FlexMoney Reviews, Ratings And Fees March 2023

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Suite 304, 500 Danforth Avenue
Toronto, Ontario
M4K 1P6
  • Monday to Friday 8:30 am - 5:00 pm

Who Is FlexMoney

If you need quick cash and don’t have the time nor the credentials to get approved for a traditional bank loan, FlexMoney may have the solution. With this alternative lender, you can get approved for an installment loan within minutes and have funds deposited into your account in as little as 24 hours, all online.

FlexMoney is an online lender based in Toronto that has been providing installment loans to Canadians in all provinces. FlexMoney makes it easy to apply for a personal installment loan via innovative software that allows borrowers to access loans quickly and easily. There’s no need for an in-person interview or any credit checks. The application process is done entirely online with quick approvals and access to funding in as little as 24 hours. 

FlexMoney Online Installment Loans

An installment loan is a type of personal loan that is repaid in installments over specific intervals until the full loan amount — plus interest — is paid back. Loans can be applied for any time of the day or week. Once approved, the funds are deposited automatically into your bank account. 

FlexMoney Installment Loan Features

  • Loan Amount And Term – Their installment loan amounts range from $500 to $15,000 with terms that range between 6 months to 5 years. 
  • Payment Frequency –  FlexMoney offers weekly, bi-weekly, semi-monthly, and monthly payment schedules. 
  • No prepayment Penalty – Borrowers also have the option to repay their loans before the term ends without penalty.
  • Interest Rates – Interest rates start at 18.9% APR, but there are no other fees or charges applied. 
  • Secure – The loan process is automated with robust security and encryption in place, making FlexMoney a safe place to apply for an installment loan. 

How Do You Repay A FlexMoney Installment Loan? 

To repay the loan, payments are automatically withdrawn from your bank account. Payment due dates coincide with your payday to ensure the funds are available to withdraw. 

Loan Amount$500 – $15,000
Term (months)6 – 60
Interest Rate (APR)Starting at 18.9%
Payment Frequency Options– Weekly
– Bi-weekly
– Semi
– Monthly
– Monthly 
Funding MethodDirect deposit
Repayment MethodAutomatic withdrawals

Requirements To Qualify For An Online Installment Loan With FlexMoney

In order to qualify for a loan from FlexMoney, you’ll need to meet the following requirements:

  • Be a Canadian citizen.
  • Have a valid phone number and email address.
  • Be at least 20 years old.
  • Earn at least $2,000 per month over the last 3 months or longer.
  • Have an active bank account with at least 3 months’ worth of transactions.
  • Are not currently involved in a credit counseling program or have recently applied for bankruptcy or consumer proposals.

How Does FlexMoney Work?

5 Step Process Of Applying For An Installment Loan

Step 1 – Apply Online

Fill out the online loan application using up-to-date and accurate information to ensure efficient processing of your application.

Step 2 – Verify Your Information

To ensure your data is kept safe, you’ll need to verify your identity through FlexMoney’s online ID Verification system. You’ll also be required to confirm your email and phone number.

Step 3 – Get Pre-Approved

FlexMoney’s software will go over the information you provide and quickly inform you if you have been pre-approved for a loan within a few minutes.

Step 4 – Review and Sign the Application

FlexMoney’s systems will review your application. If all is well, your FlexMoney Account and loan contract will be created and you will be contacted to go over the online loan agreement and provide your e-signature.

Step 5 – Access Funding

You can expect to receive your funds the same day or the next business day.

Cost Of A FlexMoney Installment Loan

The costs of taking out an installment loan with FlexMoney are as follows:

  • Interest rate. Rates start at 18.9% APR. The exact rate you are charged is based on several factors, such as your income. This information will be communicated to you prior to loan offer acceptance. 
  • Term. You can choose loan terms as short as 6 months to as long as 5 years. Shorter terms mean that you’ll be loan-free sooner rather than later, but it also means your installment payments may be higher. That said, you’ll pay less interest overall compared to longer-term loans.
  • NSF Fees. If your bank account does not have sufficient funds to cover your loan payment, you could be charged an NSF fee
  • Late payment fees. If you miss a payment, you will be subject to a late payment fee. 

Benefits Of FlexMoney 

There are many perks to using FlexMoney to get access to funds quickly, no matter what you need the money for:

Easy Online Application

There’s no need to physically visit a financial institution to apply for a loan. With FlexMoney, everything is done online from wherever you happen to be, at any time of the day or week. The application process takes only a few minutes. 

Quick Approvals

You’ll receive notification of a pre-approval within minutes of applying, followed by a phone call from a customer support representative to guide you through the rest of the application process. 

Accepts Non-Traditional Sources Of Income

You may still be able to qualify for an installment loan with FlexMoney even if you’re not working. Receiving government assistance, such as CPP and OAS, and being self-employed may be sufficient for you to get approved, as long as you receive a minimum net monthly income of $2,000.

High Loan Amounts

You can apply for a loan of as much as $15,000, which can be enough to cover a myriad of expenses, including home renovations, an unexpected medical expense or any other major purchase. 

Many Term Options

Term lengths range from as little as 6 months to as long as 5 years, giving you plenty of flexibility when it comes to repaying your loan. Similarly, you have several options when it comes to how frequently you make your payments, including weekly, bi-weekly, semi-monthly, and monthly. 

Automatic Payments

You don’t have to manually make payments to FlexMoney, so there’s no risk of forgetting. Funds are automatically withdrawn from your bank account, so there’s little risk of missing payments.

FlexMoney Online Installment Loan FAQs

Does FlexMoney require a credit check?

Yes, FlexMoney will check your credit score during the application review process to determine your loan eligibility. That said, FlexMoney approves borrowers with all types of credit.

Is there a penalty for prepayments?

You may be able to repay your loan early without penalty if you have the funds to do so.

What provinces does FlexMoney operate in?

FlexMoney provides loans to borrowers in all Canadian provinces.

Can I get a loan if I’m unemployed?

Yes. You may still qualify for a loan even if you’re collecting government checks, as long as they amount to at least $2,000 net per month. 

How long does it take to get funded?

Loan funds are deposited into your bank account within 24 hours. 

Final Thoughts

If you need access to a few thousand dollars quickly without the hassle of the lengthy and time-consuming loan application process that’s typical with traditional financial institutions, FlexMoney may be worth checking out. Applying for a loan is easy and doesn’t require the same types of eligibility requirements that banks may demand. Just keep in mind that interest rates may be much higher compared to installment loans provided by traditional lenders.


Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Requirements & Documents

Installment Loan

  • $500 - $15,000
Interest Rate
  • +18.9% APR
Term (Months)
  • 6 - 60
Funding Time
Funding Method
Direct deposit
Repayment Options
Automatic withdrawals
  • Be a Canadian citizen.
  • Have a valid phone number and email address.
  • Be at least 20 years old.
  • Earn at least $2,000 per month over the last 3 months or longer.
  • Have an active bank account with at least 3 months' worth of transactions.
  • Are not currently involved in a credit counseling program or have recently applied for bankruptcy or consumer proposals.

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