5 Loans Like easyfinancial
Find loans similar to those offered by this popular lender. Compare easyfinancial alternatives here.
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.
5 loans like easyfinancial
| Amount | APR | Term | ||
|---|---|---|---|---|
| Speed: Spring Financial Personal Loan | $500 – $35,000 | 9.99% - 34.95% | 6 - 84 months | |
| Fast results: LoanConnect Personal Loan | $500 – $50,000 | 8.99% - 35.00% | 3 - 120 months | |
| Unsecured loan: Loans Canada Personal Loan | $500 – $50,000 | 9.99% - 35.00% | 3 - 60 months | |
| Flexible results: AAR Financial Personal Loan | $1,000 – $50,000 | 14.90% - 35.00% | 12 - 96 months | |
| Secured loan: Fairstone Secured Personal Loan | $5,000 – $60,000 | 19.99% - 23.99% | 36 - 120 months |
How does easyfinancial compare?
You can read our review of easyfinancial for more details, but here are the highlights:
Pros
- easyfinancial primarily offers secured and unsecured loans
- Apply for an easyfinancial loan online, over the phone or in person at over 400 locations across Canada
- All provinces have access to easyfinancial loans
- 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%, which is more expensive than bank rates
- 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 online or at one of its branches | Apply online only |
| Speed | Approval as soon as the same day | Approval as soon as the same day |
| 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 offers a credit builder loan (The Foundation) |
| Reputation |
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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.
Dive deeper: Top reasons personal loan applications get denied
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% | $1,949.64 | $23,395.73 |
| $20,000 | 72 months | 9.99% | $370.42 | $26,669.95 |
| $20,000 | 60 months | 35.00% | $424.84 | $25,490.55 |
| $20,000 | 96 months | 16.99% | $382.31 | $36,701.73 |
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 difference 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. For easyfinancial secured loans, that’s your home.
If you default on your loan or can’t keep up with repayments, the lender has the right to repossess the asset you used as collateral. Secured loans tend to come with better interest rates and terms.
Unsecured loans
Unsecured loans don’t require collateral. They typically come with higher interest rates, especially if you have poor credit.
Unsecured loans are commonplace for online lenders, and the application and approval process is quicker than for 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 research from the Finder: Consumer Sentiment Survey, 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
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