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FlexMoney Personal Loan review

If you need cash, you can apply online to get approved for an installment loan.

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 fast funding.

Finder Rating: 4 / 5


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18.90% - 46.93%

Interest Rate


Max. Loan Amount


Min. Credit Score

FlexMoney Installment Loans at a glance

  • Quick online application
  • Receive funds within as little as 24 hours
  • Available to Canadians without employment income
  • High interest rates
  • Only available in Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario and PEI

What is FlexMoney?

FlexMoney is an online personal loan provider. Although it is based in Toronto it can issue loans to residents in Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario and PEI. Since its founding in 2012, FlexMoney’s goal has been to offer quick turnaround loans through their straightforward online application and funding process.

Is FlexMoney legitimate?

Yes, FlexMoney is a legitimate Canadian lending company. It has been in business for a decade and is Better Business Bureau accredited. You can find FlexMoney on Twitter and Facebook.

FlexMoney Personal Loan features

Loan amount$500 – $15,000
Loan term6 - 60 months
Interest rate18.90% - 46.93%
  • No application, origination or prepayment fees
  • $50 NSF fee
Serviced provincesAlberta, British Columbia, Newfoundland, Nova Scotia, Ontario and PEI
Basic eligibility criteriaMin. income of $2,000 /month, 3+ months employed, min. credit score 500

What we like about FlexMoney Installment Loans

If you’re thinking about taking out a FlexMoney Personal 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 Personal 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. Funds are then released within 24 hours, directly to your bank account.
  • 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.

Summary of FlexMoney reviews

BBB accreditedYes
BBB ratingA-
Google reviews3.7 out of 5 stars, based on 7 FlexMoney reviews
Customer reviews verified as ofJuly 20, 2022

Alternatives similar to FlexMoney Personal Loans


Finder Rating: 3.5 / 5

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29.90% - 46.90%

Loan term

12 - 60 months

Loan amount

$1,000 – $15,000

Min. credit score


Eligibility Requirements

Min. credit score 570, min. income $1,200/month, 3+ months employed


Finder Rating: 4.1 / 5

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12.99% - 39.99%

Loan term

9 - 60 months

Loan amount

$500 – $10,000

Min. credit score


Eligibility Requirements

Min. income of $1,600 /month, stable employment

Am I eligible for a FlexMoney Personal Loan?

To be eligible for a FlexMoney Installment 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.

How do I apply for a FlexMoney Installment Loan?

You can apply for a FlexMoney Personal 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.

How much does a FlexMoney Personal Loan cost?

The overall cost of your FlexMoney Installment Loan will depend on your loan amount, loan term and interest rate. No application, origination or prepayment fees will be charged during the loan application process. Interest rates on a FlexMoney Personal Loan ranges from as low as 18.9% up to 46.93%.

As an example, let’s say you borrow $5,000 at 29.99% APR for 36 months. The cost breakdown will be as follows:

  • Loan amount: $5,000
  • Loan term: 36 months
  • APR: 29.99%
  • Monthly payment: $212.23
  • Total interest charged: $2,640.30
  • Total loan cost: $7,640.30

Your interest rate will depend on personal factors, such as your credit score and income.

Calculate your FlexMoney personal loan monthly payment

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Bottom line

A FlexMoney Personal Loan is a good option for those who don’t qualify for a loan from more traditional financial institutions like banks and credit unions. However, it comes with high interest rates compared to similar loan products on the market. That’s why it’s a good idea to compare your options before settling on a loan to ensure you’re getting a competitive rate for your financial situation.

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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.

Frequently asked questions about FlexMoney Installment Loans

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