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Lender
Rating by Finanso®
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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.

Flexiti

Finanso.Multilogin™

About lender

Flexiti is a Canadian fintech company that provides Buy Now, Pay Later technology online and in-store via its FlexitiCard. It assists clients of thousands of various local retailers like furniture, electronics, and jewelry stores all over the country to purchase using suitable payment plans.

You could buy and defer your paying or break up your large purchase into smaller equal monthly payments with low, regular, or even no interest rates. Promotional plans and annual interest rates (AIRs) vary based on your creditworthiness. Administration fees and paying options available depend on the retailer.

You could easily and quickly borrow in-store or online, choosing Flexiti as a payment method.

The company offers its private card, which could be used for deferral or equal monthly repayments, or a regular credit card to buy without reapplying in 7,500 stores in Flexiti Network.

The company was founded by Peter Kalen, current CEO, in Toronto, Ontario, in 2013. It was acquired by CURO Financial Technologies, based in Kansas, USA, in 2021.

The fintech corporation's mission is to make people's lives more affordable and boost sales by providing advance financial services.

Pros and cons

Flexiti technology meets the needs of local communities — consumers and retailers. It could look attractive but look through this pros and cons review carefully to decide whether this lending solution suits your financial situation.

Pros

  • 100% online services available, and you can shop in-store as well

  • Apply and manage your loan through a personal account

  • Fast approval

  • Affordable payment plans with interest rates of 0%

  • Two options to choose from: deferral and monthly repayments

  • No prepayment penalties

  • Buy without reapplying within your credit limit

  • Better Business Bureau (BBB) accredited business

  • 7,500 available shopping locations in-store and online

These are important, but explore some drawbacks you should know before applying.

Cons

  • Available only through participating retailers

  • Annual (for consumers) and admin fees (for merchants) are required

  • Conditions become worse with a poor credit

  • Rates, terms, and options depend on creditworthiness and the retailer

  • A credit check is essential

  • Promotional plans aren't available with all retailers

  • Different fees are charged

  • Once you miss a repayment — the promotional plan is canceled

Borrowing with the lender may be a good option for borrowers who use the services of specific retailers and can prove creditability. When everything is in order, you could borrow at a competitive rate (even 0%), but there are a lot of fees and restrictions to be applied, especially if you miss a payment.

There are advantages and disadvantages of Flexiti financial technology, but please note that borrowing with an alternative system should not become a regular practice. Getting a lot of debt is crucial for your financial situation, history, and future.

Loan conditions

In general, loan conditions are highly related to the merchant. For example, some provide payment schemes with 0% or low AIRs. On the other hand, rates could be from 31,99% up to 37.99% (35% is the max for Quebec residents). Eligibility is based on the client's creditability, and the conditions are disclosed after the approval.

You may choose from 2 payment options: deferred plans (unavailable for Quebec residents) and equal monthly payments. Both are available with 0% AIR if the retailer arranges it.

For example, by making a deal with Cap-it — track caps, tires, and wheels retailer — you have an opportunity to use Flexiti as a paying solution.

The conditions are:

  • Deferred plans: no interest, no fees for three months; no interest, $39,99 admin fee for six months; no interest, $69,99 admin fee for 12 months.

  • Equal monthly repayments plan: no interest, $5,99/month admin fee for 12 months; no interest, $4,99/month admin fee for 18 months.

  • Equal monthly repayments plans: 7,90%, 8,90%, 9,90% interest rates, $2,99/ month admin fee for 72 months.

Administration fees which are finances with purchase, and depend on the retailer, could be applied. Fee amounts are based on total bargain amount and promo term length (excluding Quebec residents). An annual charge of $24.99 may apply ($39.99 for residents of Quebec).

Non-sufficient funds (NSF) fee of $49,99 might be charged if your cheque or other payment is dishonored. The paper statement fee is $3 for each mailed monthly statement.

Deferral fee: $59.99, only applicable on a no interest, no payment promotion of fewer than 12 months if you do not pay in full by the promotional period. It may be charged up to your purchase amount and the merchant.

Credit balance fee, if your account is inactive and has a credit balance for at least 12 months: the lesser of $25 or the amount of that balance. Overlimit fee: $29.99 is applied one time at the end of a statement period if you exceed your borrowing limit within the statement period.

Foreign currency conversion fee: 2.5% of the purchase amount. There are also Payment protection insurance premium and applicable taxes, which are optional and vary, and sales draft copy fee of $15.00, Additional paper statement copy fee of $10.00 if needed.

Read your agreement carefully to consider all the fees charged in your exact province and paying options.

There is no prepayment penalty or additional payment fee. You are welcome to pay off your debt early in full or in part.

It's encouraged by promotion plans: you have to pay early or on time to prevent accrued interest rates. Additional payments cut off your total balance and reduce the amount of your final discharges.

It's possible to have multiple loans through Flexiti card or account number using it in stores which are the parts of the company's Network not exceeding your borrowing limit. You don't have to reapply, but conditions vary.

Make sure you sign in to the personal profile at the official website to monitor your balance, AIR, and statements.

Methods of loan funding

Applying online, you have all the needed details before the agreement submission: the interest rate, charges, and terms.

You can make a deal using Flexiti technology:

  • Visit a participating company and apply in-store

  • Online through an eCommerce checkout process.

Choose Flexiti as your payment method and finalize the bargain. Now you will pay back according to the arranged scheme: make equal repayments once a month or one postponed repayment at the due date.

You might make a Flexiti card for further purchases: apply online or at the participating merchant's store. The card will arrive by mail within 10-15 days. Also, you can use the account number written in your welcome email or monthly statements.

Reviews

FAQ

What is Flexiti?

It is a private Fintech corporation that offers financial services online in Canada. It works with borrowers and merchants who want to make shopping more affordable and easy.

You could borrow even with an AIR of 0% for split or deferral payments if you qualify and your merchant is participating.

Who owns Flexiti?

Flexiti Financial Inc is a private corporation established by Peter Kalen, current CEO, in Toronto, Ontario, in 2013. It was acquired in 2021 by CURO Financial Technologies, installment and payday loans company based in Kansas, USA.

How do you qualify for Flexiti?

It's easy to be approved online by Flexiti. But you should satisfy some personal and financial requirements.

  • To qualify, borrowers should:

  • Be 18 years or older

  • Have a valid email address, phone number, address

  • Have a valid state ID

  • Be creditworthy and verify an income

  • Have a Canadian residency

If you meet these requirements, you are welcome to apply! 

Note: The most affordable payment options, lowest rates, and 0% APR plans are not available at all retailers.

How much can you borrow from Flexiti?

The sum depends on your creditability and merchant. These conditions become known upon approval.

Is Flexiti a legitimate company?

Yes, it is. Flexiti Financial Inc is a BBB accredited business with the highest rating of A+, but the customer reviews rate is relatively low, 1,06/5 (they aren't used for a rating calculation).

The company has been working in Canada since 2013 and is based in Toronto.  

Flexiti is funded by seven investors, including the National Bank of Canada.

Company documents

Legal

We took the liberty of making shopping easier for everyone.

© Flexiti

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What to pay attention to when applying for a loan from Flexiti

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Flexiti from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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