A Mississauga medical loan can help you fill the gaps between what Canadian healthcare covers and what you want or need. However, many companies offer loans which complicate your decision-making process.

Fortunately, you can find the best Mississauga medical loan relatively easily. Just consider these factors to evaluate the loan and lender. This will lead to a positive borrowing experience and the best possible Mississauga medical loan.

Go Online

Borrowing online offers so many benefits, it’s hard to squeeze them all into this short guide. Nonetheless, it is worthwhile to touch on the most significant to realize just how much more preferrable online borrowing is to the in-person experience.


You lead a busy a life, so convenience is probably important to you. After all, who wants to spend more time applying for a Mississauga medical loan than absolutely necessary? Absolutely no one.

When you apply in-person, you must take time out of your day to visit the lender. This may involve making an appointment, nipping out of work early, and driving to the lender’s office. Of course, you can only do this during the lender’s business hours, which usually don’t include evenings, weekends, or holidays.

Conversely, when you choose an online lender, you can apply at any time from any device connected to the internet. This includes evenings, weekends, and holidays. There’s no need to make an appointment either. Start your application at a time that is convenient for you.

Streamlined Loan Process

In-person loans still rely on an outdated in-person loan process. The lender wants you to fill out a lengthy application form, which includes information on where you worked, banked, and lived over many years. They then input this information into their system and a loans officer performs a review. This can take hours or days.

On the other hand, a good Mississauga medical loan provides a much simpler borrowing experience. The lender is only interested in recent information, so their application form is much shorter. In fact, you may be able to complete it in less than 15-minutes.

Any Medical Purpose

Unfortunately, many lenders will not approve a loan meant for medical purposes. They are more inclined to give you a loan if you want to buy a car, take a vacation, or renovate your home.

Fortunately, the best Mississauga medical loan can be used for whatever reason you choose. Borrow to pay for cosmetic surgery, new glasses, regular dental treatments, or even for medications.


If you’re still not convinced that an online Mississauga medical loan is your best choice, here’s another reason that could change your mind. It is almost impossible to find an in-person lender that tells you what they need from you before you apply. Instead, they want you to fill out an application form and wait.

Fortunately, select online lenders are very transparent. They will provide you with their basic requirements for loan approval. While this doesn’t automatically mean you’ll be approved for a Mississauga medical loan, it certainly increases your chances. Why waste your time on an application for a loan that you can’t possibly get?

Pre-Approval Process

You will definitely want to avoid a lender that does not use a pre-approval process for several reasons.

First, many lenders rest their primary approval decision on your credit. As a result, they set a minimum credit score requirement to weed through applications. Each lender determines this requirement, so you could be turned down by one and approved by another.

Second, each lender decides which credit reporting agency they will use to assess your creditworthiness. This can also be a problem, since Transunion and Equifax use different rating systems. Once again, you could be turned down if the lender uses the agency with the less favourable rating.

Third, lenders that do not use a pre-approval process make a “hard” credit inquiry when they request information for their chosen credit reporting agency. This provides them with all details on your credit report over the past six years. Additionally, a hard credit inquiry lowers your credit score by as much as 12-points. Lenders also pay a great deal of attention to a hard inquiry and look at it as a serious attempt to attain credit.

Conversely, the pre-approval process uses a much broader approach. The lender often considers many factors, not just your credit. Yes, they will check your credit, but they will use a soft credit inquiry. This provides the lender with a general overview of your financial situation, but it does not lower your credit score.

Why? Soft credit inquiries are often used to shop around for the best rates on a Mississauga medical loan. If you’re pre-approved, your lender immediately shows you your terms so you can make an informed financial decision. If you decide not to borrow, you never need to worry since there’s no impact on your credit score.

Digital Income Verification

Many lenders, both in-person and online, still want you to provide paper documents such as pay stubs or a letter from your employer to confirm your income. In-person lenders expect you to either scan and deliver them, while online lenders want you to scan and upload the documents. Once again, this is inconvenient and time-consuming.

Fortunately, select online lenders utilize digital income verification instead. This allows them to quickly and safely confirm your recurring direct deposits through your bank. This does not require any effort on your part and all data is heavily encrypted. The process also speeds the application process.

Speedy Assessment

We already mentioned that in-person loan applications can be painfully slow. However, this can also apply to online applications too, if you don’t choose the right lender.

Always look for a 100% online process. There’s no sense filling out an online application form only to discover the lender finalizes the process in-person.

Additionally, you’ll want to choose a well-established lender with a fully-automated system. Through artificial intelligence, you should receive a decision within minutes, not hours or days.

Digital Contract Signing

We mentioned the importance of a streamlined loan process, because some online lenders fail when it comes time to sign your loan contract. They may want to send it to you by snail mail or ask you to sign and fax it back to them. Who uses fax nowadays?!

Fortunately, the best online lenders utilize digital contract signing. They email your loan contract to you and you sign it digitally. Everything’s encrypted for data protection, plus the process is extremely fast. Signing your Mississauga medical loan contract electronically also triggers the funds release process.

Fast Funds Release

Any lender can claim to offer a quick loan and fast funds release, but what does that mean? Check that the lender spells out the expected timeline for your Mississauga medical loan.

A good online lender could have money in your hands within 24 hours, if you sign your loan contract within regular working hours. Otherwise, they should deliver funds the next business day. Remember, weekends, holidays, and your bank may affect funds transfer times.

FlexMoney’s Mississauga Medical Loan

Certainly, you have many lenders to choose from in Ontario. However, FlexMoney has been issuing installment loans since 2012. As a result, we’ve the process down pat.

If you’re looking for the best Mississauga medical loan, here’s what we offer:

  • Canadian owned and operated
  • 100% online process
  • Applications accepted 24/7
  • No usage restrictions – borrow for any medical need including cosmetic treatments, dental, eye, and ear care, medications, and more
  • 15-minute application form
  • Pre-approval process with soft credit inquiry
  • Speedy decision
  • Digital income verification
  • Digital document signing
  • Quick funds release
  • Toll-free number with extended Ontario business hours, email, and website support as well as an in-depth FAQ section on website

FlexMoney’s Mississauga Medical Loan Requirements

FlexMoney is happy to provide you with our basic requirements for our best Mississauga medical loan:

  • Actively receiving a net monthly income of at least $2000 for at least the last three months
  • Have an open and active bank account with a Canadian financial institution showing at least three months of transaction and banking history
  • Canadian citizen
  • Valid email address and mobile phone number
  • At least 20 years old
  • Not currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program

Sorry, we cannot consider your application if your income source is Employment Insurance or government benefits related to COVID-19.

Whether you are ready to start the application process or want more information, please visit our website. We also provide more information on our Ontario installment loans here.