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FlexMoney Review

Wednesday, May 29th

2024 Canadian Personal Loan Reviews

FlexMoney Review 4.5 Star Rating


4.5 Star Rating
  • Installment loans from $500 to $15,000
  • Interest rates between 18.9%-46.9%
  • Terms range from 6 months to 5 years
  • No origination fees
  • Loans funded via direct deposit within 24 business hours
  • Available to residents of Ontario, British Columbia, Alberta, Nova Scotia, Saskatchewan, Newfoundland & Labrador, Prince Edward Island, and Yukon Territory
  • "A+" rated and accredited by the BBB

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.

Best Canadian Personal Loans

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.

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.

The Best Canadian Personal Loans Compare Canadian Personal Loans Compare Canadian Personal Loan Reviews What are the best Canadian Personal Loans Best Canadian Personal Loan Reviews

Canadian Personal Loan FAQ

Sometimes referred to as "instalment loans" or "consumer loans" , personal loans involve borrowing a set amount of money and agreeing to pay it back in regular payments. These loans may be for a specific purchase, like a home renovation or car, or used to pay off debts with higher interest rates.
Yes, usually. During the quote and application process, you may be asked to specify the purpose of your personal loan - but that's not a binding commitment. That information is often used to give you alternative types of financing, like debt consolidation or an auto loan.
In Canada, most providers of personal loans offer amounts that range from $500 to $50,000. Your loan offers will depend on several factors, such as your credit history, your current income, your debt-to-income ratio and your employment history.
It helps. The higher your credit score, the less you'll probably pay in interest and fees, and the bigger the amount of the loan you'll qualify for. But, if you're not quite there yet, there are some lenders who specialize in personal loans for people with less-than-stellar credit.
Most of the time, yes, without penalty. That's good to know if you're applying for a loan with a lender that only offers longer-term funding (e.g. 3 or 5 years): as long as there's no prepayment penalty, you can pay it back as quickly as you like. Read the terms of your loan offer carefully before you sign, to determine if there will be any fees if you pay it back ahead of the loan period.
Beyond the interest charged on your loan, you might have an origination fee as well. The origination fee is often a percentage of your total loan amount, and may either be added to the total of your loan or subtracted from it before you receive the payout. For example, if your origination fee is 1% of a $1000 loan, that $10 may either give you a total borrowed amount of $1010, or you may only receive a payout of $990.
That depends on how quickly you can gather any required documents for the application and on the lender you select. Once your personal loan has been approved, some providers can have the funds in your account in as little as an hour, while others may take up to a week or more to get the money to you.
Absolutely. Most of the financial services you already know and trust make their loan application process easy to complete online. Plus, doing your research on the internet helps you find the personal loan with the best rate and terms for your situation, instead of just taking whatever your local bank may have to offer. As with all online transactions, however, be sure to choose a loan provider with a proven track record: a positive rating from the BBB and numerous customer reviews are two good signs that you can trust a given lender online.
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Continued from above...

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:

  • Direct funding or referral platform. Will the provider directly fund your loan, or will they connect you with various lenders for comparison? If it's a referral service, who are their lending partners, and can they be relied upon?
  • Transparency. Does the service disclose upfront the average interest rates paid by borrowers? How hard is it to find out how much you can borrow? Are any fees clearly outlined?
  • Reputation. What do other borrowers say about the lender or referral platform? Are they rated and/or accredited by the BBB? Is the provider established and trustworthy?
  • Timeframe for receiving funds. How long will it take to get your loan funded? Some lenders can transfer money within an hour of your loan's approval, while others may have you waiting for a week or longer. Choose accordingly if you're trying to get money quickly.

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!

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