Our Toronto installment loan is packed with great features that many competitors don’t offer. If you’re considering borrowing, check out these 10 reasons why our Toronto installment loan is your best choice.
1. Simplified Online Process
Many people think they must visit a lender in-person to obtain a Toronto installment loan. However, in today’s digital age that’s no longer the case. An online Toronto installment loan is often your better choice for several reasons.
Firstly, most people are very busy and don’t have the time to squeeze in a visit to a brick-and-mortar office. Secondly, in-person applications are often far more complicated than need be. Thirdly, in-person lenders often delve deeply into your banking, work, and residence history. This means you need to complete a complicated application form. Fourthly, in-person lenders often want you to provide proof of income. Finally, they may want you to come to their office again to sign your loan contract.
Luckily, none of this is necessary when you apply online through FlexMoney. You can apply at any time from any device with internet access. Our application is very simple too. It takes most people less than 15-minutes to complete, because we’re only interested in where you stand now. You don’t need to provide proof of income either, since we use digital income verification. We will never ask you to visit an office, even when it comes time to sign your loan contract. That’s handled digitally too.
2. We Provide Our Basic Qualification Requirements
Just try and find what you need to qualify for an in-person loan. Chances are the lender will tell you that you need to complete an application form, submit proof of income, and wait. Only after they’ve reviewed all your documentation and your credit will they give you there decision. Even if you do decide to jump through all the hoops, there’s certainly no guarantee you’ll meet their requirements.
Obviously, this makes little sense. Why waste time filling out an application for a loan that you can’t possibly get? Doesn’t it make more sense to know beforehand?
Our Basic Installment Loan Requirements
FlexMoney believes in transparency and we don’t want to waste your valuable time. Here are our basic requirements:
- 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(s)
- 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 If…
- You are currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program.
- Your income is based on Employment Insurance, the Disability Tax Credit, and government benefits related to COVID-19.
- You supply false information in your application.
3. No Minimum Credit Score
We already mentioned that most mainstream lenders don’t reveal their Toronto installment loan requirements. What we didn’t discuss is that almost without exception, your credit plays a leading role. Consequently, many lenders set a minimum credit score requirement. If you don’t meet their minimum, they won’t consider your application.
What’s worse is that each lender can set a different minimum requirement. For some, “fair” credit is sufficient, while other want to see “good” or “excellent” credit. Even Canada’s two credit reporting agencies define these numbers differently. Equifax considers between 660 to 724 as good, while Transunion considers between 720 and 780 good.
This can be a big problem for borrowers for several reasons. If you have less than pristine credit, you may not meet the lenders’ credit requirement. As well, your credit might rank poorly with Transunion, but fair with Equifax. If the lender uses Transunion, you’re penalized without even knowing it.
So, what can you do? Choose FlexMoney. We do not have a minimum credit score requirement. Instead, we use our own artificial intelligence assessment that looks at many factors. Yes, we consider your credit, but as part of an overview of your current financial standing.
4. Pre-Approval Process for Your Toronto Installment Loan
Pre-approval is an excellent feature that allows you to apply for a Toronto installment loan without impacting your credit score. If you’re pre-approved you see what interest rate the lender is offering you. If you like it, you can move ahead. If you don’t, you can continue shopping for a loan.
However, not all loans use a pre-approval process. Traditional loans often involve a “hard inquiry”. The lender asks you for permission to access your credit report, but they don’t tell you that it affects your credit score. In fact, it can lower it by as much as 12 points and the inquiry remains on your report for up to three years.
Credit reporting agencies claim this credit score reduction is temporary. However, it may take months or years to rebound. While this may not be an issue if you have a long, reasonably good credit history, it certainly isn’t a good thing if you have a short history or less than perfect credit. If you apply through several traditional lenders, it multiplies the impact.
5. No Fees or Penalties
Our Toronto installment loan does not include fees or penalties, unless you do not fulfill your loan obligations. In other words, if you do not make timely payments, you can expect to pay more. We believe that’s a pretty reasonable consumer expectation.
However, you might be surprised to know that many “reputable” lenders do include unnecessary fees. They make them seem they are an expected cost of borrowing and they have nothing to do with your loan obligations.
The first is an origination fee charged just for setting up your loan account. This fee can range between 0.5 – 8% of your total loan amount. That’s a lot of money you will pay for what should be a lender administrative expense.
The second cost you could incur is when you want to pay extra on your Toronto installment loan. This could be extra payments, or even the full amount. Many lenders levy a pre-payment penalty to compensate them for the interest they would have earned if you’d followed your regular repayment schedule.
Fortunately, FlexMoney charges neither of these fees. We absorb the cost of setting up your account as a normal part of doing business. We also welcome your payments at any time, without penalty.
6. Outstanding Customer Service
Have you ever tried to reach a loans officer at a bank, credit union, or a representative in an in-person lending office? Chances are you will need to leave a message or send them an email and wait for their response. Fortunately, that’s not the case when you deal with FlexMoney.
While we do offer customer service by email, we also have many Canadian customer service representatives, Ontario business hours, and a toll-free number. If you need an answer to a pressing question, our service staff is eager to help you.
If you prefer to communicate digitally or you like to find answers yourself, we also offer chat and website support, as well as an in-depth FAQ page.
7. Wide Range of Amounts
Every lender determines how little or how much they will grant as a Toronto installment loan. However, most lenders don’t bother with small amounts and many have relatively small maximums.
While you may find several companies that will lend you the amount you need, consider this. It is far better to establish a rapport with a company that offers a wide range of loans in case you ever need to borrow again. Otherwise, you will need to go through the entire process again.
Unfortunately, many lenders won’t consider a Toronto installment loan of less than $1,000. Equally, they won’t grant loans over $3,000 or $5,000. Fortunately, we grant loans from $500 to $15,000. You can take from 6 to 60 months to repay, depending on your needs.
8. Automated Process
Probably one of the biggest problems with in-person loans in the bureaucracy. You visit an office, complete an application form, provide documents, and then sit an wait. How long you wait depends on how many files are piled up before you on the loan officer’s desk.
When you choose FlexMoney, you cut through the red tape. Our artificial intelligence system quickly assesses your application as soon as you submit it. You will have our decision in minutes, along with our terms.
Should you decide to move forward, all you need to do is accept our terms. This prompts our staff to prepare your loan contract for your review. We send it to you via email. This all happens very quickly.
9. Digital Contract Signing
No, you do not need to visit our office to sign your loan contract. We operate completely online. Instead, we ask you to sign digitally. Once we receive your signed contract, it triggers the funds release process.
10. Quick Funds Release
Even if a traditional lender approves your loan and gets you to sign your contract, that doesn’t mean you’ll get your money quickly. It could take at least a few more days, if not more. Not so with FlexMoney.
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.
FlexMoney is Your Best Choice for a Toronto Installment Loan
If you’re looking for a Toronto installment loan, FlexMoney can help. Here are just a few reasons why we’re your best choice:
- Our process is 100% online – you never need to visit a brick-and-mortar office
- FlexMoney is Canadian – our customer service representatives live and work here
- Licensed Ontario lender
- No minimum credit score requirement
- Pre-approval and soft credit inquiry
- Electronic income verification
- Fast decision, digital document signing, and quick funds release
- Toll-free number, chat, website, and email support as well as an in-depth website FAQ section
Find Out More
Let us show you how easy it is to get the funds you need quickly.