Amber Financial Personal Loan review

What are the benefits of Amber Financial loans?

• Easy online application. Amber is an online-only lender, so borrowers can apply wherever they have an Internet connection and sign off on their contract electronically.
• No early repayment penalties. Borrowers can pay off some or all of their loan early at any time without incurring any additional fees.
• No minimum income required. While some lenders have a minimum monthly income threshold to meet, Amber doesn’t have this requirement. You can apply if you’re unemployed as long as you have a source of income, such as foreign or investment income.
• Loan flexibility. Apply for between $500 and $50,000 with increments of $100, with loan terms of up to 10 years. You also have the freedom to use the money as you’d like.
• No fees. Amber Financial does not charge extra fees as long as you have enough money in your bank account for your loan repayments. It will charge a $50 NSF fee for insufficient funds.

What to watch out for

• Potential for steep interest rates. While rates start at 8.99%, some borrowers with less-than-perfect credit may be offered rates that are as high as 46.96%.
• History of bankruptcies not permitted. If you have a mark on your credit history, from bankruptcies to unpaid collections or overdue accounts, you may not qualify for an Amber loan.
• Not available across the country. Amber doesn’t provide personal loans in Quebec, Saskatchewan or Nova Scotia.
• No in-person help. Amber provides phone, email and SMS customer support, but there are no bricks and mortar locations for in-person assistance.

Alternatives to Amber Financial personal loans

Am I eligible?

To qualify for an Amber personal loan, you’ll need to meet the following requirements:

• Be a Canadian resident, 19 years of age or older.
• Have a credit score of 651 or higher, with no previous, pending or current bankruptcies, unpaid collections or overdue accounts.
• Proof of income to be able to afford the loan (via 2 of your most recent pay stubs or 3 of your most recent notices of assessment from the Canada Revenue Agency).
• Have an active chequing account that can receive direct deposits.

How do I apply for an Amber Financial personal loan?

If you meet the eligibility criteria and you’re ready to apply, simply follow these instructions:

1. Head to amberfinancial.com and click on “Apply Now” on the homepage.
2. Follow the prompts on the application page. Identify how much you’d like to borrow and then provide your personal information, including your full name, birthday, mailing address and contact information.
3. Follow the prompts again to fill in your financial information, such as your housing status, employment status, annual income, monthly expenses, Social Insurance Number (optional) and credit score range.
4. Agree to Amber Financial pulling your credit information, then hit “Continue” when you’re ready.
5. If your request is approved, you will receive a few loan options, showcasing interest rates, approved loan amounts and fixed monthly payments.
6. After you’ve selected an offer, you must upload the front and back of your driver’s licence for identity verification and submit your banking details.

Compare personal loans

Is Amber Financial legitimate?

You’re in safe hands with this Canadian company that was established in 2015. It has offices in Vancouver and Toronto, provides phone, email and SMS customer service support and offers a slate of loan products, including mortgages and investment opportunities.

Amber has also been accredited with the Better Business Bureau since 2016 with an A+ rating and has an active online presence across major social media platforms like LinkedIn, Instagram, Twitter and Facebook.

I got the Amber Financial Personal Loan, now what?

Once you’ve signed off your loan, Amber will direct deposit the funds into your bank account within 1 to 3 business days. After that, the onus is on you to make sure you have sufficient cash in your bank account for automatic withdrawals from Amber. Amber will send you an email reminder 3 days before your payment is due. Keep in mind, if you’re late with a payment, you’ll be charged a $50 NSF fee.

You can also choose to repay your loan via bank transfer, Interac e-Transfer, credit card or cheque. You can also make extra payments or pay off the entire balance at any time, without incurring any penalties.

Bottom line

If you’re searching for an online loan, it’s worth requesting a quote from Amber Financial, especially if your credit is in good standing. Interest rates start at 8.99%, you don’t need to have full-time employment to qualify and loans offer flexibility with amounts, terms and repayment plans.

Do your homework to make sure you qualify, and don’t forget to compare personal loans to make sure you’re getting the best interest rates based on your financial situation.

Frequently asked questions

• How long do I have to accept a loan offer?

  You have 7 days to accept an offer from Amber. After that, the offer will expire and you’ll need to apply again.

• Why do I need to provide my SIN?

  Providing your SIN is optional on the application page, but Amber says including it may speed up the loan approval process.

• What can I do if I don't have a pay stub?

  If you aren’t employed, you can provide income verification via your past 3 months’ bank statements showing your monthly income deposit or 3 years of notice of assessments from the CRA. If you receive other forms of income, you can upload documents on your account page.