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FlexMoney Personal Loan review

If you need cash, apply online and get approved for an installment loan of up to $15,000, with funds sent over within 24 hours.

To be eligible, you must receive a net income of $2,000 per month.

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18.90% - 46.93%

Interest Rate

$15,000

Max. Loan Amount

500

Min. Credit Score

Details

Product NameFlexMoney Installment Loan
Benefit DescriptionMin. credit score: 500
Interest Rate18.90% - 46.93%
Min. Loan Amount$500
Max. Loan Amount$15,000
Loan Term6 - 60 months
Turnaround Time24 hours
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More Info

FlexMoney provides installment loans, a type of personal loan, for as little as $500 up to $15,000 to help borrowers with any of their financial needs, including debt consolidation, moving, renovations or emergency medical expenses. You can apply completely online, with quick approvals and funding released within 24 hours.

30-second take

  • Choose FlexMoney if you’re interested in a quick online application available 24/7, with loans available to Canadians without employment income.
  • Pick something else if you prefer to work with a lender with a bricks and mortar location or you need a loan that’s larger than $15,000.
  • Keep in mind, you must have a net income of at least $2,000, even if it’s coming from government assistance, benefits or self-employment.

What is a FlexMoney Installment Loan?

FlexMoney calls itself one of the fastest installment loan providers in Canada. Borrowers can apply for an installment loan of anywhere between $500 up to $15,000 via an online-only application that’s filled out in 15 minutes or less.

Within minutes of submitting your loan application, FlexMoney provides you with an instant decision. Funds are then released within 24 hours, directly to your bank account.

FlexMoney‘s installment loans also provide flexibility in repayment plans, from weekly, fortnightly or monthly payments. All loan payments are automatically withdrawn from your bank account on your pay dates to make sure you’re not short of cash.

What makes FlexMoney Installment Loans unique?

FlexMoney prioritizes a convenient, easy to use, online experience so borrowers never have to visit a bank branch to apply for a loan or make loan repayments. It emphasizes its quick turnaround time for loan decisions, with approvals sent within 15 minutes of submitting your application and funds released within one business day.

The loan repayments are also automated. They are set up by default to withdraw funds directly from your bank account on payday so you don’t need to worry about missing a payment or being short on cash.

Finally, FlexMoney provides loan options for Canadians who don’t have employment income. As long as you’re pulling in at least $2,000 in net income per month, you can qualify for a FlexMoney Installment Loan.

What are the benefits of a FlexMoney Installment Loan?

If you’re thinking about taking out a FlexMoney Installment Loan, here’s a look at some of the key benefits:

  • Quick online application with fast pre-approvals. You can only apply for a FlexMoney Installment Loan online. You don’t even have to upload any documentation during the 10-minute application process. FlexMoney says it will make a decision on your application within 15 minutes, and you’ll receive a phone call from a customer service representative to help you with the next steps.
  • You don’t need to be employed. FlexMoney says you can still qualify for a loan if you’re receiving government assistance, including CPP and OAS, or if you’re self-employed. You must receive a net income of at least $2,000 per month.
  • Loan amount of up to $15,000. The amount you can borrow from FlexMoney starts at $500 and goes up to $15,000. You can use the money to cover expenses, such as bill payments, student debt, repairs and renovations.
  • Lengthy terms. You’ll be able to lock in a term starting at 6 months up to 60 months to help bring your monthly payments down. Only extend the life of your loan if you need to.
  • Flexible repayment plans. You can set up weekly, fortnightly or monthly loan repayments. They’re automatically withdrawn from your account, so you don’t have to worry about missing or late payments too.

What to watch out for

With any loan you take, you should always pay attention to the drawbacks. Here’s what to keep in mind for FlexMoney:

  • Steep interest rates. Interest rates start at 18.9% for FlexMoney Installment Loan but can creep all the way up to 46.93% depending on your credit score and other factors.
  • Your credit score is pulled. FlexMoney will check your credit score before deciding on the rate it will offer you. While FlexMoney provides loans to people with all levels of credit, you’ll need a fair or good credit score to receive the lowest rates.
  • No online quotes or online comparisons. FlexMoney is a direct lender, not a broker. After you submit your application, FlexMoney will contact you shortly after by telephone to go over your loan request. Brokers, on the other hand, let you compare multiple lenders at one time on an easy-to-navigate platform so you can do your homework on various offers and interest rates before making a decision.

Am I eligible?

To be eligible for a FlexMoney personal loan, you’ll need the following:

  • Proof that you’re at least 20 years old, regardless of the province or territory you live in.
  • Proof of your monthly income for the past three months (via pay stubs or bank statements).
  • Income of at least $2,000 per month, whether from income or government assistance.
  • A valid Canadian identification card to confirm your identity, your address and phone number.
  • A valid email address and phone number.

Compare personal loans and installment loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
OFFER
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
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Overall representative example
If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Installment Loan
32.00%
$500 - $2,500
3 - 6 months
Currents debts must total less than 60% of income
Min. credit score: 300
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Get approved by different lenders in as little as 60 seconds with any credit score. Access resources to help you work toward better finances.
FlexMoney Installment Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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Apply online in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Installment Loan
8.00% to 46.96%
$500 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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More Info
An online broker with the largest lender network in Canada. Get matched with lenders for free through one quick application regardless of your financial situation.
Mogo Installment Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
Go to site
More Info
An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
SkyCap Installment Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering installment loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Fairstone Installment Loan
26.99%-39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments
Min. credit score: 560
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Receive a personalized no-obligation loan quote in minutes without affecting your credit score. Finalize your loan application online and receive your funds as quickly as the same day.
Cash Money Installment Loan
46.93%
$500 - $10,000
6 - 60 months
Stable source of income
Min. credit score: 560
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Cash Money offers installment loans up to $10,000 for Alberta, Manitoba and New Brunswick residents. Online installment loans are available in Alberta only. Residents of Manitoba and New Brunswick must apply in-store.
Loan Away Installment Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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Get approved for an installment loan in as little 20 minutes. Get affordable monthly repayments no matter your credit score.
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How do I apply?

You can apply for a FlexMoney Installment Loan on your desktop or mobile phone. The whole application process shouldn’t take more than 5 to 10 minutes to complete:

  1. Click the green ‘Go to site’ button to be securely redirected to the application page.
  2. The first prompt will ask you about your customer details, including your full name, social insurance number, date of birth, your driver’s licence or other identification, your phone number and full address.
  3. You will need to provide your banking information, including your institution and transit number, bank name, account number, account type and account length.
  4. After your initial information has been filled in, you need to create a FlexMoney account login with a password.
  5. Log into your account and provide details about the amount you’d like to borrow as well as your credit score rating.
  6. You’ll then be asked about the purpose of your loan, with options that include debt consolidation, bill payments, auto repairs and upgrades, leisure and vacation, and home repairs and renovations.
  7. Once you’ve done everything on your end, FlexMoney will review your application and will contact you within the next 24 hours regarding the approval process, your loan quote and next steps.
  8. If your application has all of the adequate information required, FlexMoney can provide you with your loan documents to sign off on, and your funds will be transferred over within 24 hours.

I got the FlexMoney Installment Loan. Now what?

After signing on your loan documents, FlexMoney transfers over your funds directly into your bank account within one business day. The cash is all yours, so use it carefully.

In your loan contract, the details of your terms, interest rate and repayment plan will be ironed out. You can schedule loan repayments on a weekly, fortnightly or monthly plan. FlexMoney sets up an automatic withdrawal from your account so you don’t have to worry about keeping up with due dates. Just make sure you’re fitting the loan repayment into your budget.

You may be eligible to pay off your loan early without any penalties if you’re interested in getting out of debt faster.

Bottom line

Wherever you are in Canada, you can apply for a FlexMoney Installment Loan online via a quick, convenient application. This is a great option if you don’t want to visit a bank branch to apply for a loan. The process is speedy too – you should receive a decision on your application within 15 minutes and if FlexMoney has all the details it needs, you could receive your funds within one business day.

FlexMoney is also a worthy candidate if you’re looking for a lender that allows for non-traditional sources of income, including government assistance and self-employment.

As always, do your homework before settling on a borrower. Make sure you compare interest rates on offer to you, terms and conditions and fees so that ultimately, you end up with the best loan on offer to you.

You can also consider the wider range of personal loan options available to you.

Frequently asked questions

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