qualification Requirements
- A Canadian citizen
- At least 20 years old
- Minimum net monthly income of $2,000 from the same source for at least three months, paid by direct deposit
- Active account with a Canadian financial institution with at least three months of recent activity
- Mobile phone number
- Valid email address
Please do not apply if you are currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program. Sorry, we can’t consider your application if your income source is Employment Insurance or government benefits related to COVID-19.
Discover why our customers say we offer the best Markham installment loan available. Get yours today.