Renovation loans can help you reveal the untapped potential of your home or holiday property. The market is so hot at the moment, that you can’t help but make money on any investment you put into your home.
However, traditional lenders have also tightened up on their lending criteria during the pandemic. As a result, many Canadians simply can’t access the money they need.
Whether you need capital to redo your bathroom or want to give your home refresh before you sell, our renovation loans could help. Here are just a few reasons why renovation loans through FlexMoney make sense for many homeowners and investors.
No Collateral Necessary
If you have a mortgage, you may think it is logical to go to your lender for additional money. They may lend to you if you have equity in your property (difference between mortgage balance and market value). However, they also use your property as collateral and put a lien on the title.
Of course, these lenders are happy with this arrangement, since they’re pretty much guaranteed to get their money. You can’t sell your home unless you pay off their lien.
Some people might think, so what? I have every intention of paying off my home equity loan. However, if the pandemic has taught us anything it is that we can’t guarantee what will happen in the future. Are you really willing to risk a major asset?
The Government of Canada actually warns borrowers against this practice. They risk losing their property if they default on a home equity loan. It can and has happened. The lender forecloses on the property and sells your home to recoup their money.
We think FlexMoney renovation loans offer a better solution. Get the cash you need, without risking your home.
Easier Than The Banks
If you’ve ever applied for a loan through the big banks, you already know how time-consuming and frustrating it can be. However, when it comes to renovation loans things can get even crazier.
For instance, many lenders want a property appraisal, which could cost you between $350 and $700, depending on your location. Then you’ll need to provide quotes from contractors and possibly financial information too.
Refinancing or obtaining a second mortgage usually involves even more expenses and hassle. As an example, you may need to pay lawyer and appraisal fees, as well as a title search and insurance.
The worst part of all this is that you need to go through all this, no matter how much you want to borrow. Is it really worth all that extra expense and time, if you only want $15,000 to upgrade your bathroom?
Fortunately, renovation loans through FlexMoney are much simpler and quicker. These loans primarily rest on your income. If you meet our qualification requirements, you’ll access your money without obtaining an appraisal or quotes.
Better Than Credit Cards
When you’re renovating your home it may seem easier to buy what you need on a credit card. However, it also makes it very easy to spend more than you intended. Many small purchases can add up to big credit card bills.
Once you’ve racked up your credit card, you’ll pay a lot of compound interest on the outstanding balance. While you may want to make large payments, you’re more likely to want to finish your renovation before you pay off your bill. Consequently, it can be easy to max out your credit card and pay a lot of unnecessary interest too.
Renovation loans through FlexMoney make it easy to control your spending. Borrow what you need in a lump sum and then pay regular payments. We fund small and large renovation loans, and your interest rate never rises, no matter what happens with the prime rate. Plus, interest does not compound on the unpaid balance. Every payment reduces the amount you owe.
Use The Funds As You Please
With so many things out-of-stock due to supply chain disruptions, it might not be possible to stick with your initial renovation plans. This can throw a real wrench in the works if you’re dealing with a lender that wants contractor quotes.
First, you’ll need to notify them. Then, they will probably want new quotes on the modified work. Finally, you’ll waste a lot of time. If your loan’s delayed, you could lose your contractor. Then it could be almost impossible to find another since they’re in such high demand.
Luckily, this isn’t the case with FlexMoney. If you change your plans, for whatever reason, it won’t slow the loan review process. Use the funds to fulfill your new needs instead. FlexMoney has granted renovation loans to many Canadians for the following work:
- Adding granite countertops
- Replacing bathroom fixtures & tile
- Repainting before selling
- Upgrading old plumbing
- Rewiring the electrical
- Replacing an old roof
- Developing the basement
- Landscaping the property
- Building a garage or deck
100% Online Process
FlexMoney operates digitally. You can fill out our application form at any time using any device. We proudly serve Alberta, Alberta, Saskatchewan, Ontario, Nova Scotia, Newfoundland & Labrador, Prince Edward Island, and the Yukon Territory.
We Look At Many Factors
FlexMoney looks at many factors before they make a decision on your loan application. We place less emphasis on your credit and focus more on your ability to repay at this time.
As a result, our company has issued many renovation loans to applicants that have been turned down by traditional lenders. If you have one small indiscretion on your credit file, you could still qualify.
Who has time to spare nowadays? It just doesn’t make sense to take the time out of your busy schedule to apply for a loan in-person.
First, you need to make an appointment. Next, you have to drive there and find parking. Finally, you’ll need to complete a lengthy application form. They’ll also ask you to provide whatever documents they require. This process could take days or weeks to complete.
Even if you go through all that, there’s no guarantee the lender will review your application quickly. If your form is at the bottom of the employee’s inbox, you can count on adding on at least a few more days.
After all that waiting, you may discover that they’ve denied you credit. Now you need to look for funding elsewhere and you’ve wasted all that time. This outdated way to access credit just doesn’t make sense in the digital age.
Fortunately, our renovation loans don’t involve any of these complications. Once you submit your application, you’ll have our decision in minutes. If you’re pre-approved, you’ll also see your interest rate and can decided immediately if you want to move forward. The remainder of the loan process also goes very quickly.
Flexible Repayment Terms
Renovation loans through FlexMoney also offer many repayment options. Choose a payment frequency and term that suits your life and your goals.
For instance, you may want to borrow over a short term so that you can pay off your renovation loan when you sell your property. Conversely, you may want to spread out the cost over a longer period if you want more affordable payments.
FlexMoney offers weekly, bi-weekly, bi-monthly, or monthly payments. Loan terms range between 6 months and 5 years. Borrow between $500 and $15,000.
No Hidden Fees
FlexMoney does not hide unnecessary fees within the fine print of your loan contract.
We never charge an origination fee just to set up your account. FlexMoney also welcomes extra payments at any time. Pay a bit extra on your loan or all of it whenever you have the money.
Fast Funds Release
Unfortunately, some lenders make you wait for your money, even after you’re approved. Not so with renovation loans through FlexMoney.
After you sign your loan contract digitally, we usually have the funds in your bank account within 24 business hours. Some customers received their money much sooner.
FlexMoney’s Requirements for Renovation Loans
Please review our qualifications below. We believe in transparency and don’t want you to unnecessarily spend time on an application if our loans don’t suit you:
- Canadian citizen – at least 20 years old
- Steady income from the same source for at least the last 3 months
- Earning a net income of at least $2,000 per month (We will consider income from self-employment, the Canada Pension Program (CPP), Old Age Security (OAS), or from private pension programs).
- Valid cellphone number and email address
- Active bank account with a Canadian institution that shows at least three months of transaction and banking history.
Regrettably, we can’t approve everyone. Please do not apply if:
- Currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program.
- Your income source is Employment Insurance (EI), Disability Benefits, Canada Child Benefit, Student Aid or COVID-19 relief benefits.
Find Out More
If you have more questions or you’re ready to start the application process, you can find information on how to prepare here. Otherwise, jump right in and start filling out your form on our website. We offer outstanding customer service, a comprehensive FAQ section, and one of the easiest loan processes in Canada.
Why look elsewhere when you can start your renovation project now?