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.

FlexMoney

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About lender

FlexMoney is a prominent player in the Canadian financial landscape, offering a range of personalized financial solutions tailored to the needs of Canadian consumers. Designed with the Canadian market in mind, FlexMoney prides itself on providing fast and simple online personal installment loans to individuals across the country. With loans ranging from $500 to $15,000 and flexible terms spanning from 6 to 60 months, FlexMoney aims to provide accessible financing options to address various financial needs.

Operating in Ontario and serving customers throughout Canada, FlexMoney stands out for its commitment to simplicity and efficiency. Utilizing a fully digital platform, FlexMoney streamlines the loan application process, allowing customers to apply for loans conveniently from the comfort of their homes or on the go. With a focus on transparency and customer satisfaction, FlexMoney aims to empower Canadians by providing them with financial tools and resources to navigate life's financial challenges with confidence.

FlexMoney

Features

  • Fast Approval. FlexMoney offers a quick and straightforward application process, providing customers with rapid decisions on their loan applications.
  • Online Application. FlexMoney's online platform allows customers to apply for loans conveniently from any device with internet access, making the process hassle-free and accessible.
  • Transparent Fees. FlexMoney prides itself on transparency, ensuring that customers are aware of all fees and charges associated with their loans upfront, with no hidden costs.
  • Same-Day Funding. Depending on the time of application approval and the customer's financial institution, funds can be transferred to the borrower's account within 24 hours, providing quick access to needed funds.

Pros and cons

Pros

No Physical Documentation Required. FlexMoney's fully digital process eliminates the need for customers to submit physical documents such as IDs or bank statements, streamlining the application process.

Payback Flexibility. Customers have the flexibility to choose their repayment schedule, with options including weekly, bi-weekly, semi-monthly, or monthly payments, making it easier to manage loan repayments according to individual financial situations.

Personalized Customer Service. FlexMoney prioritizes customer satisfaction, offering dedicated customer service to assist borrowers throughout the loan process and address any questions or concerns they may have.

Cons

Interest Rates. While FlexMoney offers competitive interest rates, they may be higher than those offered by traditional banks or credit unions, particularly for borrowers with lower credit scores.

Eligibility Criteria. FlexMoney's eligibility requirements, such as a minimum income threshold and employment status, may limit access to loans for certain individuals, such as those on government benefits or with irregular income sources.

Limited Physical Presence. As a digital lender, FlexMoney does not have physical branches, which may be a drawback for customers who prefer face-to-face interactions or require in-person assistance.

Reliability

FlexMoney stands out as a reliable financial institution, offering Canadians a trustworthy avenue for accessing quick and convenient financing solutions. As evidence of its commitment to integrity and customer satisfaction, FlexMoney holds accreditation from the Better Business Bureau (BBB). This accreditation signifies adherence to high standards of business practices, transparency, and responsiveness to customer concerns. With a track record of providing reliable services and upholding ethical lending practices, FlexMoney offers borrowers peace of mind when seeking financial assistance.

How to apply for a FlexMoney loan?

  1. Visit the FlexMoney Website. Navigate to the FlexMoney website using your preferred web browser.

  2. Choose Your Loan Amount. Once on the website, select the loan amount that best suits your financial needs. FlexMoney offers loans ranging from $500 to $15,000.

  3. Complete the Online Application Form. Fill out the online application form provided by FlexMoney. You'll be asked to provide personal information such as your name, address, contact details, employment status, and income.

  4. Submit Required Information. Ensure that all the information provided is accurate and up-to-date. You may also need to consent to a credit check as part of the application process.

  5. Receive Instant Decision. After submitting your application, FlexMoney will review the information provided and provide you with an instant decision on your loan application. This decision will inform you whether you've been pre-approved for a loan.

  6. Verify Your Information. If you're pre-approved, FlexMoney may ask you to verify certain information provided in your application. This may include confirming your email address and cell phone number.

  7. Review and Sign Your Loan Agreement. Once your information is verified, FlexMoney will generate your loan agreement. Review the terms and conditions carefully and electronically sign the agreement if you agree to the terms.

  8. Receive Your Funds. Upon signing the loan agreement, FlexMoney will process your loan and transfer the funds directly into your bank account. Depending on your financial institution, you may receive the funds on the same day or within one business day.

Conditions

  • Loan Amounts. FlexMoney offers installment loans ranging from $500 to $15,000, providing borrowers with a wide range of options to meet their financial needs.
  • Repayment Terms. Borrowers can choose repayment terms ranging from 6 to 60 months, allowing for flexibility in managing loan repayments according to individual financial circumstances.
  • Interest Rates. FlexMoney's interest rates start at 18.9% APR, with rates varying based on factors such as creditworthiness and loan term. Borrowers will receive a personalized rate upon completing the application process.
  • Fees. FlexMoney is transparent about its fee structure, with no hidden fees. Borrowers should review the loan agreement carefully to understand any applicable fees, such as late payment fees or prepayment penalties.
  • Funding Time. Upon approval, funds are typically transferred to the borrower's bank account within one business day. However, the timing may vary depending on the borrower's financial institution and the time of approval.

Requirements

  • Age. Borrowers must be at least 20 years old to qualify for a FlexMoney loan, ensuring that applicants meet the legal age requirement for financial transactions.
  • Citizenship. FlexMoney loans are available to Canadian citizens only. Borrowers must provide proof of Canadian citizenship or permanent residency.
  • Income. Applicants must have a minimum monthly income of $2,000 for the past three months. Eligible income sources include employment income, self-employed income, Canadian Pension Program (CPP), Old Age Security (OAS), and private pension.
  • Bank Account. Borrowers must have an active bank account with a Canadian financial institution, which will be used for loan disbursement and repayment purposes.
  • Credit Check. FlexMoney conducts a credit check as part of the application process to assess the borrower's creditworthiness and determine loan eligibility. While all credit levels are considered, applicants with fair or good credit scores may qualify for better rates.

Ways to receive the money

  • Direct Deposit. The most common method is direct deposit into the borrower's bank account. Once the loan application is approved, FlexMoney transfers the funds directly into the borrower's specified bank account. This method provides quick access to the funds, typically within one business day.
  • Interac e-Transfer. FlexMoney also offers the option of receiving funds via Interac e-Transfer. Borrowers can choose this method for added flexibility and convenience. Upon approval, FlexMoney initiates an Interac e-Transfer to the borrower's email address, allowing them to deposit the funds into their bank account securely.

Products

Personal Loans ($500 to $15,000). FlexMoney's flagship product, personal installment loans, provides borrowers with access to funds for various purposes, such as unexpected expenses, home repairs, medical bills, debt consolidation, or major purchases. With flexible repayment terms ranging from 6 to 60 months, borrowers can choose a loan amount and repayment schedule that fits their financial situation.

Reasons you may be denied a FlexMoney loan

  • Insufficient Income. FlexMoney requires applicants to have a minimum monthly income of $2,000 for the past three months. If your income falls below this threshold, your application may be denied due to concerns about your ability to repay the loan.
  • Poor Credit History. FlexMoney conducts a credit check as part of the application process to assess your creditworthiness. If you have a history of late payments, defaults, or bankruptcy, it may negatively impact your credit score and increase the likelihood of your loan application being denied.
  • High Debt-to-Income Ratio. If you already have a significant amount of debt relative to your income, lenders may view you as a higher risk borrower. A high debt-to-income ratio could indicate that you may struggle to afford additional loan payments, leading to a denial of your loan application.
  • Unstable Employment History. Lenders prefer borrowers with stable employment histories, as it demonstrates a reliable source of income. If you have a history of frequent job changes or periods of unemployment, lenders may be hesitant to approve your loan application.
  • Insufficient Documentation. FlexMoney requires applicants to provide accurate and up-to-date information during the application process. If you fail to provide the necessary documentation or provide incomplete or inaccurate information, your application may be denied.

How to repay a FlexMoney loan

  1. Understand Your Loan Terms. Before you begin repaying your loan, review your loan agreement to understand the terms and conditions, including the repayment schedule, interest rate, and any applicable fees.

  2. Choose a Repayment Method. FlexMoney offers multiple repayment options to accommodate different preferences and situations. Set up automatic payments from your bank account on your chosen repayment schedule (weekly, bi-weekly, semi-monthly, or monthly). This ensures timely payments and helps you avoid late fees. Make one-time payments or schedule recurring payments through FlexMoney's online portal. Log in to your account to access the payment platform and follow the instructions to complete your payment. If you prefer to make payments via Interac e-Transfer, you can send payments to FlexMoney's designated email address using your online banking platform. Be sure to include your loan account number in the payment memo to ensure proper allocation.

  3. Make Timely Payments. Adhere to your repayment schedule and make payments on time to avoid late fees and negative impacts on your credit score. Set reminders or enable automatic notifications to stay informed about upcoming payments and ensure timely submission.

  4. Monitor Your Loan Account. Regularly monitor your loan account and payment history to track your progress and ensure accuracy. Review statements and transaction history to verify payments and identify any discrepancies or issues promptly.

  5. Consider Early Repayment. If you have the means to do so, consider paying off your loan early to save on interest costs and expedite debt repayment. Check your loan agreement for any prepayment penalties or fees and contact FlexMoney for assistance with early repayment options.

  6. Contact Customer Support. If you encounter any difficulties or have questions about your loan repayment, don't hesitate to reach out to FlexMoney's customer support team for assistance. They can provide guidance, address concerns, and help you navigate the repayment process effectively.

Editorial opinion

FlexMoney offers a range of financial products and services designed to meet the diverse needs of Canadian consumers. With its online platform and flexible loan options, FlexMoney provides borrowers with convenient access to funds for various purposes, from emergency expenses to home improvements. While the company emphasizes transparency and customer satisfaction, potential borrowers should carefully review the terms and conditions of loans before making a decision. Overall, FlexMoney serves as a viable option for individuals seeking quick and accessible financing solutions, but it's essential for borrowers to assess their financial situation and obligations carefully before committing to a loan.

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 FlexMoney?

FlexMoney is a digital lending platform that offers personalized financial solutions to Canadian consumers. Designed to provide quick and convenient access to funds, FlexMoney specializes in online personal installment loans with flexible repayment terms. Whether individuals need to cover unexpected expenses, consolidate debt, or finance home improvements, FlexMoney aims to empower borrowers with customizable loan options tailored to their specific financial needs. With a commitment to transparency, simplicity, and customer satisfaction, FlexMoney serves as a reliable partner for Canadians seeking fast and accessible financing solutions.

How quickly the funds can be received?

FlexMoney prides itself on its swift funding process, aiming to transfer approved loan funds to borrowers' bank accounts within one business day. Upon approval of a loan application, FlexMoney utilizes efficient electronic transfer methods to deliver funds promptly to borrowers, ensuring that they have quick access to the financial assistance they need. Depending on the timing of the application approval and the borrower's financial institution's processing times, funds may be received on the same day or the next business day, providing borrowers with timely access to much-needed funds.

How do you qualify for FlexMoney?

To qualify for a loan from FlexMoney, individuals need to meet certain eligibility criteria. Firstly, applicants must be Canadian citizens or permanent residents aged 20 years or older. They should also have a minimum monthly income of $2,000 for the past three months from eligible sources such as employment income, self-employment income, Canadian Pension Program (CPP), Old Age Security (OAS), or private pension. Additionally, applicants must have an active bank account with a Canadian financial institution. FlexMoney conducts a credit check as part of the application process to assess creditworthiness, with consideration given to all credit levels.

How much can you borrow from FlexMoney?

FlexMoney offers borrowers access to installment loans ranging from $500 to $15,000. This broad range of loan amounts allows individuals to borrow according to their specific financial needs and circumstances. Whether borrowers require a small amount to cover unexpected expenses or a larger sum for major purchases or debt consolidation, FlexMoney's flexible loan options cater to a diverse range of borrowing requirements. 

Is FlexMoney a legitimate company?

Yes, FlexMoney is a legitimate and reputable company operating as a digital lender in Canada. Founded in 2012, FlexMoney has established itself as a trusted provider of online financial solutions, serving thousands of customers across the country. The company is based in Toronto, Ontario, and is fully licensed and regulated to operate as a lender in accordance with Canadian laws and regulations. FlexMoney prioritizes transparency, compliance, and customer satisfaction, providing borrowers with access to fast, convenient, and reliable financing options.

Company documents

Privacy Policy

No paperwork. No faxing. No interviews. FlexMoney is 100% online and are leaders in the digital lending industry

© FlexMoney Canada
Financial products
FlexMoney
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

from 18.9%
Term
i

Loan term for the financial product

up to 60 months
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Loan term for the financial product

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