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Money Provider Personal Loans Review
23 Nov 2018

Money Provider Personal Loans | Product Review

With more Canadians living in precarious situations every day, it’s become very common to take out loans from both traditional lenders and online ones. If you prefer a quick and easy online borrowing process, Money Provider personal loans might be the product for you.

Fill a financial hole in your life with loans of up to $1,000.

You are interested if

You’d like to borrow some money from an online lender and would prefer a slightly longer repayment period than most payday loans can offer.

 

Key Points

Brief Description Money Provider personal loans are short-term loans that are available very quickly but are meant for brief use only.
Limits and Deadlines You can borrow any amount of money between $500 and $1,000 and will be responsible for paying it back in 12 to 18 weeks.
Urgency You can get your money in less than 24 hours.
APR Range Between 28% and 32% depending on the specifics of your application.
Closing/Origination Fees None.
Early Payment Fees None.
How to Contract the Product To access Money Provider personal loans, all you have to do is use their online application portal, then send over the necessary documents if you are approved. The loan money will follow in less than 24 hours.
Main requirements You must be at least 18 years old and have a steady job which pays you by direct deposit. In terms of documentation, you’ll need to provide a pay stub, a recent bank statement, a photocopy of a piece of photo ID, and a pre-authorized debit form or a void cheque.

About Money Provider Personal Loans

Main Features

Money Provider personal loans bridge the gap between payday loans and longer standard personal loans in a way that is sure to make things much easier on many of their customers. They keep the amounts they lend out small, allowing users to take out just enough of a loan to make the money useful but not so much that they may struggle to pay it back. In conjunction with that, though, they also allow borrowers to repay that loan over a period that can be up to 9 times longer than the standard 2-week agreement. This give borrowers much more leeway in terms of installment size and time available to get the money together (although it also forces you to pay multiple months’ worth of interest). It’s an ideal setup for people with very little discretionary income since it does not force them to cut into their necessities budget in order to pay back their loan on time.

These loans do come with a few less-positive features that should be factored into your considerations, though. Their available APR range is not as high as many of their competitors, but make no mistake – these loans will still cost you a lot of money even if you have perfect compliance with the repayment agreement. You also have more opportunities to potentially miss or be late with a payment thanks to the longer repayment period, but that shouldn’t be a problem for you as long as you make sure to stay responsible and diligent. You shouldn’t choose this type of loan if you know that you will have trouble staying on track for the entire length of time during which you are expected to be making payments.

How Does It Work?

You can get Money Provider personal loans very easily – just open up their website in your browser and fill out the short application form you’ll find there, then follow the email instructions you will receive upon being approved. If you do this, your information will be quickly verified and you could have your loan money as soon as the same day.

Money Provider personal loans are fairly flexible in terms of repayment obligations. Your repayment installments will be due weekly, bi-weekly or monthly depending on your pay structure at your job, and as mentioned, you’ll be making your payments over about 3 months in most cases. Each payment will be automatically withdrawn from the bank account you applied with, so you don’t have to do anything manually for that to happen.

Missing a payment will result in a $45 non-sufficient funds fee and possibly incur even more costs from your bank. If you continually miss payments, Money Providers will turn your loan over to a collections agency who may pursue much more aggressive collection tactics. Rollovers are also not available, so you cannot get yourself out of trouble that way either. For all these reasons, you should make timely repayment a priority when you borrow from this company.

Conclusions

Money Provider personal loans don’t offer much in terms of novelty or innovation, but they are still solid products that will allow you to access the money you need. Their repayment period is a little more generous than the payday lenders to which they are most easily compared, their APR range is good, and their total processing time is also decent. Nothing particularly stands out here, but there are also no glaring weak spots to point out.

Money Provider: Easy Loans for Canadian Applicants

Money Provider has been helping connect Canadians with loans since 2014, operating out of their Vancouver office. This company is insistent on responsible lending and borrowing practices to keep applicants out of financial trouble, but are also known for being happy to serve repeat customers. They’re also never very far away when customers are in need; they can be reached by phone or email during the normal business day and a few extra hours afterwards, all 7 days of the week.

What We Think

While borrowing money from Money Provider may not be the cheapest, fastest or most exciting process out there, this lender does deliver a positive all-around experience that will more than suffice for most Canadians looking for this sort of loan. They make things as easy as possible for you and charge a reasonable rate for the service they offer; those two things are more than enough to make us happy to recommend them.