From personal loans to auto loans and even loans designed to help you rebuild your credit, easyfinancial has options for you. But if you’re looking for other lenders that get the job done, here are some alternative loans like easyfinancial that may better suit your needs.
Just like easyfinancial, Spring Financial serves borrowers who don't qualify for a loan from a bank or credit union. Consider Spring Financial if you have fair or bad credit, or your income doesn't meet the minimum threshold that banks and credit unions require.
High-risk applications are okay
Flexible loan amounts ranging from $500 to $$35,000
No fees for applying, maintenance or any other hidden costs
Interest rates of up to 35% if you have less-than-perfect credit
You may need to provide personal references and employment verification
Loan Amount
$500 – $35,000
APR Range
9.99% – 35%
Loan Term
6 - 84 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Within 24 hours
Min. Credit Score
550
Fees
No fees except a $30 NSF fee
Requirements
Min. income of $2,000, min. credit score of 550, 3+ months employed
If you’re looking for an unsecured loan: Loans Canada
You can find unsecured and secured loans through Loans Canada, but unlike easyfinancial, Loans Canada is an online loan search platform. This means it can match you with multiple direct lenders (such as easyfinancial) who want to finance you.
Get multiple loan offers
Bad credit doesn't matter, as long as you have stable income
Available across Canada
Free service
Not a direct lender
Rates and terms vary widely between lenders
Steep interest rates up to 35%
Loan Amount
$500 – $50,000
APR Range
8.99% – 35%
Loan Term
4 - 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian resident, age of majority in your province of residence
LoanConnect is a loan search platform that matches you with the right lenders based on a single application, saving you time and effort. You can apply even if you have bad credit or non-employment income.
Multiple loan offers
Simple online process
Competitive starting rates
Steep interest rates up to 35%
You're limited to its network
Loan Amount
$500 – $60,000
APR Range
8.99% – 35%
Loan Term
3 - 120 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income
Like easyfinancial, Cashco provides a fast application process. You can apply with bad credit and/or non-employment income. Apply online, provide minimal documents and connect your bank account to get a quick decision. You can also pay off your loan without paying any penalties.
Established lender
Flexible payments
Bad credit accepted
Interest rates as high as 35%
Loans processed within 24 hours
Loan Amount
$500 – $9,000
APR Range
Up to 35%
Loan Term
6 - 60 months
Serviced Provinces/Territories
AB, BC, NB and SK
Turnaround Time
within 24 hours
Min. Credit Score
300
Fees
Up to 10% of your loan amount to set up your loan, NSF and late payment fees of $25.
Requirements
Must be the age of majority in your province, with an active bank account, proof of employment and proof of residency to apply.
Fairstone offers a range of loans, including secured personal loans, with over 250 locations across Canada. Like easyfinancial, you can use your secured loan to consolidate your debts, cover unexpected expenses, manage costly home repairs and more, but your home will be used as collateral.
Borrow as little as $5,000
Access funds in 3+ days
Flexible repayment options
In-branch and online applications available
High interest rates starting at 19.99%
Additional fees for secured loans, such as appraisal charges
Loan Amount
$5,000 – $60,000
APR Range
19.99% – 23.99%
Loan Term
36 - 120 months
Serviced Provinces/Territories
Canada-wide (excluding Nunavut)
Turnaround Time
3+ days
Min. Credit Score
560
Fees
Varies by province
Requirements
Canadian resident, age of majority in your province of residence, home equity to use as collateral
easyfinancial offers secured loans, unsecured loans, auto loans and credit builder loans
High approval rates, with up to 60% of easyfinancial customers (who have been turned down by a bank for poor credit) qualifying for a personal loan
Apply for an easyfinancial loan online, over the phone or in-person at over 400 locations across Canada
Available across Canada, including all 10 provinces and 3 territories
Applying won’t hurt your credit score at all, and it’s free
Cons
Interest rates for secured loans start at 9.99% and go up to 25.99%, while unsecured loans come with interest rates starting at 29.99% up to 35%
If you opt for a secured loan, the risk is that you’re using the roof over your family’s head as collateral
Are Spring Financial and easyfinancial the same?
No, Spring Financial and easyfinancial are two different loan companies. Spring Financial was founded in 2014 and is headquartered in Vancouver, BC. Conversely, easyfinancial is owned by goeasy Ltd., which was founded in 1990 and is headquartered in Mississauga, ON.
easyfinancial vs Spring Financial
Both easyfinancial and Spring Financial offer personal loans. Here’s a look at how they compare:
Feature
easyfinancial
Spring Financial
Rates
9.99%–35%
9.99%–35%
Loan amounts
$500 to $150,000
$500 to $35,000
Loan terms
9 - 240 months
6 - 84 months
Eligibility criteria
Min. monthly income of $1,200, min. credit score of 300
Min. income of $2,000, min. credit score of 550, 3+ months employed
Application process
Apply on the phone, online or in branch
Choose the type of loan you want (personal loan, home equity loan or auto loan)
Supply personal details like your phone number, residency status, address and employment status
Provide your two most recent pay stubs, last 90 days of banking information, proof of address and a copy of your government-issued ID
Submit your application and wait up to 30 minutes for a decision
Head to Spring Financial’s website and select Apply Now
Enter information about your income, employment and loan
Connect your bank account to verify your income
Submit a copy of your government-issued ID, proof of address and proof of income
Submit your application and wait for an associate to contact you to talk about next steps
Speed
Approval within 30 minutes
Within 24 hours
Fees
Potential NSF fee, late payment fee, Credit Optimizer fee
No fees except a $30 NSF fee
Credit-building options
Use easyfinancial’s Credit Optimizer tool to analyze your credit history and get a personalized plan to improve your credit score. This service is not free; the fee is added to your loan payments.
Spring’s credit-builder loan, The Foundation, helps people build credit by reporting monthly payments to the credit bureaus over 12 months. You won’t receive your loan funds until after you’ve made all your on-time payments, including interest.
Reputation
Trustpilot: 3.8/5 based on 645 reviews
BBB accredited: No
BBB rating: A+
BBB reviews: 2.45/5 based on 49 reviews
Trustpilot: 4.6/5 based on 19,800 reviews
BBB accredited: No
BBB rating: D
BBB reviews: 1.05/5 based on 146 reviews
What could get my easyfinancial application rejected?
There are a few common reasons why your easyfinancial application might get rejected.
Poor credit history. If you’ve had multiple late payments for other debts, defaulted on a loan or been in bankruptcy.
Insufficient income. A lender has to ensure your income is sufficient to repay the loan.
Unstable income. Many lenders will want to see a stable job or at least a regular source of income to qualify.
Missing information. If you’ve entered something incorrectly on your application, your lender will likely reject it.
Too much debt. If you already have a loan, credit card or extra debt, you might be rejected because your debt-to-income ratio may be too high.
Low value of secured assets. If you’re applying for a secured loan, your loan could be rejected if the asset you’re using for collateral doesn’t meet the lender’s requirements.
How much do personal loans cost from easyfinancial or other lenders?
The total cost of your loan will depend on the loan type, the amount you’re borrowing, your loan term and its APR. Here are some examples of how much a $20,000 loan may cost you based on easyfinancial’s minimum and maximum terms and rates for secured and unsecured personal loans.
Loan amount
Term
Interest rate
Monthly amount
Total cost
$20,000
12 months
29.99%
$1,932
$23,184
$20,000
72 months
9.99%
$389
$28,022
$20,000
84 months
35%
$654
$54,919
$20,000
240 months
25.99%
$434
$104,160
As you can see, longer loan terms tend to lower monthly payments but increase the total cost of the loan due to accumulating interest over time.
What do I need to apply for personal loans from easyfinancial or other lenders?
While all lenders have their own specific eligibility requirements, easyfinancial loans and loans like easyfinancial all typically have these basic criteria:
Be a Canadian citizen or permanent resident
Have an email, phone number and Canadian home address
Must provide government-issued ID
Meet the age of majority in your province or territory (either 18 or 19 years old)
Have a stable, sufficient income, with evidence such as bank statements or a letter of employment
Have an active chequing account for automatic withdrawals (you’ll be asked for a void cheque or pre-authorized debit form)
If you’re taking out a secured loan, you’ll also need to:
Be a homeowner with home equity you’re willing to use as collateral to secure your loan. You’ll need to provide annual mortgage statements and annual property tax statements.
If you’re taking out a credit builder loan, you’ll also need to:
Not be currently in bankruptcy or in credit counselling, and you must not have an existing loan with the loan company you’re applying to.
Secured vs unsecured personal loans
The key disparity between these two loan options is that secured loans require borrowers to put up an asset as collateral, whereas unsecured loans don’t.
Secured loans
Secured loans are loans that are guaranteed against an asset you own. While there are several types of collateral you can use to secure your loan, home equity is the most common.
If you default on your loan or can’t keep up with repayments, your lender has the right to repossess the asset you used as collateral. Because you’re providing your lender with this insurance, secured loans tend to come with better interest rates and terms.
Unsecured loans
Unsecured loans don’t require any collateral. Instead, lenders rely heavily on your credit score to determine your eligibility. Unsecured loans typically come with higher interest rates, especially if lenders have to take on more risk because you have poor credit.
Unsecured loans are commonplace for online lenders, and the application and approval process is usually pretty quick, especially compared to secured loans.
Are you confident in understanding loan contracts?
easyfinancial and lenders like easyfinancial have received their fair share of complaints and negative press about their loans’ high interest rates. Before taking out a personal loan, it’s important to fully understand its terms and conditions, especially the interest and fees you can expect to pay. According to the Finder: Consumer Sentiment Survey January 2025, 3 in 10 Canadians are not confident at all or only slightly confident in understanding loan contracts.
Bottom line
Whether you’re looking for an unsecured loan or a secured loan, easyfinancial can help, especially when banks and credit unions are turning down your loan application. But it’s always worth comparing personal loans before proceeding with a lender — you may find an alternative option with interest rates, terms or eligibility criteria that better fit your profile.
Frequently asked questions
Loans like easyfinancial include Spring Financial, Fairstone and Loans Canada.
The easiest loans to get approved for are short-term and designed for those with poor credit, including cash advances, payday loans, personal installment loans and loans backed by collateral like a car title loan.
Of the easyfinancial alternatives listed in this guide, Loans Canada offers options for credit scores as low as 300, while Spring Financial offers funding specifically for bad credit borrowers.
To get an easyfinancial Personal Loan, you need a minimum credit score of 300.
No. easyfinancial is owned by goeasy Ltd., which is publicly traded on the Toronto Stock Exchange (TSX) under the symbol "GSY." Spring Financial is privately owned.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade.
See full bio
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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Secured vs unsecured personal loans