Easy Financial Personal Loan
Your loan amount, interest rate and term will depend on whether you choose an unsecured or secured personal loan.
Easy Financial offers unsecured personal loans up to $15,000 and secured loans up to $45,000, with terms ranging from 9 months to 10 years depending on the type of loan you choose. Both loan types can be structured to suit your financial needs, and loans can be used for emergencies, debt consolidation or leisure purposes. Should you decide to take out a secured personal loan, you’ll need to be a homeowner.
How does borrowing from Easy Financial work?
Easy Financial offers both secured and unsecured personal loans. You’ll need to be a homeowner to apply for a secured personal loan. Since your home will serve as collateral, you need to be certain that you can pay back the loan on time and in full.
|Loan type||Loan amount||Interest rate||Loan term||Collateral required?|
|Unsecured personal loan||$500 – $15,000||29.99% – 46.96%||9 – 60 months (9 months – 5 years)||No|
|Secured personal loan||$15,000 – $45,000||19.99% – 46.96% (with most rates sitting between 19.99 – 28.99%)||72 – 120 months (6 – 10 years)||Yes. You must be a homeowner, as your home will serve as collateral.|
Features of a personal loan from Easy Financial
- Interest rates between 19.99% – 46.96%. Interest rates will vary depending on the size and length of your loan. Remember that unsecured loans attract higher interest rates.
- Flexible loan size. You can apply for an unsecured personal loan between $500 and $15,000, or a secured personal loan between $15,000 and $45,000.
- Loan type. You can choose between secured and unsecured personal loans. Secured loans come in higher amounts with lower interest rates and longer repayment terms, but you’ll need to secure the loan with your home (which means you’ll need to be a homeowner). Unsecured loans come with shorter repayment terms and lower borrowing amounts, but higher starting interest rates.
- Access to funds. Once you’ve been approved for a loan, you will typically have access to the funds within two business days.
- Loan terms. Easy Financial offers flexible and long loan terms. Unsecured loans can be paid back over 9 months to 5 years, while secured loans can be paid back over 6 to 10 years.
- Repayment options. You can structure your loan in a way that supports weekly, bi-weekly, monthly or bi-monthly repayments.
- Online calculator. Easy Financial has an online loan calculator that estimates the size of repayments you would make on your desired loan. Remember that this calculator only produces an estimate; your actual interest rate and repayments scheme will be outlined in the loan contract.
- Online application. You can apply online for an Easy Financial personal loan. Online applications can be completed in around 10 minutes if you have the necessary documents on hand.
- Fast approval. Once you’ve submitted an application form, you may be approved in as little as 30 minutes. Approval times are impacted by business hours, and whether or not you’ve included all the correct information in your application.
- Turnaround time. Once approved, you’ll receive your funds within two business days.
How much will the loan cost?
The overall cost of your loan will depend on the loan type (secured or unsecured), the interest rate you’re offered, the loan term and the amount.
Additional fees for your loan will vary from province to province. You may also be charged:
- Late payment fees
- Missed payment fees
- Default penalties
- Three-month loan interest penalty on secured loans if paid out before the end of the loan term
How to apply for an Easy Financial personal loanTo be eligible for an Easy Financial personal loan, at a minimum you’ll 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.
You’ll need the following details to complete your application:
- Personal details, including your name, address, email and phone number.
- Copy of valid government-issued identification and a bill that proves your residential address.
- Online banking details including your branch transit number, financial institution number and bank account number.
- Proof of your income. You’ll need to provide details such as your annual income, pay cycle frequency, hire date and employer name and phone number.
If applying for a secured loan, you’ll also need to provide:
- Annual mortgage statement.
- Annual property tax statement.
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