An installment loan offers many unique benefits which differentiates it from other financial products. It is often a superior choice over high interest credit cards, but it offers more than a competitive interest rate.
Here are the top 5 reasons people consider an installment loan their best choice.
You Can Manage the Process Online
The installment loan process can be very easy when you choose the right lender. Typically, it starts with an online application that asks for identifying information and basic facts such as your place of employment and your monthly salary. However, this is often where the similarities between lenders end.
Some require a minimum credit score and a squeaky clean credit file. Others want you to book an appointment to visit their office, even though they advertise an online service.
Unsurprisingly, many people abandon their application at this point. They don’t have the time or inclination to jump through all the hoops when they thought applying online would be easier.
Luckily, the application process for an installment loan can also be very easy. Some lenders offer a complete online experience from initial application through to your release of funds with little hassle.
Big banks usually ask you to submit an income statement to verify your employment. However, an installment lender often doesn’t. Consequently, you aren’t wasting time getting a piece of paper that states how much you make, or sitting around waiting while they decide whether they’ll lend to you, or not. Sadly, applicants often go through all this frustration only to discover they’ve been turned down.
Instead, an installment loan lender has the means to check your financial situation very quickly through an artificial intelligence assessment. This can be very beneficial for many people, but particularly if you can’t get a loan elsewhere or you don’t have the time to go through all the nonsense.
If you have one small problem on your credit file or a less than stellar credit score it won’t necessarily mean you’re denied your installment loan either. The process is more forgiving than the traditional application process as it looks at your overall credit worthiness. Just provide your employment information and get a speedy answer instead of wasting hours digging up financial information.
An Installment Loan Can Provide Quick Cash
As mentioned, an installment loan through the right lender doesn’t require documentation and it is a lot simpler to apply. It takes much less time to process too and in most cases you’ll have a definitive answer within minutes or hours.
Clearly that’s great news, but if you need cash quickly that doesn’t necessarily mean you will get it. Some lenders take days to release funds, while others can have the money in your bank account within 24 hours.
You have great, super speedy options so there’s no reason to miss out on a great deal or delay your plans due to a slow lender.
Borrow What You Need
An installment loan can offer the precise amount of money you need. Whether you just want a few hundred, thousands, or tens of thousands, there’s an installment loan to meet your requirements. You’ll never need to borrow extra.
Even though you’ll find a wide range of installment loans, lender terms vary greatly. Luckily, after you go through the online application process and the lender decides to offer you an installment loan they will also provide you with the terms such as the interest rate.
Of course, you want a good rate, but read the fine print too. Some lenders penalize you for early payout or extra payments and some even charge you for opening an account, but they call it an origination fee.
Easy to Manage Payments
An installment loan makes it easy to manage your payments. You decide how much you want to borrow and how long you want to take to pay the installment loan back. Depending on the lender that could be anywhere from a few months to five years.
This flexibility makes it easier to choose an installment loan that perfectly suits your needs. You may want to pay down your debt quickly or spread it over a longer period. A longer term lowers your monthly payment, but if you choose a shorter term you will pay less interest – you decide.
Once your loan’s approved you’ll know the exact amount, payment date, and when you will finish paying off your loan. It’s predictable and easy to include in your monthly budget.
Sticking to your repayment schedule is a great way to improve your credit score. This comes with the added benefit of lower interest rates should you need to borrow again in the future.
Finally, choosing an installment loan that is within your means can reduce stress. If you are consolidating debts you will have one monthly payment, fewer bills to pester you every month, and much less to juggle.
The FlexMoney Advantage for an Installment Loan
If you can see the advantages of an installment loan and it sounds like the right solution for you, the next step is to find a great lender. You’ll want to be able to manage the entire process online without documentation, plus you’ll want a simple, fast application process with funds in your bank account quickly. FlexMoney offers this and much more.
No Minimum Credit Score or Documentation
FlexMoney requires active work at the same employer for at least three months with a minimum income of $2,000 per month. You also need a cellphone to verify your identity.
We do not require a minimum credit score or a financial statement. Our artificial intelligence scoring system helps us make a fully-informed decision. It will compare your outstanding debt to what you earn and it may overlook past indiscretions if other aspects of your application and credit history look sound. However, it will not approve your loan if you’ve had a bankruptcy within the past seven years.
It’s easy to apply and our AI assessment looks at overall risk. As a result, no single negative factor necessarily means you’ll be refused your installment loan.
No Hidden Fees or Penalties
FlexMoney does not believe in hidden fees or penalizations for early payment. We are totally transparent and you will pay the exact amount you’re quoted if you decide to accept our loan terms.
If you don’t understand something in the information we send you or you have questions about the information on our website, contact us. We’re happy to answer your questions and want you make an informed decision.
Competitive Interest Rates
Chances are good you will be offered a decent rate if you provide us with accurate information and you have a solid source of income.
We review each application case-by-case and if you do not like the interest rate we’ve offered you are under no obligation to borrow from FlexMoney. However, you could also be pleasantly surprised by the rate you’re offered.
Our interest rates are highly competitive and could be the best you’ll find based on the information you provide to us in your application and our artificial intelligence assessment.
Quick Funds Release
FlexMoney strives to have your installment loan funds in your bank account within 24 hours of approval on a weekday. If you apply on a weekend or holiday, it may take until the next banking day.
We lend throughout Canada with the entire process handled online making it much easier to get your money quickly.
What Can You Do To Ensure You Qualify?
Applicants should take their time when they complete their online personal loan application. One of the most common reasons for a declined application is incomplete information.
Our artificial intelligence system picks up inaccurate information in a flash. Please be truthful, otherwise your application will be rejected.
What If You Don’t Qualify?
No reputable lender can promise 100% approval. If you do not qualify with FlexMoney, you will need to re-examine your financial situation. You may need to reduce your debt to improve your credit score or find a secured loan with a co-signer.
Find Out More
If you’re interested in exploring an installment loan in Canada through FlexMoney or you have more questions, please visit our website. We take the hassle out of applying for an installment loan so you can get your mone