An online installment loan is convenient and flexible. But have you considered who you’re borrowing from? Foreign based companies can build a website and offer loans, but does it benefit you, other Canadians, or our country?
You might think that it won’t make a lot of difference whether you choose a Canadian company, or not. However, consider these factors before you decide.
Strong Regulatory System
When you choose to use a licensed Canadian lender, you know you are protected by a well-developed regulatory system. For instance, you can contact your provincial or territorial body if your lender doesn’t fulfill their responsibilities.
You also know that the performance of licensed lenders is closely monitored. If they don’t stick to regulations, they can lose their lending license and damage their reputation.
When you deal with a cross-border lender, who knows? Can Canadians authorities help you resolve problems with a company that lies elsewhere? Or will you be left dealing with an issue on your own?
Support the Canadian Economy
The local multiplier effect refers to how money spent locally recirculates into the economy. For instance, money borrowed through an online installment loan could go towards car repairs, home renovations, an appliance, or even booking a trip through a travel agent within Canada.
However, this example only brushes the surface. Where you spend and borrow money also affects current and future jobs, wages earned, property and income taxes, and more.
Help Canadian Workers & Infrastructure
Regrettably, even when a foreign business has an online presence, a large portion of their expenses do not support our economy.
As an example, management may work and live abroad. Their call centre may also lie in another region. They may also structure their company so their worldwide sales are managed through a tax haven, rather than paying their fair share of taxes.
Additionally, these companies seldom use Canadian web developers, consultants, or banks either. Money moves to their own country as quickly as possible. Instead of paying for Canadian public services, programs, and infrastructure the money helps their country instead.
Contribute to Your Community
Borrowing from a Canadian business also benefits the community. They are often supporters of local events, sports teams, and charities.
They are also proud members of important groups such as industry business organizations, the local chamber of commerce, and networking groups that strengthen community.
Foreign companies usually aren’t interested in Canadian communities. They want to earn a profit and seldom connect with local organizations.
Enjoy Better Customer Service
When you borrow from a foreign company, chances are it will be harder to connect. They may have a foreign call centre and foreign customer service representatives, making it more difficult to discuss issues and resolve problems.
Conversely, when you choose a Canadian company for your online installment loan, you should be dealing with Canadians. Good lenders keep regular Canadian business hours, provide Canadian contact information, and understand a Canadian’s needs and expectations.
Consequently, you are more likely to get the help you need when you need it. It should be a less frustrating experience too.
Why You Should Consider FlexMoney
FlexMoney is 100% Canadian
FlexMoney isn’t a recent player within the online installment loan realm. We’ve issued loans to Canadians since 2012.
We were founded here and are still 100% Canadian. Every employee lives and works here.
Even though we operate our installment loan business completely online, we do have administrative offices in multiple Canadian cities.
We Know What Canadians Expect
Let’s face it, Canadians have high expectations when they choose to work with a company. With so many options available, we’re frustrated if we aren’t offer the high level of service we expect.
For instance, customer service representatives should be able to easily answer questions or have quick access to resources if an inquiry is beyond their knowledge level.
They should also have a basic understanding of Canadian geography and the challenges of each region. Obviously, someone living in Toronto faces different issues than one living in Vancouver.
Luckily, at FlexMoney all customer service representatives are Canadian. They treat customers with respect and have needed knowledge to provide accurate, timely answers.
We’re Here For You Throughout the Online Installment Loan Process
Even though we make the online installment loan process as straightforward and simple as possible, you may have questions.
Whether you’re struggling to complete our application form, don’t understand something on our website, or want clarification on a matter, we’re here for you.
We offer a toll-free telephone number where you connect with a Canadian customer service representative. If you prefer to deal with us digitally, we offer email and website support tickets. We’ll get back to you quickly.
You never need to worry whether your question is too trivial or that the answer might be obvious. Just ask us and we’ll help you out.
We wouldn’t have succeeded for ten years if we weren’t doing something right. FlexMoney offers competitive interest rates and our customers appreciate our service.
Our Better Business Bureau rating is A+. We also have over 1,400 independent customer reviews on TrustPilot with an overall rating of excellent.
We’re a Licensed Online Installment Loan Lender
FlexMoney is a licensed installment loan lender in Ontario, British Columbia, Alberta, New Brunswick, Nova Scotia, and Newfoundland. We’re bound be regional rules regarding permissible fees and interest rates.
Unlike many lenders, we don’t charge an origination fee for setting up your account. This can reduce your loan funds by between 0.5% and 8% of the loan amount.
We don’t penalize you if you want to make extra payments or pay off your loan in-full before the loan end date either. This certainly isn’t the case with many other lenders.
Our Loans are Flexible
Many lenders will not lend you less than $1,000. Others offer low maximum loan amounts such as $2,500 or $5,000. This might be fine for some, but what if you need more or less?
FlexMoney offers loans as low as $500 and as high as $15,000. These loans don’t depend on collateral either, so you’ll never risk losing an asset. Plus, we offer a wide range of repayment terms.
Repay within six or sixty months. Choose from weekly, bi-weekly, semi-monthly, or monthly payments. Our loans are meant to suit your life and your needs.
Simple Application Process
We understand Canadians lead busy lives. FlexMoney will never ask you to come into our office to fill out an application form. We won’t ask you to provide proof of income either.
Apply any time from any device and sign your loan documents digitally. Verification of your income is done quickly and easily through your bank (with your permission, of course).
As a licensed lender, we are legally obligated to reveal all information in a clear and accurate manner. We don’t hide information within the fine print of our website or our loan documents.
We use our own artificial intelligence assessment and don’t depend as heavily on your credit file. However, we will check your credit and have straightforward criteria you need to meet for us to consider your application.
- Active work with the same employer for at least three months, with a minimum monthly income of $2,000 (We will consider pension or self-employment income.
- You’re a Canadian citizen at least 20-years old with an active bank account with a Canadian financial institution showing at least three months of transactions and banking history. We will ask for your banking information to verify your income.
- You have a cellphone and email address for identity verification purposes.
Unfortunately, we can’t help you if you are currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program. We can’t consider applications based on Employment Insurance, the Disability Tax Credit, or government benefits related to COVID-19 either.
Once you submit your online application, you won’t wait long for our decision. It usually takes minutes. If pre-approved, you’ll see our terms in black and white so you can decide whether you want to move forward.
Don’t worry if you decide not to borrow from us (even though we hope you will). We use a soft credit inquiry which does not impact your credit file.
If you like what you see, just agree to the terms. We’ll set up your account, prepare your loan documents, and send them to you for signature. You then sign your loan contract digitally.
Once you do, it’s time to release your funds. This usually occurs within 24 hours. If you sign on a weekend or holiday, we strive to have your money in your bank account by the next business day.
Get Started Now
If your ready to start now or have further questions, visit our website. You could have approval on your online installment loan and money in your bank account quicker than you ever imagined.