Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Financeit

Advertiser Disclosure

About lender

FinanceIt Canada Inc. operates as a prominent figure within Canada's point-of-sale financing domain, serving a vast network of over 10,000 businesses spanning home improvement, recreational vehicles, and retail sectors. Their groundbreaking platform equips businesses of all sizes with the tools to enhance sales by providing customers with accessible monthly payment plans for substantial home improvement purchases. Through strategic alliances with leading OEMs, distributors, and associations, Financeit delivers exclusive pricing, promotions, and networking avenues.

Established in 2011 and headquartered in Toronto, Canada, Financeit underwent a significant consolidation process on October 5, 2023, merging with Simply Group Financial Corp., SNAP Home Finance Corp., and selected assets of EcoHome Financial.

financeit

Features

  • Loans for Consumers and Businesses. Financeit caters to the needs of both individual consumers and businesses, providing flexible financing options for various purposes, including home improvements, retail purchases, and more.

  • Quick Approval. With Financeit, customers can enjoy a streamlined approval process. By submitting necessary details and completing simple steps, applicants can receive approval swiftly, enabling them to proceed with their purchase without delay.

  • Free to Use. Financeit is free for customers to use. There are no hidden fees or charges associated with applying for financing through the platform, ensuring transparency and ease of access for all users.

  • Funding Within 2 Days. One of the standout features of Financeit is its rapid funding process. Approved applicants can expect to receive their funding within just two days, allowing them to make their purchase promptly and without unnecessary waiting periods.

Pros and cons

Pros

Quick Approval. Financeit boasts a streamlined approval process, allowing applicants to receive approval swiftly, enabling them to proceed with their purchase without delay.

Free to Use. Financeit is free for customers to use, ensuring transparency and ease of access for all users.

Several Loan Options. Financeit provides borrowers with a variety of loan options to choose from, catering to different needs and preferences.

Cons

Not Suitable for General Borrowers. Financeit may not be suitable for all types of borrowers, as it is primarily designed for specific financing needs, such as home improvements and retail purchases.

Customer Fees. While Financeit is free for borrowers to use, customers may be charged a fee as part of the financing agreement, which could impact the overall cost of borrowing.

Eligibility Uncertainty. The eligibility criteria for Financeit financing may not be clearly outlined, potentially leading to confusion or uncertainty for applicants regarding their eligibility status.

Reliability

Financeit is considered reliable, as evidenced by its A+ rating from the Better Business Bureau (BBB). This rating indicates that Financeit has met or exceeded the BBB's standards for trustworthiness, transparency, and customer satisfaction. A high rating from a reputable organization like the BBB is a positive indicator of Financeit's reliability and commitment to providing quality service to its customers.

How to apply for a Financeit loan

To apply for a Financeit loan, you'll need to go through a business that offers Financeit financing options. Once you've identified a Financeit-approved business, you can begin the application process. The business may assist you in applying for financing in person, guiding you through the application steps, or they may provide you with a private application link to apply on your own. This process ensures that you can access Financeit's financing options conveniently through trusted partners, whether you prefer assistance in person or prefer to apply independently online.

Conditions

  • Amortization Periods. Financeit offers flexible amortization periods ranging from as short as 12 months to as long as 20 years. This allows borrowers to choose a repayment schedule that best fits their financial situation and preferences.

  • Loan Range. Borrowers can apply for loans ranging from $500 to $100,000 through Financeit. This wide range accommodates various financing needs, whether it's a small home improvement project or a larger investment in business equipment.

  • Interest Rate. Financeit offers competitive interest rates on its loans, with rates typically ranging from 6.99% to 14.99%. The specific interest rate offered to each borrower may vary depending on factors such as creditworthiness, loan amount, and loan term.

Requirements

  • Automatic Setup. If you choose to set up your loan automatically by logging in with online banking, no additional documents are required. This streamlined process simplifies the application process, making it convenient for borrowers.

  • Alternate Setup. If you prefer not to log in with online banking, you'll need to provide a piece of government-issued photo ID and a void personal cheque to set up automated debit payments. This alternative method ensures secure payment processing without the need for online banking access.

  • Proof of Income. In some cases, Financeit may request proof of income to verify your ability to repay the loan. Providing proof of income helps Financeit assess your financial stability and determine your eligibility for financing options.

  • Credit Report Pre-Approval. Financeit pre-approves applicants based on their credit reports, so maintaining a good credit history is important for eligibility.

Ways to receive the money

Once all required documents and signatures have been approved, the borrowed amount will be transferred to your account within 2 business days.

Products

  • Home Improvement Loans. Financeit provides loans tailored for home improvement projects, allowing homeowners to finance renovations, repairs, or upgrades easily.

  • Retail Financing. Financeit partners with retailers to offer financing options for their customers, enabling them to make purchases with convenient payment plans.

  • Vehicle Financing. Financeit also offers financing solutions for vehicle purchases, allowing individuals to finance cars, trucks, or other vehicles through their network of dealerships.

  • Enterprise Solutions. Financeit provides customizable financing solutions for businesses, including enterprise-level financing options tailored to meet the specific needs of larger organizations.

Reasons you may be denied a Financeit loan

  1. Insufficient Credit Score. If your credit score does not meet Financeit's minimum requirements, your loan application may be denied.

  2. Incomplete Documentation. Failure to provide all required documents, such as proof of income or identification, can lead to a denial of your loan application.

  3. High Debt-to-Income Ratio. If your monthly debt payments are too high compared to your income, Financeit may determine that you are at risk of defaulting on the loan and deny your application.

  4. Unstable Employment History. A history of frequent job changes or unemployment may raise concerns about your ability to repay the loan, resulting in a denial.

  5. Previous Loan Defaults. If you have a history of defaulting on loans or missing payments, Financeit may consider you a higher risk borrower and deny your loan application.

How to repay a Financeit loan

  1. Automatic Payments. Once you're approved for a Financeit loan and your payment frequency is set, automatic payments will be withdrawn from your bank account. This ensures that your payments are made on time, without the need for manual intervention.

  2. No Penalties or Fees for Early Repayment. Financeit does not impose penalties or fees for early repayment. If you decide to pay off your loan ahead of schedule, you can do so without incurring any additional charges.

  3. Lump Sum Payments. If you'd like to make a lump sum payment towards your loan or pay off your balance in full, simply log in to your Financeit account. From there, you can easily initiate the payment process and manage your loan repayment.

Editorial opinion

Financeit offers a comprehensive array of financing options, catering to both individual consumers and businesses across Toronto and beyond. With its user-friendly platform and diverse range of services, including inground and onground financing for items like hot tubs, Financeit simplifies the purchasing process and makes it more accessible to a wide audience. The option to buy now and confirm borrowing limits provides flexibility, while the mobile-friendly interface ensures convenience. However, while Financeit strives to make purchases easier, potential users should carefully consider factors such as interest rates and eligibility criteria to ensure the affordability and suitability of the financing options offered. Overall, Financeit presents a convenient solution for those seeking affordable financing for their purchases, but thorough research and consideration are essential before committing to any loan agreement.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

Sources

FAQ

What is Financeit?

Financeit is a legitimate company that provides financing solutions for various purchases, making it easier for individuals and businesses to get financing. With options like inground and onground financing, Financeit caters to a wide range of needs, including hot tubs and other items for creating the perfect retreat today.

How quickly the funds can be received?

Once you buy confirm borrowing limit and complete the necessary documentation, funds from Financeit can be received within a short period, typically within 2 business days. This quick turnaround time ensures that customers can access the funds they need promptly to make their purchases easier.

How do you qualify for Financeit?

The eligibility requirements for Financeit are designed to ensure a smooth application process for applicants. To set up your loan automatically, you can log in with online banking, eliminating the need for additional documents. However, if you prefer not to use online banking, you'll need to provide a piece of government-issued photo ID and a void personal cheque for automated debit payments. In some cases, proof of income may be required. Additionally, Financeit pre-approves applicants based on their credit reports, ensuring that individuals meet the necessary credit criteria for financing. These requirements help Financeit assess applicants' creditworthiness and ensure responsible lending practices.

How much can you borrow from Financeit?

Financeit offers flexible loan options, generally up to $100,000, allowing borrowers to borrow amounts ranging from small purchases to larger investments. Depending on the specific needs and eligibility criteria, customers can borrow varying amounts through Financeit, making it affordable and accessible to a wide range of individuals and businesses.

Is Financeit a legitimate company?

Yes, Financeit is a legitimate company that operates within regulatory guidelines. With its transparent processes, customer-friendly approach, and track record of providing financing solutions, Financeit has established itself as a reputable and trustworthy provider in the industry.

Company documents

Privacy Policy
Terms of use

A set of values lie at the core of everything we do at Financeit, whether it’s mapping our goals for the year ahead or changing a lightbulb. Without them, we’d be just another company.

© FinanceIt Canada Inc.
Financial products
Financeit
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500 - $100,000
Rate
i

Effective interest rate on the product

up to 14.99%
Term
i

Loan term for the financial product

up to 240 months
Similar products
Best Quick Loan Today 12.06.2024*
Mr. Payday
Need a Quick Loan Now?
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $10.000
Coast Capital Savings
Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

7.5%
Term
i

Loan term for the financial product

60 months
Mogo
Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$15,000
Rate
i

Effective interest rate on the product

up to 46.96%
Term
i

Loan term for the financial product

up to 60 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
1000.00 – 15000.00 C$
Term
i

Loan term for the financial product

6 months – 60 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
7000.00 – 25000.00 C$
Rate
i

Effective interest rate on the product

24.99 – 29.99 %
Term
i

Loan term for the financial product

3 years – 5 years
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All Financeit’s reviews by june 2024
Leave feedback
Similar companies
Simple Credit
2001 boul. Robert-Bourassa, suite 1700, Montréal (Québec) H3A 2A6
+1 (514) 904-40-28
Micro Click Loans
-
+1 (800) 933-09-60
Loonie Financial
1329-B Arena Road, Lot 110, Kahnawake Mohawk Territory Via:Quebec, Canada J0L 1B0
+1 (833) 423-22-08
Magik Cash
4180 Boul Henri-Bourassa E, Montreal, QC, H1H1L3
Prêt en ligne
-