Financeit review

What is Financeit?

Financeit is a Canadian point-of-sale financing provider in the home improvement, recreational vehicle and retail sectors. It offers payment plans that allow you to break down large purchases into smaller installments, which are automatically deducted from your bank account in line with your repayment schedule.

In July 2024, Financeit also launched a direct-to-consumer personal loan program. The program offers additional loans of up to $20,000 to people who have already received Financeit point-of-sale financing, allowing them to fund home improvement projects.

Is Financeit legit?

Financeit, a subsidiary of CommunityLend Holdings Inc., is a Toronto-based company that was founded in 2011. Its website lists a physical office address, phone number, email address and a privacy policy.

Financeit has previously featured on Deloitte’s list of Canadian Technology Fast 50 winners, and the company maintains active social media accounts. It has also generated plenty of positive reviews online from customers.

What we like about Financeit loans

• Large merchant network. Financeit point-of-sale financing is available through a network of 12,000 merchant partners.
• No documents required. You don’t need to provide extensive paperwork to qualify for a loan—you can apply by logging in to online banking.
• Competitive rates. Financeit point-of-sale financing typically comes with interest rates ranging from to .
• Fast access to funds. Financeit offers credit checks within seconds and rapid loan approvals, ensuring fast access to the money you need. Learn more about fast personal loans.
• Flexible loan terms. Loan terms vary based on how much you borrow and your credit history, but amortization periods range from 1 to 20 years.
• Flexible repayment schedule. You can repay your loan with monthly, bi-weekly or weekly payments.
• Early repayment allowed. You can make extra payments at any time and pay off your loan early without penalty.
• Personal loans of up to $20,000. If you qualify for a loan through the Financeit merchant network, you have the option to receive an additional Financeit personal loan of up to $20,000. The loan is designed to help you fund home improvement projects.

What to watch out for

• Credit check required. You’ll need to undergo a credit check to qualify for a Financeit loan. So if you have bad credit, you’ll need to look elsewhere for funding.
• Limited to Financeit’s merchant network. Financeit point-of-sale financing is not available everywhere, so it may not be a payment option where you want to make your purchase.
• Limited information. As the personal loan program is relatively new, there’s limited information about it available online.

Alternatives to Financeit loans

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What loans does Financeit offer?

Financeit offers two loan types:

• Point-of-sale financing. These payment plans allow you to split up large purchases into monthly, bi-weekly or weekly installments over a term of up to 20 years. Financing is available through Financeit’s 12,000 merchant partners in the home improvement, recreational vehicle and retail sectors. You can use your loan to finance the purchase of:
  • Hot tubs
  • Pools
  • Renovations
  • HVAC units
  • Retail items over $500
  • Recreational vehicles
• Personal loans. Financeit’s personal loan program is offered to customers who qualify for point-of-sale financing through its merchant networks. It offers access to an additional loan of up to $20,000 to fund home improvement projects and help you manage your cash flow while renovating.

What are Financeit’s interest rates?

Financeit says interest rates for its point-of-sale financing typically range from to . However, the interest rate you’ll get will vary depending on your credit history, how much you need to borrow and the product or project you purchase.

There are no rate ranges listed online for Financeit’s personal loans.

Summary of Financeit reviews

Reviews as of July 30, 2024

What do Financeit reviews say?

Financeit Canada reviews are generally positive. Customers who left positive reviews mentioned factors like a quick and easy application process and affordable interest rates. Those who left negative reviews mentioned poor customer service and increased loan costs after Financeit acquired Simply Group Financial.

Am I eligible?

Eligibility for a Financeit loan is determined based on your credit report and income. While the exact criteria you need to meet aren’t listed online, you will likely need to:

• Be a Canadian citizen or permanent resident
• Be the age of majority in your province or territory
• Have good to excellent credit
• Earn sufficient income to afford loan repayments

How to get a Financeit loan

You don’t apply to Financeit to get a loan. Instead you apply through a merchant that offers Financeit point-of-sale financing. The merchant will either help you through the application process in person or send you a link that you can use to complete the application.

You’ll need to provide your personal information and contact details and log in to online banking to set up your loan. If you’d prefer not to use online banking, you’ll need to provide a government-issued ID and a void cheque instead. Proof of income may also be required.

Finally, please note that you’ll need to undergo a credit check as part of the application process.

What to expect once you have a Financeit loan

Once you’ve been approved, you’ll need to choose a payment frequency that suits your financial situation. Loan repayments will then be automatically deducted from your bank account on the scheduled dates, so it’s important to make sure you have sufficient funds in your account to cover each payment.

You also have the option to repay your loan early without penalty. You can do so by logging in to your Financeit account.

Bottom line

Financeit is worth checking out if you’re looking for a manageable way to pay for a large purchase. It’s a convenient way to fund your purchase and offers competitive rates, but you may struggle to qualify if you have bad credit. Compare Financeit financing with other loan options to find the best rate and flexible repayment options.