Our Niagara Falls installment loan offers many benefits that competitors can’t rival. If you’re considering borrowing, this guide will show you the advantages of borrowing through FlexMoney, rather than through other lenders.

Super Simple Application Process

No other lender can rival our super simple application process. Just grab your banking information and set aside 15-minutes to complete our form.

Apply at any time from any device. There are no appointments, searching for parking, or waiting in line until someone serves you. We come to you via the internet, which makes the entire process simpler, faster, and more convenient.

Why do we need your banking information? First, it allows us to digitally verify your income. There’s no need to upload paystubs or a letter from your employer. It is all handled digitally. Second, we can conveniently transfer funds directly into your bank account. Third, your payments are automatically withdrawn from the same account. This could potentially strengthen your credit score since credit reporting agencies value consistent, timely payments.

Furthermore, our application form is much simpler than other lenders. That’s because we’re only interested in your recent history, not where you lived, worked, or banked years ago.

Finally, since we are an online lender, you don’t even need to visit us to sign your loan contract. This is also handled digitally.

Transparent Requirements

Almost without exception, lenders do not tell you what you need to qualify for a Niagara Falls installment loan. Instead, they want you to fill out an application form, submit, and wait.

How long you wait depends on the lender, but that’s not the point. Why apply for a loan if you can’t possibly qualify? That doesn’t makes sense.

Luckily, FlexMoney doesn’t operate this way. We’re a transparent lender that respects your time. Consequently, we’re happy to provide you with our basic qualification requirements below:

  • Canadian citizen
  • At least 20 years of age
  • Valid email address
  • Valid mobile phone number
  • Minimum net monthly income of $2,000 for at least the last three months from the same source (we consider employment, self-employment, pension, and other steady, recurring sources of income)
  • 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 you if you are currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program. Regrettably, we cannot consider your application if your income source is Employment Insurance or government benefits related to COVID-19 either.

Less Emphasis on Credit

It’s normal for a lender to check your credit when you apply for a Niagara Falls installment loan. However, some lenders use your credit as their primary decision-making mechanism. Basically, if you don’t meet their minimum credit score requirement, they’ll automatically turn you down.

Of course, these lenders do not tell you what this minimum requirement is beforehand. Plus, Canada’s two credit reporting agencies use different scales. As a result, what may be considered a good credit score with one agency might only be rated as fair with the other.

Obviously, this entire concept can cause considerable problems for many borrowers. Those with less than pristine credit may be turned down, even if they are working hard to improve their credit score. Those with a short credit history can also struggle to get a loan since they are considered risky.

Fortunately, you can sidestep these issues when you apply through FlexMoney. Yes, we check your credit, but it isn’t the only factor we consider. Our artificial intelligence assessment provides us with a good overview of your financial standing and a primary consideration is your income.

As a result, many applicants qualify for a Niagara Falls installment loan, despite certain shortcomings on their credit file.

Pre-Approval is Your Best Option

Before you apply for a Niagara Falls installment loan, be certain the lender uses a pre-approval process. This allows you to see what the lender is offering you, without impacting your credit score.

Regrettably, many lenders do not use this process. Instead, they run a “hard” credit inquiry on your credit report. This provides them with all details on your credit file over the past 6-years. Furthermore, this hard inquiry also lowers your credit score by as much as 12 points.

Neither credit reporting agency specifies how long it takes before your credit score rebounds from this “temporary” reduction. Regardless, this drop in your score isn’t a good thing if you have a short history or less than perfect credit.

No Fees or Penalties

Before you choose a lender, read through the details regarding their Niagara Falls installment loan. Do they mention terms such as “origination fee” or “pre-payment penalty”? If they do, look elsewhere for your loan. Neither of these are costs you should bear. They are not standard within the industry or required. They are just money grabs by particular lenders.

So, what is an origination fee? Basically, it is an administrative cost the lender passes onto you for setting up your account. It can cost you between 0.5 – 8% of your total loan amount.

What about a pre-payment penalty? That’s a fancy name for an amount some lenders charge when you pay extra on your Niagara Falls installment loan. This could be extra payments, or even the full amount. This penalty is meant to compensate the lender for the interest they lose when you pay your loan off earlier than expected.

FlexMoney does not charge either of these fees. Setting up your account is a normal expense we absorb as part of doing business. As well, our loans are “open” so you are fee to pay extra at any time, without penalty.

Outstanding Ontario Customer Service

One of the major problems with the internet is that you simply don’t know who you’re dealing with. Is the lender located in Ontario, another province, or even another country?

While that may not be an issue initially, what happens if you have a pressing problem? Will you need to send an email and hope that the lender’s customer service representatives aren’t located in another time zone?

What happens if you end up dealing with someone that operates in another country? Will they be able to deliver the level of service Ontarians expect, or will it lead to delays and misunderstandings?

The point is that is makes sense to deal with an Ontario company. A good lender offers Canadian customer service representatives and a toll-free number with extended Ontario business hours. That way if you want to talk to an actual person, you can.

Additionally, a good lender offers information on their website such as an in-depth FAQ page. Naturally, they should also offer website support and email, since they are usually pretty standard today.

Speedy from Start to Finish

One of the biggest problems most borrowers face is the time it takes to get a loan. Besides a complicated application form and providing documents, you must wait for the lender’s decision.

Considering you’ve jumped through all the hoops, you would think this part of the process would be quick. However, that’s rarely the case. Many lenders do not have an automated process and still depend on a loan’s officer review. If you are low down in their stack of applications, expect to wait days.

Even if the lender happens to provide you with their decision relatively quickly, that doesn’t necessarily mean they’ll release funds fast. You may end up waiting days again.

Fortunately, when you choose FlexMoney you eliminate the red tape. Once you submit your application form, you’ll have our decision within minutes. If pre-approved, it is just a matter of accepting the terms. Then our customer service team prepares your loan contract. Once you sign it, that triggers the funds release process.

How long does it take to get your money? If you sign your loan contract within business hours, you could have money in your bank account within 24 hours. If you sign outside of business hours, funds should be in your hands the next business day. It really is that fast and easy.

FlexMoney’s Niagara Falls Installment Loan

Our Niagara Falls installment loan is one of the best in the industry. If you’re considering borrowing, here are even more reasons to choose us over the competition:

  • Licensed Ontario lender
  • 100% Canadian owned and operated
  • No office visits or document uploads
  • Loans available between $500 and $15,000
  • Repayment terms between 6 and 60 months
  • 15-minute application form
  • Less emphasis on credit
  • Decision in minutes
  • Pre-approval process does not lower credit score
  • Ontario extended business hours, toll-free number, and Canadian customer service team

We hope you can see why so many people choose us for their Niagara Falls installment loans. If you’re interested in starting the application process for a Niagara Falls installment loan, or if you have more questions, please visit our website. We also offer more on Ontario installment loans here.