A Mississauga installment loan can offer convenience, affordability, and simplicity, when you choose wisely. However, once you start looking for a loan, it can be difficult to know which lender offers the best loan.
Consequently, it is important to know what features matter most in a Mississauga installment loan. Otherwise, you could make a rash decision that you regret later.
Here are 10 of the most important features a good loan provides, as well as some helpful information to point you towards a good lender.
1. Choose Online Over an In-Person Loan
Certainly, many brick-and-mortar lenders offer a Mississauga installment loan. However, applying for one in-person is more complicated and time-consuming than necessary in our digital world.
You probably need to make an appointment, and drive, walk, or take public transportation to the office. Once you arrive, you may need to wait until the loans officer becomes available.
Of course, the officer will ask you to complete a lengthy application form which includes the details of where you’ve lived, worked, and banked in recent years. They’ll probably also want you to provide proof of income such as pay stubs or a letter from your employer. The silly thing about all this is that it is absolutely unnecessary.
A good online lender offers a much simpler Mississauga installment loan process. They are only interested in recent personal information, which means their application form is much shorter and simpler.
Plus, a good online lender does not require proof of income. They use digital income verification which is safe, occurs quickly, and speeds the application process.
2. Look for a 100% Remote Process
Unfortunately, many lenders claim to offer an online Mississauga installment loan, but only start the process on the internet. Once you’ve completed their application form with all your personal information, they will either direct you to a loans officer or a branch to complete the process.
Regrettably, this often involves making another appointment. They may also ask you to drop off income documents or visit them when it comes time to sign your loan contract. Of course, this defeats the purpose of applying online in the first place and there’s absolutely no guarantee you’ll be approved after you’ve expended all this unnecessary effort.
3. Choose a Lender That Provides Basic Qualification Requirements
Many companies try to entice potential customers into applying for a Mississauga installment loan. However, whether you choose to apply online or in-person most won’t tell their basic qualification requirements beforehand.
Instead, most lenders ask you to fill out an application form so they can review your information. If you apply in-person, you could sit and wait for days before they make a decision.
While applying online usually means you’ll have a decision sooner, it still makes little sense to apply for a loan if you can’t possibly qualify. It’s just a waste of your valuable time and totally unnecessary.
A good lender should be transparent and willing to provide you with their basic qualification requirements for a Mississauga installment loan.
4. No Minimum Credit Score Requirement
Regrettably, many lenders impose a minimum credit score requirement on all applications. They run your name through one of Canada’s two credit reporting agencies and if you don’t meet their standard, they’ll deny you a loan.
This can be incredibly frustrating since they won’t reveal this number beforehand. Additionally, each credit reporting agency measures credit scores differently. Equifax states a good credit score is between 670 and 739, while Transunion’s range for good credit is 720 and 780.
Always choose a lender that states they do not have a minimum credit score requirement. Otherwise, you could be denied a loan, just because of the numbers.
5. Use a Pre-Approval Process
Fortunately, a few select lenders do not make a snap decision based solely on your credit. Instead, they use a pre-approval process that consider many factors.
Pre-approval offers several benefits. First, it utilizes a soft credit inquiry that does not lower your credit score. This is not the case with many other lenders, who use a hard inquiry that can lower your credit score by up to 12 points.
Second, pre-approval allows you to see what the lender is offering you without commitment. If you don’t like what you see, you can continue shopping, without impacting your credit.
6. No Fees or Penalties
You’ll want to be especially careful when you’re considering lenders. Some make it seem that certain fees and penalties are normal charges in the industry, when they actually aren’t.
For instance, some lenders levy an origination fee just for setting up your loan account. This fee can range between 0.5 – 8% of your total loan amount. This is an administrative fee and part of the normal cost of a company doing business. It isn’t something the borrower should pay.
Pre-payment penalties are also common among lenders. These are an extra charge the lender levies if you want to pay part or all your loan off early. It is meant to help lenders recoup the interest they lose when you accelerate your loan payments.
Luckily, a good lender offers an “open” Mississauga installment loan. You can pay more at any time, without penalty.
7. Great Customer Service
While you may not think that you will ever need assistance, you never know. Consequently, it makes sense to take a few moments to ensure the lender offers the level of customer service you expect.
Do they offer a toll-free number, Ontario business hours, and Canadian customer service representatives? Can you reach them via chat, email, or their website, if you prefer? Does their website include an in-depth FAQ page that could easily answer common questions?
A good lender takes the time and effort to make it easy for you to connect. After all, a good Mississauga installment loan must include a good customer experience. Otherwise, there are better options out there.
8. Wide Range of Loan Options
It makes sense to establish a track record with a lender that offers a wide range of loan options. You spend your valuable time jumping through all the hoops, so it should be worthwhile for the long-term.
As an example. let’s say you only want to borrow $500 now, but discover most lenders can’t be bothered with loans under $1,000. What if you want to borrow $15,000, but the lender only offers a maximum loan of a few thousand dollars? You get the idea.
Establishing a rapport with a good lender with a wide range of loan amounts increases your future possibilities. If you need to borrow more later, you don’t need to start over with another lender. Plus, working for a single lender often means you’ll enjoy better terms if you borrow again.
9. How Long Do They Take to Make a Decision?
This is another important consideration, because you probably don’t want to wait around for days or weeks wondering whether you got your loan. Many lenders claim to offer a “fast” Mississauga installment loan, but what does that mean?
A good lender should provide you with their decision in minutes. If the lender doesn’t give you a good idea of how loan their process takes, it is best to look elsewhere. Otherwise, you should expect to wait.
10. Quick Funds Release
You would think that once you’re approved you should get your money quickly. Unfortunately, that isn’t always the case. Many lenders drag their heels when it comes time to transfer you the loan money.
Luckily, a good Mississauga installment loan can provide money in bank account within 24 hours, if you sign your loan contract during business hours. If you sign in the evening, or an a weekend or holiday, you should get your money the next business day.
Access the Best Mississauga Installment Loan Through FlexMoney
FlexMoney offers many benefits over the competition. If you’re considering a Mississauga installment loan, here’s what we offer:
- We’ve funded Mississauga installment loans since 2012
- No office visits – 100% remote process, including loan contract signing
- Digital income verification
- No minimum credit score requirement
- Pre-approval process with soft credit inquiry – no obligation or impact on your credit score
- Loans as low as $500 and as high as $15,000
- Repayments terms between 6 and 60 months
- No origination fee or pre-payment penalties
- Competitive interest rates
- Quick decision and funds release
- Outstanding customer service options.
Our Basic Mississauga Installment Loan Requirements
We are a transparent lender that respects your time. We want you to know what we expect from you before you fill out an application form:
You will need to:
- Be a Canadian citizen who is at least 20 years old
- Earn a net monthly income of at least $2,000 from the same source for at least the last three months (we consider employment self-employment, and pension income)
- Have a mobile phone number and active email address
- Have an active account with a Canadian financial institution with at least three months of transaction and banking history.
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, the Disability Tax Credit, or government benefits related to COVID-19.
- You supply false information in your application.
FlexMoney is a licensed Canadian lender that serves clients well. If you’re interesting in starting the process or want more information, please visit our website. We also offer more information on our Ontario installment loans here.
Discover why so many people choose FlexMoney for their Mississauga installment loan. We make the process easy.