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To be eligible for an easyfinancial creditplus loan, you must be employed with a stable source of income. You must not be bankrupt or in credit counselling, and you must not have an existing or unpaid easyfinancial loan.
9.50% - 9.90%
Max. Loan Amount
|Product Name||Easyfinancial Creditplus Loan|
|Interest Rate||9.50% - 9.90%|
|Min. Loan Amount||$1,500|
|Max. Loan Amount||$3,000|
|Loan Term||6 - 24 months|
If you have bad credit or no credit history at all, qualifying for a loan can seem impossible. With easyfinancial‘s creditplus savings loan, you can prioritize saving and rebuilding your credit score so that within six months’ time you’re guaranteed a personal loan.
easyfinancial‘s creditplus savings loan is a niche product to help people with no credit history or bad credit to rebuild their credit score so they can qualify for an easyfinancial loan, or another lender’s loan, within a few months.
While you aren’t taking out a “loan” and borrowing money to start with, you’re committing to making monthly payments on time to prepare you for the responsibilities of managing debt while showing creditors you can stay on top of your debt repayments. Ultimately, it’s a useful resource to help people build up their credit history so they can apply for loans in just a few months’ time.
You can apply for the creditplus savings loan regardless of how low your credit score is, and even if you don’t have any credit history at all.
Flexibility is a priority point for easyfinancial. You can apply over the phone or in person at over 370 branch locations for a creditplus loan.
The easyfinancial creditplus savings loan is a way to jumpstart your credit history so that you can successfully qualify for a loan in a few months’ time.
In a nutshell, you start by opening a creditplus savings loan of $1,500 or $3,000. You must make payments for this loan either weekly, bi-weekly or monthly, depending on your personal preferences. You must contribute at least $28 per month up to $40 per month for up to two years towards this savings loan. An interest rate between 9.5% to 9.9% is worked into your payments. Your interest rate is dependent on your loan amount and easyfinancial‘s assessment of your credit profile.
Every month, as long as you stay on top of your monthly payments, easyfinancial will report your loan as paid on time to Canada’s two credit bureaus. Within three to six months, your credit score will be boosted up, allowing you to apply and qualify for an easyfinancial loan.
Once you’ve hit your $1,500 or $3,000 savings threshold, or you’ve decided you’ve made enough monthly payments to improve your credit score, you can contact easyfinancial to request a refund for your savings deposits. The cash you’ve saved up will be returned to you in a direct deposit to a banking account of your choice. You can use this savings pot for any financial goals, including debt repayments on a new loan or towards a down payment for a car or home loan.
easyfinancial guarantees a $1,000 loan after the first 6 or 12 months of on-time payments on your creditplus savings loan, regardless of where your credit score stands. If you had a credit score on the cusp of moving into the “good” category and your dedication to monthly payments moves you into the higher category, you may even qualify for easyfinancial‘s secured and unsecured loan products, which allow you to borrow between $15,000 to $100,000. The interest rates for these loans range from 9.99% to 29.99%.
However, if you’re working your way up from a bad credit or no credit situation, easyfinancial can start you with a $1,000 loan following a successful run with your creditplus savings loan.
While easyfinancial offers a slate of loan products, its creditplus loan is unique and comes with some key benefits:
The creditplus account is a plum opportunity to kickstart your credit history or improve on your credit if it’s in bad shape, but there are some red flags to watch out for:
To be eligible for an easyfinancial secured loan, you need to:
After you apply for a loan, you will need to verify your identity and application details. You may be asked to provide:
If you’re ready to apply for an easyfinancial loan, simply visit one of its 370+ locations across Canada. You can also connect with an easyfinancial expert on the phone on 1-888-502-EASY (3279) to go through the application process.
Make sure you understand how the loan works, and decide on whether you’d like to sign up for a $1,500 loan or $3,000 loan. This is the “loan” you’ll be making weekly, bi-weekly or monthly payments for.
Prepare to be asked about your credit score, your employment status and gross monthly income.
Once you’re set up with an Easyfinancial Creditplus Loan, the fun starts. While you aren’t receiving funding, you get a clean slate to rebuild your credit with this “loan” and show easyfinancial you can make debt repayments on time. Whether you’ve decided on weekly, bi-weekly or monthly payments, make sure you have sufficient funds in your account to cover off this expense.
After three months of committing to this loan repayment, you should see your credit score improve. Stick with it – easyfinancial says it will guarantee you a loan of $1,000 after you cross the 6- to 12-month mark.
When you’re ready to, you can also contact easyfinancial to request a refund on your monthly savings deposits. While you’re whittling away at improving your credit score, you can think carefully about what you want to do with this pot of money you’ve been saving.
If you have bad credit or no credit history at all, you need to start somewhere with rebuilding your credit score. This is where a product like the Easyfinancial Creditplus Loan comes in.
Creditplus helps you simultaneously work towards two big financial goals: improving your credit score and saving up for the future. Whether your credit score is in dire straits or it just needs a boost, the creditplus loan is a great opportunity to take the first step to rebuilding your credit. In as soon as six months, you’re even guaranteed a $1,000 loan as long as you make all of your payments on time.
Once you’ve rebuilt your credit score and qualifying for a loan is a possibility, make sure you shop around and compare your loan options to make sure you’re getting the lowest interest rates and best terms to fit your needs.
You can also consider the wider range of personal loan options available to you.
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