PERSONAL FINANCE BLOG

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Amber Financial Personal Loans review
9 Aug 2018

Amber Financial Personal Loans

Many people need to borrow money from time to time. If you’re looking for a simple loan that you can get online on your own terms, Amber Financial personal loans may be just what you need.

Generous limits and low rates make it easy to get the loan you want.

You are interested if

You are in the market for a generic personal loan that is relatively easy to obtain and is available on good terms.

 

Key Points

Brief Description Amber Financial personal loans are wide-ranging, multi-purpose financial products that you can use to inject a little extra money into your life right now.
Limits and Deadlines You can borrow anywhere from $1,000 to $50,000 to be paid back in anywhere from 3 to 36 months. The exact combination of these parameters depends on what the applicant chooses.
Urgency Applications can be processed in as little as 30 minutes, but potential borrowers should plan for a slightly longer time frame.
APR Range 11.95% and 22.47%.
Closing/Origination Fees None; Amber Financial states that there are never any hidden fees associated with their product.
Early Payment Fees None; feel free to pay as soon as you can.
How to Contract the Product Applications take place entirely online through a secure portal. Users can also use this space to manipulate the different parameters of their potential loan before committing to anything, and once they’ve made their decision, they can submit all the necessary documentation online and have an agent look it over almost immediately.
Main requirements You must be of age (19+), have no past bankruptcies or unpaid debts, and have a credit score of at least 651 in order to be considered for these loans. You do not necessarily have to be employed in order to be approved, but you must have an income that is sufficiently high in comparison to the amount you wish to borrow. To prove this, you must provide 3 months of bank statements and either 2 pay stubs or 3 Notices of Assessment from the CRA. In special cases, other proof of income may suffice. You must also submit a copy of a piece of ID like a driver’s license.

About Amber Financial Personal Loans

Main Features

Amber Financial personal loans are one of the most extensive products in Canada’s credit market right now. Applicants can secure themselves the exact type of loan they need by adjusting the loan size and repayment period to fit their objectives, and the interest rates that are calculated based on those parameters are well within competitive bounds. Most prospective borrowers will likely be able to get the things they’re looking for from these products.

On the other hand, some Canadians will not be able to access these loans at all simply due to where they live; Amber Financial does not operate in Quebec, Saskatchewan or Nova Scotia due to licensing requirements. Even if you live in one of the eligible provinces, you still may face some barriers. You must have good credit to be approved, although they do make exceptions for those with no credit whatsoever. You will also be required to divulge some information that some people would prefer to be kept private, such as bank statements. While this is common for lending institutions, it may be a deal-breaker for some clients with security on the top of their minds.

How Does It Work?

Starting from the Amber Financial website, you can survey your borrowing options and request an online quote based on your individual needs in as little as 5 minutes. If you like what you see when that comes back, you can then submit a full-fledged application online as well. The company will review your case and get back to you about it in potentially as few as 30 minutes, with your new funds being deposited immediately after that.

Conclusions

Amber Financial offers a pleasant and versatile borrowing experience that should leave most customers with few complaints. The process can be incredibly speedy at times, although it’s still best not to count on the money transfer being so prompt every time. Even if they do not always live up to the incredible promise of a half-hour turnaround time, they can still be counted on to get back to you in a very reasonable amount of time. Because you can determine the borrowed amount and repayment period mostly on your own, you should also have little risk of default provided you stay realistic about what is within your means.

Like most lenders willing to put up larger sums of money, they do check your credit as part of your application, and their minimum threshold of 651 could be challenging for some consumers to meet. Candidates with a lower income may also struggle to be approved for loans of any usable size. The typical borrower will find few downsides here, but anyone needing more specific services may prefer to work with lenders who are more attuned to their complex needs.

Amber Financial: Online Lending For All

Amber Financial’s ultimate goal is to use the power of technology to simplify and speed up the lending process for as many Canadians as possible. Part of the reason they are able to offer loans at comparatively low interest rates is their use of data and analytics to find new ways to lower lending risks. With their two office locations in Vancouver and Toronto located in major tech hubs, they can be counted on to continue innovating well into the future.

What We Think

Amber Financial is a good example of general lending moving into the online space. They are perhaps one of the best choices for customers with no particular borrowing needs. With their loans, you’ll get a comfortable repayment period with good rates and plenty of money available, and that’s all that most people are looking for. If you’re one of them, we think this lender will more than satisfy.