Symple Loans Canada Review 2022

Overview

The goal of Symple’s introduction in Canada was to provide a solution for Canadians who were searching for excellent rates and a simple online application procedure, which is essential in today’s market. Canadian banks have been hesitant to utilize cutting-edge technologies in their lending operations, while fintech firms have failed to provide competitive interest rates. Symple’s approach to credit risk modelling includes unique models that use data sources that are generally excluded or overlooked in traditional credit risk models. This enables Symple Loans to acquire a more comprehensive view of a borrower’s financial and employment status, providing them greater insight into the applicant’s creditworthiness and interest rate for a more customized loan offer. Symple  Loans offers a range of personal loans to suit any need from debt consolidation, home improvement, paying off credit cards and bills, purchasing a vehicle, travel, education, investing, and major purchases.

Rate and Terms

Loans are subject to credit and underwriting approval. Symple Loans Canada offers loans between $5,000 and $50,000 in principal amount with terms ranging from 1 to 7 years. Interest rates range from 5.75% to 22.99%.APRs range from 5.75% to 33.08 percent, and they will be determined based on your credit profile, financial condition, and ability to pay additional loan obligations. The maximum APRs listed above are inclusive of the maximum interest rate and any loan establishment charges. Loan set-up costs range from 0 to 5 percent, which is determined by the applicant’s credit profile. If you miss a payment or make a late payment on your loan, a $45 late payment fee is imposed and is not included in the APR calculation.  The disclosure provided at the time of notification of approval will contain the APR for each loan.

How to apply for a loan with Symple Loans Canada

You can get your application started by following these procedures if you meet the Symple personal loan’s baseline criteria:

• Go to the Symple website and click on “Check my rate” on the home page.

• Determine how much money you’ll need. You can borrow anything from $5,000 to $50,000.

• Select the reason for your loan. Choose from categories including debt consolidation, paying bills, house improvement, education, travel, and automobile financing.

• Provide your personal information such as your full name, birth date, and Social Insurance Number (if applicable).

• Choose your citizenship status from the drop-down menu. Canadian citizen, permanent resident, or other are the three options.

• Include your contact information. Fill in your email address, phone number, home address, and city and province.

• After you’ve filled out the application, submit it. Within 60 seconds, you’ll receive a pre-approval decision by email. If you’re approved for a loan, read through the terms and conditions of the contract before signing and accepting the offer. Read the small print carefully to ensure that you are satisfied with all of the fees included in your loan.