About lender
Amber Financial is a lending company founded in Canada to provide its residents with an alternative borrowing experience via fast and flexible loans. Unlike traditional lenders, they use financial technology based on data analysis and internet technology to adjust their rates according to modern tendencies and improve customers’ experience. Amber Financial allows customers to apply online wherever they are.
Amber Financial offers several services such as mortgages, personal loans, and investments. The company is focused on Chinese immigrants and has developed partnerships with various organizations so that it can verify applicants’ credit information in both China and Canada.
In 2016, Techvibes named Amber one of Canada's most sought-after and promising five financial technology companies.
Features
One of Amber Financial’s peculiarities is that it is a financial lending and investment platform designed to provide customized financing, wealth management products, and financial services for Chinese Canadians.
The company’s flexible mortgage loans cover purchasing commercial, residential, construction, and agriculture properties. The loans are extended to individuals, companies, and trusts as Amber Financial deals with all these categories of customers.
Also, potential investors can increase their savings via this company’s services, as Amber Financial has a subsidiary company Amber Mortgage Investment Corp., so customers interested in such services can cooperate with it. The minimum amount customers can invest in Amber MIC is $100,000, but if they have registered accounts, the minimum amount is reduced to $30,000.
Finally, customers needing a personal loan can borrow from Amber Financial up to $50,000, and the APR varies between 9,90% and 49,96%.
Pros and cons
Amber Financial’s strong and weak sides can influence the customers' decisions. Find below a short overview.
Pros
Amber Financial operates online, so there is no necessity to visit its office;
The company deals with Chinese Immigrants;
The company doesn’t have any income requirements. Also, customers can indicate their foreign income or other types of income at their preference;
Customers can apply even if they don’t have a credit score. The company can help them establish it;
Customers don’t have to be employed to receive a personalized quote;
The interest rate doesn’t change during the term of the loan.
Cons
The requirements are pretty strict. For example, a minimum credit score of 650;
If customers have a pending or current unpaid collection or overdue account, they will not be approved;
If customers have a pending, current, or previous bankruptcy, they will not be approved;
A customer must accept a loan offer within seven days. After seven days, the loan option will automatically expire;
The maximum APR on personal loans is pretty high: 49,96%.
Amber Financial has several advantages, such as the lack of necessity of visiting the office and the variety of provided services. Also, they do not have minimum income requirements and help clients to establish credit. Most importantly, the company focuses on Chinese immigrants to Canada.
However, they have some disadvantages. For example, clients with a pending or current unpaid collection or overdue account will not be approved for a loan.
Loan conditions
First, customers must choose the product they need - mortgage, investment, or personal loan - and click on it. To apply for a personal loan, a customer needs to find the application form on the company’s website and fill it out, which would take about 5 minutes. A customer must enter personal and financial information, the desired amount, the loan purpose, and credit score.
The requirements of Amber Financial are pretty strict. To be approved by them, customers must be 19 years or older; have a credit score of 651 or above; have a valid status in Canada to live, study, or work; be able to afford the loan; not have a pending or current unpaid collection or overdue account; not have a pending, current or previous bankruptcy. Also, they must provide such documents as a photocopy of both sides of government-issued ID, last three months of bank statements, two last pay stubs or three last and notices of assessment.
The amount that customers can borrow varies between $500 and $50,000 and can be taken for the period starting from 3 up to 60 months. The interest rate charged by the company varies between 9,90% and 49,96%.
As for mortgages, companies, individuals, and trusts are eligible to apply for commercial, residential, construction, and agricultural property types. The maximum loan amount equals 75% of the object's market value. The private mortgage rate starts from 5.99%+.
Amber Financial requires its loans are not intended for the benefit of any third parties.
Methods of loan funding
Once the clients finish the application and get approved for the loan, the required amount will be transferred to their bank account by direct deposit.
