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Flexmoney Review

FlexMoney is an alternative lender, providing loans to customers who may not qualify at a traditional financial institution. They’re an online lender based in Toronto but operate in several other provinces across Canada and the Yukon Territory. FlexMoney has been in business since 2012, providing Canadians with quick access to installment loans.

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Written by: Piggyy

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Loan Amount

$500 - $15,000
4.8/5
4.8/5

Piggyy Rating

Flexmoney

Loan Term

6 - 60 months

Est. APR

% 19.99 - 36.99

Loan Amount

$500 - $15,000
Pros
  • Entirely online, so you can apply from home
  • No documents required and No collateral required
  • Quick response time
  • Loan amounts up to $15,000
  • You don't need to be employed as long as you meet income requirements
Cons
  • Rates can be very high
  • No in-persons service
  • Loan applications require a credit report

Company Information

 

Phone number: 1-800-797-1413

Email: [email protected]

Mailing address: Suite 304, 500 Danforth Avenue, Toronto, ON, M4K 1P6

Hours: Monday to Friday: 8:30 am to 5:00 pm EST

 

Types of loans offered

 

FlexMoney loans are installment loans. People interested in borrowing apply online, and their request is processed in minutes. Loans have a minimum and maximum amount and repayment term. FlexMoney prides itself in being an online lender that provides an easy process for customers to get the money they need.

 

Installment loans

Installment loans are advanced in one lump sum to the borrower. The interest rate with FlexMoney is fixed for the term. Borrowers are given a repayment schedule which details:

  •  the amount loaned
  •  the interest rate
  •  how often payments are to be made (such as weekly or monthly)
  •  the amount of the payment
  •  when the loan will be paid off 
  • the cost of the loan

 

Installment loans can be a great option for borrowers because their payments are predictable so that people can budget for them. Also, they can be used for almost any purpose, such as an emergency, medical expenses, home repairs, debt consolidation, or a wedding.

 

Loan amounts

FlexMoney has a minimum loan amount of $500 and can lend up to $15,000. People can borrow any amount between the minimum and maximum if they qualify.

 

Loan term

A loan term is how long it will take the borrower to pay off a loan. FlexMoney offers terms from 6 months to 5 years. Shorter terms typically have higher payments but lower interest costs, while longer terms usually have lower payments but higher interest charges.

 

FlexMoney allows borrowers to accelerate their payments with no penalties. Loans can be paid off early by contacting FlexMoney for the balance owing and how to pay off the loan.

 

Interest rate

The interest rate for an installment loan at FlexMoney starts at 18.90% but can be higher depending on several factors.

 

Fees

There is no fee to apply for a FlexMoney loan. However, if you get a loan from FlexMoney, there will be interest on the loan. They use several factors to determine the interest rate of your loan. If your financial institution returns a payment, you will pay an NSF that ranges from $20-$50.

 

What you need to apply

 

You need to meet specific criteria to qualify for a loan with FlexMoney. The requirements are”

  • You are a Canadian citizen
  • You are 20 years old or older
  • You must have a bank account with a Canadian financial institution that has been open for at least 3 months and is active
  • You actively receive a net income of at least $2,000 per month
  • Income can be from employment, self-employment, Canada Pension Plan, Old Age Security, or from a variety of private and public pension sources
  • Employment Insurance, Disability Tax Credit, Canada Child Benefit, and benefits from the government programs such as Covid-19 relief do not qualify as income for lending purposes with FlexMoney
  • You have a valid mobile phone number and email address
  • You are not enrolled in credit counselling, a consumer proposal, or an active bankruptcy

 

Documents required

Unlike so many other lenders, FlexMoney doesn’t require you to upload or fax any documents. So, for example, they don’t need copies of your photo ID, proof of address, pay stubs, bank statement, or void cheques.

 

The best way to make sure your loan application is processed quickly is to provide accurate information when you apply. Then, if more information is needed, a member of their Customer Service Team will contact you.

 

Why choose FlexMoney

 

FlexMoney is an alternative lender offering an online-only application process that is fast and simple, and your information is kept safe by their online security. You do not need to be employed to be considered for a FlexMoney loan. Once your loan is approved, you’ll receive the funds quickly. Additionally, FlexMoney prides itself on providing excellent customer service to its borrowers.

 

 

Online application process

You can complete a loan application at any time since it’s online. There’s no need to visit a branch or supply paperwork. Instead, you can complete the application in about 10 minutes or less. The company states that they can make a decision in 15 minutes, and if you’re approved, you’ll receive a call from a Customer Service Team Member to continue the process.

 

Online privacy

Your information is kept private and secure because they use bank-level encryption and other tools. It’s important to FlexMoney that customers feel confident that their personal information is kept secure.

 

Employment is not a requirement

Many other alternative lenders require borrowers to be working and employed for at least three months. FlexMoney doesn’t have that requirement. Instead, they will consider income from their approved sources if the net income meets their minimum.

 

Fast funding

Once your loan application is approved and you have accepted the electronic loan agreement, FlexMoney will send the funds to you within 24 business hours. However, because different banks have different processing times, you may get the money the following business day. 

 

Excellent customer service

While the company doesn’t offer brick-and-mortar branches, you can still connect with them over multiple channels. You can reach their Customer Service Team Members can be reached by phone during business hours. Also, you can visit FlexMoney’s Help Centre to get answers to commonly asked questions.

 

How to apply

 

With FlexMoney, you apply online. 

 

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Go to their website.

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Choose the amount you want, and why you want the money.

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Fill in your personal information.

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Fill in your banking information.

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Accept the terms and conditions.

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Create your account by choosing a username and creating a password. Repeat the password for confirmation.

Frequently asked questions

What documents are they going to ask for, and why?

FlexMoney doesn’t ask for documents. They verify everything that is submitted online. If they need additional information, they will contact you.

Is my credit going to be affected by having this loan taken out?

FlexMoney does a credit check which can impact your credit score. Once you take the loan out, it will appear on your credit report. If you make every payment on time, your credit score could increase. If you don’t make your payments on time, your credit score could decline.

Do I need to be employed to qualify for a loan through FlexMoney?

As long as your income comes from accepted sources, you don’t need to be employed to be approved.

Do I have to apply online to get funded?

FlexMoney is an online lender and does not have branches. You need to apply online for a loan.

 

What does the payback schedule look like?

Terms range from 6 months to 60 months. You can make weekly, bi-weekly, semi-monthly or monthly payments.

Is there a specific amount that I can borrow?

FlexMoney loan amounts start at $500 and go up to $15,000. FlexMoney will review your credit application to determine how much you qualify to borrow.

What if I get declined for a loan?

If you are declined for a loan, there are several things you can do. The first is to make sure you meet all the eligibility requirements. The next step is to make sure the information you entered into the system is correct. This includes:

 

  • All personal details are accurate
  • Disable any VPN you might be using
  • Make sure the bank account that you used on your application is your primary bank account
  • Confirm your employment details, income and expenses are correct
  • Confirm you meet age requirements of being 20-65 years old

 

Next, if you have already had a loan with FlexMoney, ensure it’s been paid off or you can pay off the loan. It can take up to 5 business days for the funds to clear and show your previous FlexMoney loan is paid.

 

Lastly, sometimes you might be declined because FlexMoney has a commitment to make sure their lending practices are responsible. If you have been declined due to your financial situation, you can re-apply in 30-90 days if your financial situation has changed.

Why do you need my banking information?

FlexMoney uses your banking information to get the required statements from your bank. This allows FlexMoney to verify the ownership of your account. Your banking credentials cannot be seen and FlexMoney cannot access your account.

How long can I borrow the loan for?

Loans have up to a 60 month repayment term.

Conclusion

 

FlexMoney can be a great choice if you’re looking for a loan but may not qualify at your financial institution.  Applying is easy and convenient since it’s all done online. As a borrower, you don’t need to spend time gathering documents and submitting them. Additionally, FlexMoney can grant a credit decision in as little as 15 minutes. If you’re approved, you can have the money within 1-2 business days. Small loans offered by FlexMoney are an excellent alternative to payday loans because the rates are much more reasonable and you don’t have to repay the whole loan with your next paycheque. 

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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