From secured loans to unsecured 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 loan alternatives that are similar to easyfinancial but may better suit your needs.
Just like easyfinancial, Spring serves borrowers that do not qualify for a loan from a bank or credit union. Consider Spring 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 46.99% if you have less-than-perfect credit
You may need to provide personal references and employment verification
Loan amount
$500 – $35,000
APR
10.8% – 46.99%
Term
6 - 60 months
Min. credit score
500
Fees
No fees except $30 NSF fee
Origination fee
N/A
Turnaround time
Within 24 hours
If you’re looking for an unsecured loan: Loans Canada
You can find an unsecured loan through Loans Canada, but unlike easyfinancial, Loans Canada is an online broker. 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
Steep interest rates up to 46.96%
Loan amount
$300 – $50,000
APR
6.99% – 46.96%
Term
3 - 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Origination fee
0
Turnaround time
Receive funds within as little as 24 hours.
If you’re looking for a large alternative lender: Mogo
If you prefer to avoid big banks, Mogo is a major player in the online lending space with 1.6 million members. Its starting interest rate is lower than easyfinancial's, and it has more flexible loan amounts.
Loan flexibility, starting at $500 up to $35,000
Lower starting rate at 9.9%
No early repayment penalties for paying off some or all of your loan ahead of time
Bad credit doesn't matter
Rates as high as 46.96%
Not available across Canada.
No in-person customer service available, which easyfinancial provides
Whether you get a secured loan from Fairstone or easyfinancial, you can use it to consolidate your debts, cover unexpected expenses, manage costly home repairs and more. easyfinancial has a lower starting rate at 9.99%
Borrow as little as $5,000 to start versus easyfinancial's $15,000 minimum.
Terms range from as short as 36 months versus easyfinancial's 72 months.
Fast access to funds to the tune of 1 business day.
Flexible repayment options, including weekly, fortnightly or monthly due dates.
Potential for a higher starting interest rate at 19.99% versus easyfinancial's 9.99%.
Your home is used as collateral, regardless of which loan you opt for.
Expect additional charges for a home valuation, title search and other due diligence steps.
Options include secured loans, unsecured loans and credit builder loans.
High approval rates. As many as 60% of easyfinancial customers who qualify for a personal loan have been turned down by a bank due to poor credit.
Apply for a loan online, over the phone or in-person at 370 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 46.96%.
If you opt for a secured loan, the risk is that you’re using the roof over your family’s head as collateral.
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. There are many types of collateral you can put up to secure your loan, with home equity the most common for personal loans. That means if you default on your loan or can’t keep up with repayments, your lender has the right to repossess the assets you used as your collateral. Because you’re providing your lender with this insurance, secured loans tend to come with lower interest rates and better terms.
Unsecured loans
Unsecured loans don’t require you to put up collateral to protect your loan. Instead, lenders rely heavily on your credit score to determine your eligibility. These loans typically come with higher interest rates, especially if lenders take a risk loaning you money if you don’t have a solid credit score. Unsecured loans are commonplace for online lenders – the application and approvals process is usually pretty quick, especially compared to secured loans.
How much does an easyfinancial loan cost?
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 both secured and unsecured loans may cost you, at varying terms:
Secured loans
Loan amount
Term
Interest rate
Monthly amount
Total cost
$20,000
72 months
14.99%
$422.79
$30,441.00
$20,000
120 months
14.99%
$322.55
$38,705.69
Unsecured loans
Loan amount
Term
Interest rate
Monthly amount
Total cost
$3,000
12 months
29.99%
$292.45
$3,509.36
$3,000
84 months
29.99%
$85.76
$7,203.74
What do I need to apply for a personal loan?
To be eligible for an easyfinancial loan and loans like easyfinancial, you need to meet the following criteria:
Be a Canadian citizen or permanent resident with a home address, email and phone number. You must provide government-issued ID.
Meet the minimum age requirement, which varies from province to province.
Have a stable income sufficient to make loan repayments each month, with evidence such as bank statements or a letter of employment.
Have an active chequing account that can accommodate 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 bankrupt or in credit counselling, and you must not have an existing loan with easyfinancial or have had a previous easyfinancial loan that was not fully repaid.
Bottom line
Whether you’re looking for an unsecured loan or 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
The easiest loans to get approved for are short-term and designed for those with poor credit including payday loans, personal installment loans and loans backed by collateral like a car title loan.
Of the easyfinancial alternatives listed here, 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.
Need to borrow up to $5,000? Compare loan options, even if you have bad credit.
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