4 loans like easyfinancial

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.

4 loans like easyfinancial

If you’re looking for similar eligibility criteria: Spring

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Spring Financial Personal Loan

$500 – $35,000
Loan amount

9.99% – 46.99%
APR

6 - 60 months
Term

• Info
• Features
• Details

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	9.99% – 46.99%
Term	6 - 60 months
Interest Rate Type	Fixed
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

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Loans Canada Personal Loan

$300 – $50,000
Loan amount

6.99% – 46.96%
APR

3 - 60 months
Term

• Info
• Features
• Details

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
Interest Rate Type	Fixed
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 have bad credit: AimFinance

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AimFinance Personal Loan

$1,000 – $5,000
Loan amount

Starting at 46%
APR

9 - 24 months
Term

• Info
• Features
• Details

Whether you have good or bad credit, AimFinance offers fast applications and approvals. However, easyfinancial has a much lower starting interest rate at 9.99%

• Borrow as little as $1,000 to start versus easyfinancial's $15,000 minimum.
• Terms range from as short as 9 months versus easyfinancial's 72 months.
• Fast access to funds to the tune of 1 or 2 business days.

• High interest rate of 46.00%.
• Ontario only.
• Limited online reviews of this provider.

Loan amount	$1,000 – $5,000
APR	Starting at 46%
Term	9 - 24 months
Interest Rate Type	Fixed
Min. Credit Score	580
Turnaround Time	24-48 hours

If you’re looking for a large alternative lender: Mogo

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Mogo Personal Loan

$200 – $35,000
Loan amount

9.9% – 46.96%
APR

6 - 60 months
Term

• Info
• Features
• Details

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 $200 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

Loan amount	$200 – $35,000
APR	9.9% – 46.96%
Term	6 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	500
Fees	Non-sufficient funds fee of $20 to $50
Origination Fee	$0
Turnaround Time	Within 24 hours

How does easyfinancial compare?

You can read our review of easyfinancial for more details, but here are the highlights:

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

Unsecured loans

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

• What is the easiest loan to get approved for?

  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.

• What credit score do you need to get an easyfinancial loan?

  To get an Easyfinancial Personal Loan, you need a minimum credit score of 300.

• Are easyfinancial and Spring Financial the same?

  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.