Easy Financial Unsecured Loan review
If traditional lenders like banks and credit unions aren’t an option, Easy Financial helps you with unsecured personal loans of up to $15,000.
To be eligible for an Easy Financial Unsecured Loan, you must be a Canadian citizen, of the age of majority in your province and have a stable source of income to cover your debt repayments.
29.99% – 46.96%
Max. Loan Amount
Whether you’re looking to borrow money for bills, debt consolidation, home repairs or other expenses, Easy Financial provides unsecured loans for students, newcomers to Canada and anyone with less-than-perfect credit or no credit history at all.
If you’re looking for an unsecured personal loan, you can apply onsite or online with Easy Financial for a quick approvals process.
- Think of an Easy Financial Unsecured Loan if you’re a student, newcomer to Canada, you have bad credit or no credit history at all. Easy Financial says it helps people who can’t qualify with traditional lenders.
- Pick something else if you need a loan that’s more than $15,000, which is the maximum Easy Financial can provide in an unsecured loan.
- It’s free to apply with Easy Financial, and doing so won’t affect your credit score.
What are Easy Financial Unsecured Loans?
Are you in need of an injection of cash to help you cover bills, consolidate your debts or student loans, home renovations or to finance a summer holiday? Whatever your financial needs may be, Easy Financial provides unsecured loans of up to $15,000 to use at your discretion. It will ask you what your loan will be used for during the online application process.
Simply apply online, provide the required documentation, and you’ll receive a response to your loan request immediately. If your identification and credit history checks out, you could receive funding within the same day.
Your interest rate may range from 29.99% – 46.96%, depending on factors like your credit score, loan amount and repayment time, along with the stability of your income. With unsecured loans, you don’t have to provide any collateral at all.
What makes Easy Financial Unsecured Loans unique?
Easy Financial emphasizes that it’s your go-to solution when traditional lenders like banks aren’t an option. It says it will help you with an unsecured loan from as low as $500 up to $15,000 whether you’re a newcomer to Canada, a student, you have bad credit or you don’t have a credit history. As many as 60% of Easy Financial customers have been turned down by a bank due to bad credit.
Flexibility is also a priority point for Easy Financial. You can apply online, in person at over 370 branch locations or over the phone, with loan terms that can be as long as five years. It also makes a point to note that its interest rates are lower than payday loans to help you pay back your debts faster. You can apply within minutes with a quick turnaround on approvals. Most (88%) of Easy Financial‘s customers receive a decision within 30 minutes or less. Easy Financial says that you can even receive your loan within a business day or two.
What are the benefits of Easy Financial Unsecured Loans?
While Easy Financial offers a slate of loan products, unsecured loans come with a specific set of advantages:
- Easy, secure online application with a quick approvals process. After filling out the application form online or visiting a branch in person, you’ll be approved and hear from Easy Financial within a business day to move forward with your loan. You may be able to get your funding as quickly as within the same day.
- Anyone can apply. Easy Financial allows many types of borrowers to apply for an unsecured personal loan. It notes that newcomers to Canada, students and people with bad credit or no credit history at all can apply for a loan.
- Loan amount of up to $15,000. You can borrow up to $15,000 for an unsecured personal loan to cover expenses such as bill payments, student debt, repairs and renovations. Unsecured loans are flexible – you can even apply for a loan as small as $500.
- Repayment options. You can structure your loan in a way that supports weekly, bi-weekly, monthly or bi-monthly repayments.
- Not a payday lender. Easy Financial stresses that it is not a payday lender and explicitly states on its website that its interest rates are cheaper than what’s on offer from payday lenders.
- Opportunity to rebuild credit. If you have bad credit or no credit at all, securing this loan and committing to staying on top of payments may be a great way to rebuild your credit and prove to creditors that you’re a responsible borrower.
- Lengthy terms. You’ll be able to lock in a term of up to five years to help bring your monthly payments down. Only extend the life of your loan if you need to. Your aim is to pay off your debts as quickly as reasonably possible.
- You have the option for in-person interactions. You can apply for an Easy Financial Unsecured Loan or request help online, in-person at over 370 locations or over the phone.
- Applying won’t hurt your credit score. Easy Financial notes on its website that applying is free and won’t affect your credit score at all.
- Available across Canada. You can apply for an Easy Financial loan in all 10 provinces and 3 territories.
What to watch out for
While Easy Financial may seem like the bandaid solution to your financial problems, there are some drawbacks you should consider too.
- Steep interest rates for bad credit. You may be able to secure an unsecured personal loan despite having bad credit or no credit at all, but you could end up agreeing to steep interest rates as high as a whopping 46.96% to get your loan. Unsecured loans start at 29.99%, which is pretty high.
- Potential for additional charges. While applying for an Easy Financial loan is free, you may come across administrative charges, and fees for non-sufficient funds, late or missed payments.
- No online quotes or online comparisons. After you submit your application and provide your documentation, an Easy Financial representative will contact you by telephone to go over your loan request. Other lending platforms and services let you compare multiple lenders at one time on an easy-to-navigate platform so you can do your homework on various offers and interest rates before making a decision. If you opt for an Easy Financial loan, make sure you do your research first to ensure it’s the best loan option for you.
Am I eligible?
To be eligible for an Easy Financial Unsecured Loan, you need to:
- Be a Canadian citizen.
- Meet the minimum age requirement, which varies from province to province.
- Be able to demonstrate an ability to make repayments, with a steady income of at least $1,200 per month.
After you apply for a loan, you will need to verify your identity and application details. You may be asked to provide:
- Government-issued ID that is proof that you’re of the legal age in your province or territory.
- Proof of your employment status and monthly income (via pay stubs or bank statements).
- A valid Canadian identification card to confirm your identity, your address and phone number.
- An active Canadian banking account with direct deposit capability.
- Your credit report with your credit score.
How do I apply?
If you’re ready to apply for an Easy Financial Unsecured Loan, simply head online or visit one of 370+ locations across Canada. Here’s a step-by-step guide if you decide to apply online, which shouldn’t take more than 10 minutes to complete:
- Go to the Easy Financial homepage and click on the “Apply Now” button.
- Use the slider to indicate how much you need to borrow. Unsecured loans range from $500 up to $15,000.
- Indicate which category your loan will be used for, from bills and expenses to debt consolidation, home and car repairs, education expenses, travel, healthcare expenses or other.
- Provide your contact details, including your full name, your email address, your phone number, your date of birth and your home address.
- Indicate your residency status, including Canadian citizen, permanent resident, work permit, international student or other.
- Provide details on your employment status, from full-time employment to part-time, self-employed, seasonal, retired, on disability or social assistance, or unemployed.
- Provide details of your gross monthly income and how long you have been receiving this income for. Provide details on your employer, your job title and how long you have been employed there.
- After you apply for a loan, you will need to verify your identity and application details. If you’re applying online, make sure you have electronic copies of your government-issued ID, proof of income (bank statement, paystub, T4), void cheque or pre-authorized debit form, proof of address, annual mortgage statement (if applicable), annual property tax statement (if applicable).
- An Easy Financial representative will contact you with the next steps for organizing your loan.
- You can also connect with an Easy Financial expert on the phone.
I got the Easy Financial Unsecured Loan – now what?
The Easy Financial loans process is pretty seamless and upon approval, you may receive your funds within a business day. Use your loan wisely and budget according to your needs. Ideally, you applied for this loan for a specific reason, whether it was to consolidate your debts, pay for a home renovation or cover other important expenses that you didn’t have the upfront cash for.
Your repayment options will be outlined in your contract with Easy Financial. You can structure your loan repayments so they’re weekly, fortnightly or monthly, depending on your personal preference.
Make sure you fit this loan repayment into your budget. This is a good opportunity to show lenders that you are a trustworthy client and build up your credit score.
On its website, Easy Financial says that you can pay off your personal loan early so you can save on interest and be out of debt sooner.
Compare unsecured personal loans
If banks are turning down your loan application, Easy Financial is one of the options available to help you lock down an unsecured loan. Easy Financial‘s application process is free, quick and easy to follow, and you should receive a response on your loan request almost immediately. It emphasizes that it will work with people who have no credit history at all, including students and newcomers to Canada.
Easy Financial is a direct lender, so it doesn’t provide loan comparison options like other online lending platforms do. Before you decide on an Easy Financial loan, shop around and compare your options to make sure you’re getting the lowest interest rates and best terms that fit your needs.
You can also consider the wider range of personal loan options available to you.