Flexibility is a common loan feature borrowers look for when it comes to choosing a loan. Flexibility in payment schedules and interest rates can make a loan affordable. The flex loan is a new type of loan that provides the borrower with the flexibility they need to get on top of their finances. Keep reading for a quick introduction to what you can expect from a flex loan and how it might be able to help you with your financial needs.
What Is A Flex Loan?
A flex loan is similar to a typical short-term installment loan, but with the added flexibility that so many consumers want and need. Depending on which lender you decide to work with, you can expect increased flexibility in one or more of the following features:
Payment schedule. Your lender may provide you with the option to choose from weekly, bi-weekly, monthly, or semi-monthly payments.
Prepayment options. Most lenders charge a fee when a borrower wants to pay off their loan ahead of schedule. With a flex loan, many lenders allow their borrowers to make prepayments, penalty-free.
Loan top-up. Because a flex loan is so flexible, many lenders offer the option to top-up a loan should a borrower need access to more money.
Customizable terms. Depending on your budget you may want to choose a pay off your loan quickly or over several years, flex loans can afford you this option.
Flex loans are simple, straightforward, and user-friendly and can help any consumer who is currently looking for a financing option that will work with, instead of against, their finances.
What Type Of Lenders Offer Flex Loans?
Flex loans are offered by smaller alternative lenders who often conduct their business online. These types of lenders have slightly less strict guidelines and thus are able to offer flex and bad credit loans.
Spring Financial is an online consumer lending company that offers innovative financial and credit-building solutions designed to give Canadians the opportunity to build credit, save money and borrow responsibly.With many Canadians struggling with high-interest debt and limited financing options, Spring Financial strives to provide Canadians with affordable and accessible financial products that can help them achieve greater financial freedom. Among their growing suite of smart money solutions, Spring Financial offers $1,500 cash advances, personal loans up to $35,000, and a credit-building program that helps you build credit and save money.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
If you’re looking for an open-ended line of credit with credit limits up to $15,000, Fora is the best choice. Fora’s line of credit lets you withdraw funds from your available credit, and repay and redraw as needed. This makes it an excellent option for those seeking flexibility and quick access to cash as needed.Moreover, interest rates start as low as 19.9% and are only charged on the amount you withdraw.
The MogoMini line of credit offers Canadian consumers a great personal loan alternative. Borrowers can access up to $5,000, spend what they need when they need it, make the automatic minimum payments, and finally control their own principal payments. This Mogo product is flexible and users can test drive their line of credit for 100 days to see if it’s the right fit. Access their easy online application via your MogoMoney dashboard and get pre-approved in 3 minutes with no impact on your credit.
Fairstone is a great choice for consumers looking for loans with affordable payments that meet their needs and budget. As Canada’s leading non-bank lender of personal loans, consumers can get unsecured loans up to $25,000. Homeowners can choose a secured loan (backed by the value of their house) to borrow more money and access lower payments compared to an unsecured loan. Whether you’re looking to consolidate debt into one simple monthly payment, cover unexpected expenses or something else altogether, Fairstone is a great option.
Money Mart is a Canadian financial services provider that specializes in offering short-term financial products, including payday loans, cheque cashing, wire transfers, and installment loans. They're available both in person and online, providing borrowers with different options to apply for loans and access their borrowed funds. Their Payday Boost products are available for up to $1,500, and installment loans are available for up to $18,000. They're known for their easy-to-use services and same-day cash options, making Money Mart a great option for those who have little time to wait for much-needed funding.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
If you’re short on cash, Bree offers cash advances of up to $500 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.
Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.
SkyCap Financial has been helping Canadian consumers take control of their financial futures since 2013. Their main goal is to provide alternative financing to all Canadians, regardless of their financial past or credit history. They provide fast and easy short-term loans ranging from $500 to $100,000 and approve applicants in as little as 24 hours. Consumers can take advantage of SkyCap Financial’s quick application and a team of experienced individuals who strive to make your experience as smooth as possible. SkyCap Financial bases all their lending decisions on three main factors, current income, credibility, and stability, so they can approve more Canadians, especially those who have been rejected in the past based on credit issues.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
GoPeer is a peer-to-peer lending platform that connects borrowers with individual investors who fund loans. Through GoPeer, you can get a personal loan for up to $35,000, with flexible repayment terms and competitive interest rates. Interest rates start at 8.99%, depending on your credit profile. GoPeer's unique peer-to-peer model allows consumers to benefit from a more personalized borrowing approach. The online application process is quick and easy, and funds can be deposited into your account in as little as 7 days.
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Steps On How To Get A Flex LoanIn Canada
To find and apply for a flex loan, follow these steps:
Step 1. Compare Lenders
Use an online loan aggregator to quickly find lenders that offer short-term flex loans. You can then compare them side-by-side to see how they stack up against each other. This will help you find the lowest rates and best terms, which can lead to savings and easier-to-manage payments.
Step 2. Check Your Credit Score
If the lender conducts credit checks, you’ll want to know what your score is by pulling a copy of your credit report. Reviewing your report will also give you a chance to see if there are any errors that are pulling your score down. If so, have the errors investigated and fixed by the credit bureau.
If your score is a little low, consider taking some time to improve it before applying for a short-term flex loan. This can help increase the odds of getting approved at the lowest interest rate. Similarly, ensure that all other aspects of your finances are in order such as your income and debt.
Step 3. Submit Your Application
Gather all required documents that your lender requests, such as proof of income, a letter of employment, pay stubs, or bank statements. You’ll also likely be required to provide documents like a driver’s license or passport so the lender can verify your identity. Submit all these documents along with your completed loan application.
Your lender should provide you with notice of approval within a day or two after submitting your application, and you’ll receive the funds shortly after.
Borrow Up To $50,000
Pros And Cons Of A Short-Term Flex Loan
A short-term flex loan offers plenty of perks, but it also has a few downsides that you should consider before applying.
Pros
Flexibility. A short-term flex loan gives you the freedom to customize the loan according to your needs and finances. For instance, you can choose the repayment schedule that’s most convenient for you, and you don’t need to come up with collateral to back the loan.
Less interest paid. Since the loan term is short, you’ll pay less interest over the life of the loan.
Easy approval. Flex loans are easier to get approved for compared to traditional loan types. If you have bad credit, for instance, you can still secure a short-term flex loan, as long as other aspects of your finances meet the lender’s requirements.
Funds can be used for most purposes. There aren’t usually any restrictions on what the funds from a flex loan can be used for.
Cons
Higher interest rates. Shorter-term loans often come with higher interest rates. That’s because there’s a shorter window of time for the lender to make a profit on the loaned funds.
Smaller loan amounts. Short-term loans are generally made for smaller amounts, usually between $2,000 and $20,000. If you need a larger loan amount, you may need to consider a longer-term personal loan.
Less time to repay. You may find it difficult to come up with the funds needed to fully repay your loan over a shorter period of time.
Risky. Most online lenders are legitimate and make it easy and convenient for borrowers — especially those with bad credit — to secure a loan. But there are some predatory lenders lurking that may not have your best interests in mind. Keep an eye out for these lenders to keep your money safe.
Both short-term flex loans and payday loans come with very short time repayment periods. So, what makes them different from one another?
Loan amounts. Payday loans are usually made for no more than $1,500, while flex loan amounts can be as much as $20,000 or more.
Interest rates. Payday loans come with the highest interest rates in the lending industry, with APRs as high as 365% (or $14 per $100 borrowed). While these loans also come with high rates, they’re not nearly as expensive as payday loans. Rates typically range 10% to 35% (APR), and legally they cannot charge you more than 35% (APR).
Loan terms. You usually only have 2 weeks to repay a payday loan, though sometimes you may have as long as a 60 days to pay up. Short-term flex loans, on the other hand, offer loan terms as long as a year.
Income requirements. Payday loan lenders may not have specific income requirements to meet. They generally just require you to have enough income to cover the loan amount. On the other hand, short-term flex loan lenders will typically look at your income and debt (debt-to-income ratio).
Credit checks. It’s common for payday loan lenders not to conduct a credit check on applicants. Short-term flex loan lenders, on the other hand, usually check your credit as part of the application process. That said, sometimes a credit check is not necessary with certain flex loan lenders.
Security. Short-term flex loans are typically provided by reputable lenders, while the chances of being exposed to a predatory payday loan lender are much higher.
What Can You Use A Flex Loan For?
Flex loans, like other installment loans, can be used to cover the cost of whatever the borrower chooses. Depending on your financial situation this can be anything from an unexpected cost to a vacation. Here are a few of the most popular reasons why a Canadian consumer might apply for a flex loan.
How much can I borrow with a short-term flex loan?
You can borrow anywhere from $2,000 to $20,000 with a short-term flex loan, and sometimes more.
Can I get a short-term flex loan with bad credit?
Yes, your lender may excuse your poor credit if you have a strong income. And in some cases, they may not check your credit score at all.
How are short-term flex loans secured?
Short-term flex loans are usually unsecured, which means you don’t need collateral to back the loan. But because there’s no asset of value collateralizing the loan, interest rates are higher and loan amounts are lower due to the higher risk for the lender.
Do short-term flex loans require a credit check?
Most lenders conduct a credit check on borrowers to make sure they have a positive payment history. But some lenders may not require a credit check. In this case, your loan application will be based more on your income than your credit score.
Bottom Line
Flex loans and other types of installment loans are great alternatives to payday loans. They offer more flexibility, typically have lower interest rates, and come with installment payments. Just remember, choosing the right flex loan provider is one of the most important steps you can take. So do some research and only apply with a lender you feel you can trust.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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