FlexMoney Personal Loan review

Our verdict

Our verdict

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 fast funding.

Best for: People with fair to bad credit looking for a fast loan

Pros

• Quick online application
• Provides funds in as little as 24 hours
• Accepts pension as income
• Minimal documents required

Cons

• High interest rates

FlexMoney Personal Loan is not currently available on Finder

Have you considered LoanConnect Personal Loan?

Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.

• Low interest rates starting at 6.99% for secured loans
• Easy online application process
• Quick deposits within 24 hours of applying
• High loan amounts of up to $50,000 for secured loans
• Lenders can provide bad credit loans

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Loan Amount

$500 - $15,000

Loan Term

6 - 60 months

Interest Rate

18.90% - 46.90%

FlexMoney was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 77.50%

What is FlexMoney?

Is FlexMoney legitimate?

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

FlexMoney Personal Loan features

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 can make a decision on your application within 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 Loans but can creep all the way up to 46.9% 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

FlexMoney reviews from Finder survey

Things went fairly well, but it seemed like the interest rates were high.

FlexMoney Customer from St. Catharines, Ontario

I didn't feel the shame of not having enough and needing to borrow. Instead I felt welcome.

FlexMoney Customer from Toronto, Ontario

It was an easy experience and they really helped me along the way.

FlexMoney Customer from Victoria, BC

The online process was extremely confusing and broken — with links jumping back and forth. In the end, I was rejected even though an email said I was accepted. (Turns out) I needed to do banking info to determine how much I could borrow, but I never ever heard from them again.

FlexMoney Customer from Thunder Bay, Ontario

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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. Head to FlexMoney's website and click Apply Now to go 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.
7. Once you’ve done everything on your end, FlexMoney will review your application and will contact you soon 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 46.9%.

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

• Loan amount: $5,000
• Loan term: 36 months
• Interest rate: 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.

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.

Compare other personal loans to FlexMoney

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Frequently asked questions about FlexMoney Installment Loans

• How much can you get with a FlexMoney loan?

  FlexMoney offers loans as small as $500 and up to a maximum amount of $15,000.

• I got the FlexMoney Installment Loan. Now what?

  After signing your loan documents, FlexMoney transfers your funds directly into your bank account within one business day. The cash is all yours, so use it carefully. FlexMoney sets up an automatic withdrawal from your account. 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.

• Can I visit an in-person location to apply for a loan?

  FlexMoney's personal loans are 100% online, so borrowers can't visit a physical location to set up a loan.

• How do I know if I've been approved for a loan with FlexMoney?

  It doesn't take long to get approved for a FlexMoney installment loan. The application is available 24 hours a day. Once you've submitted your application, you'll receive a decision quickly. A customer service representative will contact you to go over your loan options to help you with your next steps.

• How long does the process take?

  The application and approvals process can be done in a single business day. If you apply during business hours, you should hear from a customer service representative on the same day to iron out the details of your loan, including how much you can qualify for. If your application checks out, you should receive your funds within one business day.

• Does FlexMoney check my credit score?

  It will. FlexMoney says that during the application process, it will check your credit score to help determine your eligibility. Don't let your credit score deter you from applying though. FlexMoney makes it clear that it provides loans to borrowers with all levels of credit.