A good Toronto medical loan can provide you with the money you need to handle a wide variety of medical expenses. While Canada’s medical system does cover many needs, it certainly doesn’t cover them all.
Some treatments and procedures are considered cosmetic. Others haven’t made their way through our convoluted assessment process. Still others offer limited or no coverage for things such as visits to a chiropractor, acupuncturist, massage therapist, naturopath, osteopath, or physiotherapist.
Additionally, Canada’s medical system only provides eye, ear, and dental care in certain cases. Not surprisingly, this can lead to high expenses, even for routine care. Should you or your loved ones need major work or costly appliances, you’ll pay even more.
Fortunately, a good Toronto medical loan can help you manage these medical expenses. However, you will want to choose wisely as some loans and some lenders aren’t your best choice.
Before you decide on either, consider these factors. It can mean the difference between a great Toronto medical loan and lender or a sub-par financial product and bad borrowing experience.
You can certainly find a variety of loans through medical practitioners and private lenders. However, you need to consider what these loans cover. Some are only meant for specific treatments or procedures.
For instance, a lender may be happy to issue you a Toronto medical loan for routine dental care for your family. However, they won’t approve a loan for orthodontics such as braces and aligners. The same restrictions can apply to eye care. The lender may issue a loan for new eyeglasses, but not for laser eye surgery.
Consequently, it is important to choose a Toronto medical loan that can be used for any medical need. This eliminates complications so you can choose how you use the funds, without lender restrictions.
Simple Loan Process
As mentioned, many companies offer a Toronto medical loan. However, many lenders do not make it simple to borrow.
For instance, many in-person lenders rely on age-old procedures and complicated paperwork. First, they expect you to take time out of your day to visit them. Second, they want you to fill out a complicated application form, that may ask for information going back many years. Third, your application must be reviewed by a loans officer, which can take considerable time. Clearly, none of this makes borrowing simple or easy.
Luckily, an online Toronto medical loan eliminates these problems. Apply at any time, including evenings, weekends, and holidays. A good lender offers a streamlined application form that takes less than 15-minutes to complete. They’re only interested in where you stand now, so they need less background information. Additionally, your loan review occurs very quickly, with a decision within minutes, not hours or days.
Pre-Approval Loan Process
A good Toronto medical loan depends on a pre-approval process. Basically, this is an automated assessment of your financial position which utilizes a soft credit inquiry. This credit inquiry provides the lender with a general overview of your credit report, but it does not lower your credit score.
It is important to specifically choose this method, as traditional lenders often use a hard credit inquiry. This does lower your credit score by as much as 12 points and it also provides the lender with every detail on your credit report over the past six years.
Another reasons to choose pre-approval is transparency. If you’re pre-approved, the lender immediately provides you with their terms, without obligation. Should you decide not to borrow, your credit report remains unaffected.
No Minimum Credit Score Requirement
When you’re looking for a Toronto medical loan, avoid lenders that emphasize your credit. Why? This can affect many borrowers in ways they may not have considered.
First, lenders that stress credit usually base their decision solely on a number. The set a minimum credit score amount and then run your name through one of Canada’s credit reporting agencies. Of course, they don’t tell you what minimum they expect or which credit reporting agency they will use, which can also be an issue since each has its own credit score range for poor, fair, good, and excellent credit.
Second, this approach can automatically eliminate new borrowers and students, since they don’t have established credit history. It can also lead to a loan refusal for those with less than pristine credit. Even though they may have a steady recurring income and the ability to repay a Toronto medical loan, they’ll never make it past the review process.
Consequently, it is always best to choose a lender that does not have a minimum credit score requirement. This suggests they will consider many factors, not just your credit.
No Unnecessary Paperwork
When you choose a good Toronto medical loan, the only paperwork you should deal with is your loan contract. If the lender wants you to upload documents or drop them off at their office, that’s a complete waste of time and totally unnecessary today.
Progressive lenders embrace digital technology. Consequently, they use the fastest and safest methods to manage loan requirements, such as digital income verification.
Using end-to-end bank-level encryption and your permission, the lender obtains a statement of your regular direct deposits into your bank account. You don’t need to do anything and the lender can’t pry into your personal affairs.
Why dig up old pay stubs or ask your employer for a letter, when the best Toronto medical loan uses digital income verification instead?
Lenders Considers Various Income Sources
If you are someone that earns income in other ways than regular employment, this is an important consideration. Many lenders will not consider self-employment, pension, or other forms of recurring income. Even if you work a few part-time jobs, some lenders won’t consider your application.
Obviously, that’s bad news for you if you’re a contractor paid regularly by a client. It is also frustrating for pensioners that receive direct deposits like clockwork or you earn a decent income by working several jobs.
Fortunately, a good lender will consider any form of steady, recurring income when you apply for a Toronto medical loan. Since good lenders also use digital income verification, you don’t need to get an income statement from your accountant or a letter from the entity that issues your pension.
No Collateral or Co-Signer
Some lenders may be willing to issue you a Toronto medical loan under certain conditions. For instance, they may ask you to back the loan with an asset, such as a car or home. Alternatively, the may want you to obtain a co-signer with a good credit history to guarantee your loan if they feel your credit isn’t sufficient.
Luckily, this a good lender offers a Toronto medical loan with neither of these requirements. There’s no need to risk a valuable asset and no need to bother a friend or relative either. Approval for a good Toronto medical loan depends on your income, not your credit, friends, or family.
When you take out a Toronto medical loan, the only cost to you should be the interest you pay on your loan. However, many lenders try to charge you unnecessary fees to earn additional capital.
Two of the most common ways lenders do this is through an origination fee and pre-payment penalties. An origination fee is a charge the lender levies just for setting up your account. A pre-payment penalty is a cost you pay through some lenders when you pay more than your scheduled payments.
Fortunately, when you choose the right lender and a good Toronto medical loan, you do not pay either of these costs. The cost of setting up your account is an administrative expense the lender absorbs. Pre-payment penalties do not apply to “open” loan. Pay off all or part of your loan at any time, without penalty.
When you apply for a loan, that last thing you want to do is sit around for hours or days wondering whether you got the loan. Nonetheless, that is precisely what many lenders make you do.
Consequently, it is always in your best interests to check how long it takes to get the lender’s decision, before you apply. Otherwise, you will probably wait.
Luckily, a good lender can deliver a decision within minutes and they’re happy to let you know that before you apply.
Digital Contract Signing
A good Toronto medical loan never involves visits to an office, even when it comes time to sign your loan contract. As you might have guessed, progressive lenders also utilize the power of the internet for digital contract signing.
The lender sends you contract via email for you review. You sign it electronically and return it to them, which triggers the funds release process.
A good lender also provides you with their basic loan requirements beforehand. That way you won’t waste your time applying for the lender’s Toronto medical loan if you can’t possibly qualify.
Unfortunately, most lenders don’t provide this information. Fortunately, select lenders do and they are always your best bet.
FlexMoney’s Toronto Medical Loan
FlexMoney offers many benefits over the competition. If you’re looking for a Toronto medical loan and a top-notch lender, here’s what we offer:
- Loans between $500 and $15,000
- Repayment terms between 6 months and 5 years
- No usage restrictions – borrow for any medical need
- Simple 100% online pre-approval process
- No minimum credit score requirement
- Digital income verification
- No collateral or co-signer
- No fees
- Various income sources considered
- Digital contract signing
- No origination or prepayment fees
- Licensed lender in Ontario, British Columbia, Alberta, Nova Scotia, Saskatchewan, Newfoundland & Labrador, Prince Edward Island, and Yukon Territory.
Our Basic Loan Requirements
FlexMoney values your time. As a result, we’re happy to provide you with our basic requirements for our Toronto medical loan here:
- Canadian citizen
- At least 20 years of age
- Valid email address and mobile phone number
- Active account with a Canadian financial institution with at least three months of transactions
- Minimum net monthly income of $2,000 from the same source for at least the last three months (we consider full-time and part-time employment, self-employment, private or public pensions, and other sources of steady recurring income)
- Paid by direct deposit
Sorry, we cannot help those actively involved in a bankruptcy, consumer proposal, or credit counselling program. We cannot consider applications from those whose income source is Employment Insurance or COVID-19 benefits either.
FlexMoney makes it easy to get a good Toronto medical loan. If you want to know more about our company or want to start the loan application process, please visit our website.
We also provide an in-depth FAQ page on our website as well as more information on medical loans here. Get the care you need now, without all the hassle.