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FlexMoney installment 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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19% - 46.93%

Interest Rate


Max. Loan Amount


Min. Credit Score


Product NameFlexMoney installment loan
Benefit DescriptionMin. credit score: 500
Interest Rate19% - 46.93%
Min. Loan Amount$500
Max. Loan Amount$15,000
Loan Term6 - 60 months
Turnaround Time24 hours
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Please note: All information about FlexMoney installment loan has been collected independently by Finder and this product is not available through this site.

FlexMoney provides installment loans 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 All loan payments are automatically withdrawn from your bank account on your pay dates to make sure you’re not short of cash.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 loan 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 19% 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 installment loans

Name Product Interest Rate Loan Amount Loan Term Fees Credit Score Link
Fairstone Installment Loan
$500 - $20,000
6 - 60 months
Min. credit score: 560
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Borrow up to $20,000 with a Fairstone Installment Loan.
LoanConnect Installment Loan
32% + brokerage fee
$500 - $2,500
3 - 6 months
No application or origination fees
Min. credit score: 300
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An online broker who helps educate clients towards better finances. Get approved by different lenders in as little as 60 seconds with any credit score.
Loans Canada Installment Loan
8.00% to 46.96%
$500 - $50,000
3 - 60 months
No application or origination fees.
Min. credit score: 300
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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.
Cash Money Installment Loan
$500 - $10,000
6 - 60 months
Vary across provinces/territories
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.

Compare up to 4 providers

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 on the “Apply Online” button on the FlexMoney homepage to be 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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