Easy Financial Personal Loan
Choose your loan type and repayment schedule with Easy Financial.Easy Financial offers unsecured personal loans up to $15,000 and secured loans up to $50,000, with terms ranging from 9 months to 10 years depending on the type of loan you choose.
14.99% – 46.96%
Max. Loan Amount
Min. Credit Score
- Think of an Easy Financial secured personal loan if you need a loan of up to $50,000 and have the home equity to use as collateral.
- You can also opt for an unsecured loan of up to $15,000, regardless of whether you’re a student, a newcomer to Canada, have bad credit or have no credit history at all. Easy Financial says it helps people who can’t qualify with traditional lenders.
- It’s free to apply with Easy Financial and doing so won’t affect your credit score. You can apply online, in person at over 370 branch locations or over the phone.
What types of personal loans does Easy Financial offer?
|Loan type||Loan amount||Interest rate||Loan term||Collateral required?|
|$15,000 – $50,000||14.99% - 29.99%||72 - 120 months|
Yes. You must be a homeowner, as your home will serve as collateral.
|Easy Financial Unsecured Loan||$500 – $20,000||29.99% – 46.96%||9 - 84 months|
|Easy Financial creditplus loan (credit builder loan)||$1,500 – $3,000||9.5% – 9.9%||Up to 24 months|
No, but you must make loan repayments before receiving any of the funds.
Why should I consider taking out a loan with Easy Financial?
With its flexible loan options, quick application and easy-to-meet eligibility requirements, Easy Financial has its share of perks. They include the following:
- Easy application. After filling out the application form online, you’ll be approved and will hear from Easy Financial within a business day. You may be able to get your funding as quickly as within the same day.
- High approval rate. Easy Financial allows many types of borrowers to apply for an unsecured personal loan. Newcomers to Canada, students and people with bad credit or no credit history at all can apply for a loan. As many as 60% of Easy Financial customers who qualify for a personal loan have been turned down by a bank due to bad credit.
- Repayment options. Choose weekly, bi-weekly, monthly or bi-monthly repayments.
- Option for in-person interactions. You can apply for an Easy Financial Unsecured Loan or request help online, in-person at over 370 locations or over the phone.
- Applying won’t hurt your credit score. Easy Financial notes on its website that applying is free and won’t affect your credit score at all.
- Available across Canada. You can apply for an Easy Financial loan in all 10 provinces and 3 territories.
- No penalties for early repayments. Pay off your personal loan early so you can save on interest and be out of debt sooner too.
Where does Easy Financial fall short?Easy Financial has plenty of benefits, but borrowers should always be cautious when they’re taking on more debt. Here’s a look at the red flags you should take stock of before proceeding:
- Potential for steep interest rates. Interest rates for secured loans start at 14.99% and go up to 29.99%, while unsecured loans come with interest rates starting at 29.99% up to 46.96%.
- Potential for additional charges. Applying for an Easy Financial loan is free, but you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees. These charges aren’t listed on its website, so you’ll need to ask a customer service representative when you’re setting up your loan.
- Your home is used as collateral for a secured loan. If you opt for a secured loan, the risk is that you’re using the roof over your family’s head as an insurance policy should you default on your loan.
- No online quotes or online comparisons. After you submit your application and provide your documentation, an Easy Financial representative will contact you by telephone to go over your loan request.
Compare personal loans
How much will it cost me to borrow with Easy Financial?
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
How to apply for a personal loan with Easy Financial
If you’re ready to apply for an Easy Financial loan, simply head online or visit one of 370+ locations across Canada. Keep in mind, creditplus accounts can only be opened in person, but unsecured and secured loan options can be completed online, in person or over the phone.
Here’s a step-by-step guide if you decide to apply online. It shouldn’t take more than 10 minutes to complete.
- Go to the Easy Financial homepage and click on the “Apply Now” button.
- Use the slider to indicate how much you need to borrow. Secured loans range from $15,000 up to $50,000 and unsecured loans range from $500 to $20,000.
- Indicate which category your loan will be used for, such as bills and expenses, debt consolidation, home and car repairs, education expenses, travel, healthcare expenses or other.
- Provide your contact details, including your full name, your email address, your phone number, your date of birth and your home address.
- Indicate your residency status, such as a Canadian citizen, a permanent resident, a work permit holder, an international student or other.
- Provide details about your employment status, including whether you are full-time or part-time, self-employed, seasonal, on disability or social assistance, retired or unemployed.
- Provide details about your gross monthly income and how long you have been receiving this income. Provide details about your employer, your job title and how long you have been employed there.
- After you apply for a loan, you will need to verify your identity and application details. If you’re applying online, make sure you have electronic copies of your government-issued ID, proof of income (bank statement, paystub or T4), void cheque or pre-authorized debit form, proof of address, annual mortgage statement and annual property tax statement.
- An Easy Financial representative will contact you with the next steps for organizing your loan.
- You can also connect with an Easy Financial expert on the phone at 1-888-502-EASY (3279).
To be eligible for an Easy Financial loan, you need to meet the following criteria:
- Be a Canadian citizen.
- Meet the minimum age requirement, which varies from province to province.
- Be able to demonstrate an ability to make repayments and have a steady income of at least $1,200 per month.
For borrowers looking for a secured loan, you must meet the following criteria:
- Be a homeowner with home equity you’re willing to use as collateral to secure your Easy Financial loan.
For borrowers looking for a creditplus savings loan, you must meet the following criteria:
- Not be bankrupt or in credit counselling, and you must not have an existing loan with Easy Financial or have had a previous Easy Financial loan that was not fully repaid.
After you apply for a loan, you will need to verify your identity and application details. You may be asked to provide the following:
- Government-issued ID to prove you’re the legal age in your province or territory.
- Proof of your employment status and monthly income (via paystubs or bank statements).
- A valid Canadian identification card to confirm your identity, your address and phone number.
- An active Canadian banking account with direct deposit capability.
- A void cheque or pre-authorized debit form.
For borrowers looking for a secured loan, you must also provide the following:
- Annual mortgage statements and annual property tax statements.
- Your credit report with your credit score.
Are Easy Financial loans safe?
They are. Easy Financial has been in business since 2006, helping over 230,000 Canadians with securing personal loans. It has won numerous awards and accolades, including the Globe and Mail’s Report on Business 2019 Top Growing Companies in Canada, the Digital Finance Institute’s Canada’s Top 50 FinTech Companies and Greater Toronto’s Top 2020 Employers, to name a few. Its parent company is goeasy, which has 30 years of business, 416 locations and more than 2,000 employees.Easy Financial has 370+ locations across Canada if you need customer service. You can also connect with an Easy Financial expert via live chat or on the phone at 1-888-502-EASY (3279).
Whether you’re looking for an unsecured loan or secured loan, Easy Financial is a contender worth looking into, especially if banks and credit unions are turning down your loan application. Easy Financial‘s application process is free, quick and easy to follow, and you should receive a response on your loan request almost immediately.
Always shop around and compare your options before settling on an Easy Financial loan. Whether your loan is secured or unsecured, you may be able to score a lower interest rate from other lenders.