A Vaughan installment loan is often your best choice when you need to borrow money. However, much depends on the lender you choose and the loan they offer.
Fortunately, FlexMoney has been lending to Ontarians since 2012. Consequently, we’ve finetuned the lending process and our Vaughan installment loan.
If you’re considering borrowing, here are 7 reasons to choose FlexMoney over our competitors.
1. Streamlined Process
We mentioned that we’ve been lending to Ontarians for ten years. As a result, we’ve worked out the bugs to make the lending process extremely simple.
First, you can get a Vaughan installment loan without stepping inside of an office. We operate online, from start to finish. This includes signing your loan contract. Apply at any time from any device and discover how convenient online loans can be.
Second, our application form only asks for your recent information. We’re not concerned with where you lived, banked, or worked years ago. Consequently, our application is short and simple. Most people complete it in less than 15-minutes.
Third, you won’t need to upload or drop off documents, such as proof of income. That means you don’t need to dig up pay stubs or get a letter from your employer, which takes time out of your busy day. Instead, we verify your income electronically. It’s safe, fast, and far more convenient.
2. Fully-Transparent Lender
Unlike other lenders, we are happy to give you a heads up regarding what we need to qualify for our Vaughan installment loan. We also keep you in the loop throughout the lending process so you always know where you stand.
As an example, here are FlexMoney’s basic qualification requirements and when we can’t help:
- Canadian citizen
- At least 20 years old
- Earn a net monthly income of at least $2,000 from the same source for at least the last three months (we consider employment, self-employment, and pension income)
- Mobile phone number
- Active email address
- Active account with a Canadian financial institution with at least three months of transaction and banking history.
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 or government benefits related to COVID-19.
Once you become a FlexMoney customer, you’ll have an account with us which makes it easy to borrow again. We value responsible borrowers and often reward them with better terms the next time they borrow.
3. No Extra Fees
Many lenders charge extra or unnecessary fees and make them seem as if you should expect them. FlexMoney doesn’t operate this way. When you take out a Vaughan installment loan through our company and meet your loan obligations you will only pay interest.
That’s not the case with many other lenders. Some charge an “origination” fee just for setting up your loan account. This can cost you between 0.5 – 8% of your total loan amount.
Others charge pre-payment penalties when you pay more on your loan than your scheduled payments. Basically, they fine you for paying off your debt quicker. FlexMoney believes this is bad business.
We appreciate when our customers handle their finances well. As a result, our Vaughan installment loan is “open” meaning you can pay part or all your loan off at any time, without penalty. This encourages repeat business and referrals. When our customers do well, we benefit too.
4. 100% Ontarian
Just because a lender grants a Vaughan installment loan, it doesn’t mean they’re an Ontario business. Many companies are located in other provinces, or even other countries.
Of course, this disconnect can be very inconvenient if you ever need to contact your lender. They may rely on email and you may wait hours or days for a reply, due to time zone differences.
Additionally, dealing with a customer service representative in another region can lead to misunderstandings or frustration. Those operating outside of Ontario may not understand regional challenges and idiosyncrasies.
Luckily, FlexMoney was founded in Ontario and we’re still 100% owned and operated by Canadians. When you reach out to us, you will connect with a fellow Canadian.
Plus, FlexMoney offers more ways to connect than most other lenders. Call us on our toll-free telephone number. We have extended Ontario business hours. If you prefer, you can also connect via chat, email, or website support. We also have an in-depth FAQ page on our website if you’re looking for a quick answer to common questions.
It simply doesn’t make sense to work with a lender that isn’t Ontarian. We understand the level of service Ontarians expect and our happy customers indicate we deliver.
5. Broad Financial Assessment
When you apply for a Vaughan installment loan through most lenders, your credit is their number one concern. So much so, that many lenders have a minimum credit score requirement. If you score below this, they’ll automatically turn you down for a loan.
Additionally, mainstream lenders usually use a “hard” credit inquiry, because they want all details on your credit file. This hard inquiry lowers your credit score by up to 12 points, whether you’re approved or not.
FlexMoney uses a different approach when evaluating your application. Our artificial intelligence assessment considers many factors, not just your credit.
Yes, we will probably check your credit report, but we do this in a way that is advantageous to you. Pre-approval utilizes a “soft” credit inquiry which provides us with a general overview of your financial situation. This credit inquiry does not affect your credit score since we’re not interested in years of information, but where you stand now.
6. Flexible Choices
When you’re looking for a Vaughan installment loan, you’ll probably find that most lenders have two limitations.
First, most lenders won’t offer loans under $1,000. Consequently, your only choices are using a credit card or a payday loan. Neither of these are ideal solutions, due to interest charges.
However, FlexMoney offers installment loans as low as $500. You pay simple, not compound interest, and have more repayment options. Equal payments also ensure your outstanding balance drops every time you pay.
Second, many lenders don’t have very high maximum loan amounts. It is not unusual for companies to cap lending amounts to under $5,000. That’s not a great deal of money today.
Fortunately, FlexMoney offers a maximum loan amount of $15,000. While you may not need this much money now, it makes sense to choose a lender that offers greater flexibility. After all, even our simple application process takes time and effort. Why not set yourself up for success should you ever need to borrow more money later? Once you establish a rapport with FlexMoney, it is much easier to borrow again. You may also enjoy better terms on your next loan.
You can also choose your repayment term on your Vaughan installment loan through FlexMoney. Looking to borrow to flip a house? We offer terms as short as 6-months. Need affordable payments and more time to repay? Take as long as 5-years.
Finally, if you’ve never had an installment loan before, timely repayment may increase your credit score. Equifax and Transunion, Canada’s two credit reporting agencies, value credit mix. When you handle various credit forms well it could boost your score by as much as 10%.
7. Money in Your Hands Quickly
We mentioned it is easy to complete our application form and that you can apply at any time. But what happens after that?
Once you submit your application, our artificial intelligence system makes a quick assessment of your creditworthiness. It then generates a decision and we send you an email. You can also check your online account, if you prefer.
If you’re pre-approved, congratulations! We provide our no obligation terms immediately and the process does not affect your credit score. If you choose to keep shopping, no problem. You are welcome to apply again at any time.
Hopefully, you will see that we offer convenience and value. Just accept the terms and we’ll send you your loan contract for digital signature. Review the document, sign and return it, and we’ll start the funds release process. If you sign within business hours, you could have money in bank account within 24 hours or the next business day for after hours.
FlexMoney’s Vaughan Installment Loan
We’ve already provided you with 7 powerful reasons our Vaughan installment loan is better than our competitors. However, we would like to tell you a little more about us to help you decide:
- We’re a leader in the digital lending industry, headquartered in Toronto
- Our loans are one of the fastest options available in Ontario
- We have a knowledgeable Canadian support team available to answer your questions
- FlexMoney is a member of the Canadian Consumer Finance Association (CCFA) representing the majority of Canada’s regulated installment loan providers
- We use the industry’s best encryption software to keep your data private and secure
- Loans of between $500 and $15,000
- Repayments terms from 6 months to 5 years
Discover why so many people choose FlexMoney for their Vaughan installment loan.