Who Offers the Best Personal Loans in Canada? In urgent need of some quick cash? Unless you've got a friend or family member ready to lend a hand, your next stop is likely a financial institution. However, not all lending avenues are the same, and some unscrupulous lenders out there are charging interest rates well beyond 100%.
Great
FlexMoney is one of the newest Canadian personal loan options on our list: although they say they've been helping people since 2012, it's only been in the last few years that we've seen them pop up on the radar. They like to call themselves "Canada's most innovative digital lender", with fully-online lending for most residents of the nation.
Pretty easy to qualify
The qualifications for getting an installment loan through FlexMoney are pretty straightforward. You need to be a Canadian citizen, have an active mobile phone and a valid email address, be at least 21 years of age, and have received at least $2,000 in income over the last three months. At the time of this review, borrowers were eligible if they resided in Ontario, British Columbia, Alberta, Nova Scotia, Saskatchewan, Newfoundland & Labrador, Prince Edward Island, and Yukon Territory.
Loans can be funded within 24 hours
You can borrow between $500 and $15,000, with interest rates starting at 18.9% and going up to 46.9%. Repayment terms span anywhere from 6 months to 5 years, and you won't be charged any origination fees. FlexMoney will fund your loan via direct deposit, typically within 24 business hours of approving your application.
Work directly with the lender
Why is the process here so fast? It has a lot to do with the fact that FlexMoney is a direct lender. Rather than having to check and see if there are partners in a network who are willing to fund your personal loan, FlexMoney makes that decision themselves. And, because they use a fine-tuned algorithm to let computers do some of that deciding, it makes everything go much more quickly.
Limited yet positive reputation
Because FlexMoney is so new, we're not surprised (but still pleased) to see that they had no complaints filed with the Better Business Bureau as of the date of this review. And, the BBB evidently had enough reason to think the lender is doing a good job: they gave FlexMoney both accreditation and an "A+" rating. Borrower feedback is also as limited as you might expect, but trending positive. Those with bad credit are especially grateful for FlexMoney, who approves borrowers that might be declined by other institutions. Of course, with bad credit comes higher interest rates, and that's almost certainly going to be the case when you apply here.
Top pick for direct lending
Overall, FlexMoney is a solid option for most Canadians needing personal loans. The company serves a pretty broad swath of the nation, their process is straightforward, and there's nothing we see that's a red flag. While we'd need a little more feedback from borrowers to move FlexMoney up to our highest rating, this is still a lender we feel quite comfortable recommending.
Continued from above...
Who Offers the Best Personal Loans in Canada?
In urgent need of some quick cash? Unless you've got a friend or family member ready to lend a hand, your next stop is likely a financial institution. However, not all lending avenues are the same, and some unscrupulous lenders out there are charging interest rates well beyond 100%.
Fortunately, for those seeking personal loans in Canada, there are lenders that can help you bridge the financial gap without sinking you further into trouble. The online world presents Canadian consumers with a wide variety of options for personal loans. Some directly link you with funding, while others act as intermediaries, connecting you with reputable financial partners to secure your loan.
A relatively new player gaining traction is the social lending network, or peer-to-peer lending, where everyday individuals invest in funding loans for their Canadian neighbors. This arrangement creates a win-win, with investors earning on the interest you pay and you getting the funds you need without sky-high rates or fees.
Regardless of the path you choose, it's crucial to understand the terms of any personal loan offers you receive. Not repaying a loan (on time or at all) can have a detrimental impact on your credit score, a setback that can be challenging to set right down the road.
Before signing on the dotted line, make sure you're clear on the interest rate, repayment terms, and any potential origination fees or prepayment penalties. While the allure of accepting the first cash offer you receive may be strong, take your time and be a discerning consumer.
As you navigate the array of personal loan options in Canada, you'll need to figure out where to start and which service to trust. Consider these factors:
For an in-depth review of the best online sources for personal loans in Canada, look no further than our list here at Top Consumer Reviews. We're confident that our insights will assist you in quickly getting the funds you need with terms you can manage. Be a well-informed borrower on your financial journey!
Compare Any 2 Products
Easy Ways to Start Saving Money
Saving money isn't fun. Why put it somewhere when you could spend it now, on that thing you've been wanting for months? Well, there are some easy and simple ways to start saving now, so that if there's an emergency - like a car accident or an unexpected health bill - you can be assured to have money for it. Being prepared isn't the trendiest idea, but in the future you'll thank yourself for saving your behind!
Saving money doesn't have to be all dark and dreary. There are a variety of small changes you can make to your daily routine to start preparing for the future.
The first tip to cut daily costs might just be the hardest for some. Many people spend money every day on coffee, especially from those expensive java bistros. Cue the gasps - but if you're still reading, then listen to this: While many people spend money on coffee every morning, major coffee companies (you know the ones) upcharge drinks to an almost comical degree. The reason these companies get away with this is because they count on the consumer being unwilling to make their own and come to them instead. You don't even have to get up any earlier if you make your own cup of coffee in the morning, since you'll be saving time on your commute. But getting up every morning and making your own coffee is a much more cost efficient alternative to giving a chunk of your paycheck to some other company.
Another simple trick to saving money is to cancel subscriptions you're not using. We can almost hear you shrieking "but what if I need to use it!" The thing is, you won't. If you're spending even $10 a month on something that you're not using, than it's not worth it. It's hard to stop something that used to bring you joy, or even that you're used to. But if you seriously want to start saving money, this is one of the most achievable and easy ways to do it. Go through your spending and look at all the things you're paying for that you didn't use this month. Then, go back and look at the previous month. If that isn't enough to convince you, go back one month further. If you haven't used something in 3 months, then you've spent a quarter of the year paying for nothing and it's time to stop.
A final bit of advice on the best ways to save money is another little thing. Use the 48 hour rule. If you see something and really want it, wait 48 hours. If you still want it after that, than you know it's not an impulse buy. On the other hand, if you've completely forgotten about it, then you just saved yourself some money.
It's especially difficult, the younger you are, to get out of the You Only Live Once mindset. You see something, and you think "hey, I really want that thing! I'll totally use it all the time, even though I've never thought about it before today!" Really - it's not worth it. You have to stop thinking "I need this now because it will make me happy", and instead think of the future. When considering whether you should blow your money on the impulse buy, picture the expensive item and think of how much more you'll enjoy it if you save for it.
These are just a few little things you can do to start saving money. Remember that it's important to save your money now, in order to save yourself future heartache. Soon you'll be on your way to affording that trip to Paris or whatever else you want!
Top Products.
Top Reviews.
Top Consumer Reviews.
Reviews
Browse through thousands of reviews.
Social Media
Like us? Follow us! We'd love to have you join our community.
Newsletter
Stay up to date with the latest reviews. We'll keep you informed, and we'll never sell your information to anyone.
