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easyfinancial review

Choose your loan type and repayment schedule with easyfinancial.

easyfinancial offers unsecured personal loans up to $15,000 and secured loans up to $100,000, with terms ranging from 9 months to 240 months depending on the type of loan you choose. It offers loans to various types of borrowers, including those with poor credit, no credit history or who are newcomers to Canada.

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9.99% – 46.96%

Interest Rate


Max. Loan Amount


Min. Credit Score

Please note: All information about Easyfinancial Personal Loan has been collected independently by Finder and this product is not available through this site.

easyfinancial at a glance

  • Offers secured and unsecured loans
  • Applying won’t affect your credit score
  • Fast application and approval
  • Works with bad and no credit borrowers
  • Interest rates can be high
  • Personal loans not available in British Columbia

What is easyfinancial?

easyfinancial is an alternative Canadian lending institution offering unsecured personal loans, home equity secured loans, credit builder loans and even auto loans. It’s been in business since 2006, helping over 630,000 Canadians to secure financing. easyfinancial is based in Mississauga, Ontario and has over 400 physical store locations across Canada. It also offers the option to conveniently apply, manage and receive your loan funds entirely through its online platform.

It’s free to apply with easyfinancial and doing so won’t affect your credit score. You can opt for an unsecured loan of up to $20,000, regardless of whether you’re a student, a newcomer to Canada, have bad credit or have no credit history at all. easyfinancial says it helps people who can’t qualify with traditional lenders.

Is easyfinancial legitimate?

Yes, it is. easyfinancial 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. easyfinancial has 400+ locations across Canada if you need customer service. You can also connect with an easyfinancial expert via live chat or over the phone.

easyfinancial loan option features

Home equity securedUnsecuredCreditplus
Loan amount$15,000 – $100,000$500 – $20,000$1,500 – $3,000
Loan typeSecuredUnsecuredUnsecured
Loan term72 - 240 months9 - 84 months6 - 24 months
Interest rate9.99% - 29.99%29.99% - 46.96%9.50% - 9.90%
  • $50 non-sufficient funds fee
  • Possibly other fees that vary by province
  • $50 non-sufficient funds fee
  • Possibly other fees that vary by province
  • $50 non-sufficient funds fee
  • Possibly other fees that vary by province
Serviced provincesAll provinces, excluding British ColumbiaAll provinces, excluding British ColumbiaAll provinces, excluding British Columbia
Basic eligibility criteria
  • Age of majority in your province (18 or 19)
  • Citizen or Resident of Canada
  • Minimum income of $1,200
  • Employment status must be full-time, part-time, self-employed, seasonal, maternity leave, retired (pension) or disabled
  • Age of majority in your province (18 or 19)
  • Citizen or Resident of Canada
  • Minimum income of $1,200
  • Employment status must be full-time, part-time, self-employed, seasonal, maternity leave, retired (pension) or disabled
  • Age of majority in your province (18 or 19)
  • Citizen or Resident of Canada
  • Minimum income of $1,200
  • You must contribute at least $28 per month up to $40 per month for up to two years towards this savings loan
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What we like about easyfinancial

With its flexible loan options, quick application and easy-to-meet eligibility requirements, easyfinancial 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 easyfinancial within a business day. You may be able to get your funding as quickly as within the same day.
  • High approval rate. easyfinancial 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 easyfinancial 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 easyfinancial Unsecured Loan or request help online, in-person at over 370 locations or over the phone.
  • Applying won’t hurt your credit score. easyfinancial 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 easyfinancial 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.

What to watch out for

easyfinancial 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 9.99% 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 easyfinancial 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 easyfinancial representative will contact you by telephone to go over your loan request.

Alternatives to easyfinancial loans


Finder Rating: 3.5 / 5

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29.90% - 46.90%

Loan term

12 - 60 months

Loan amount

$1,000 – $15,000

Min. credit score


Eligibility Requirements

Min. credit score 570, min. income $1,200/month, 3+ months employed


Finder Rating: 4.1 / 5

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19.99% - 39.99%

Loan term

9 - 60 months

Loan amount

$500 – $15,000

Min. credit score


Eligibility Requirements

Min. income of $3,333/month, full time employment/pension

Summary of easyfinancial reviews

BBB accreditedYes
BBB ratingA+
BBB customer reviews1.19 out of 5 stars, based on 64 reviews
Trustpilot score1.5 out of 5 stars, based on 72 reviews
Customer reviews verified as ofMay 28, 2022

Am I eligible for an easyfinancial loan?

In order to be eligibile for most types of easyfinancial loans, you’ll need to:

  • Be a Canadian citizen
  • Meet the minimum age requirement of the province where you live
  • Be able to demonstrate an ability to make repayments and have a steady income of at least $1,200 per month

If you’re applyinng for a secured loan, you’ll need to be a homeowner with home equity you’re willing to use as collateral to secure your easyfinancial loan. If you’re applying for a creditplus savings loan, you’ll need to show you’re not currently 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.

What documents do you need to apply?

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.

How to apply for an easyfinancial loan

If you’re ready to apply for an easyfinancial 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.

  1. Go to the easyfinancial homepage and click on the “Apply Now” button.
  2. Use the slider to indicate how much you need to borrow. Secured loans range from $15,000 up to $100,000 and unsecured loans range from $500 to $20,000.
  3. 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.
  4. Provide your contact details, including your full name, your email address, your phone number, your date of birth and your home address.
  5. Indicate your residency status, such as a Canadian citizen, a permanent resident, a work permit holder, an international student or other.
  6. 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.
  7. 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.
  8. 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.
  9. An easyfinancial representative will contact you with the next steps for organizing your loan.
  10. You can also connect with an easyfinancial expert over the phone or through live chat on its website.

Preview of the application for easyfinancial personal loans

What can you use an easyfinancial personal loan for?

There are very little restrictions on what you can use your loan money towards. When filling out the application for an easyfinancial personal loan, you’ll be asked what you want to use the loan for and be given the following options to choose from:

  • Debt consolidation
  • Home repairs
  • Automobile repairs
  • Bills and expenses
  • Education
  • Buy a car
  • Purchase an item
  • Health care expenses
  • Other

How much will an easyfinancial 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. If you miss a payment, you’ll be charged a non-sufficient funds fee of $50.

Let’s say you you get $5,000 personal loan at 39% interest on a 4 year (48 month) loan term. In that example, your monthly payment would be $207.12. By the end of the 5 year term, you would pay back $9,941.57 in total, which includes $4,941.57 paid towards interest alone.

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Bottom line

Whether you’re looking for an unsecured loan or secured loan, easyfinancial is a contender worth looking into, especially if banks and credit unions are turning down your loan application. easyfinancial‘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 easyfinancial loan. Whether your loan is secured or unsecured, you may be able to score a lower interest rate from other lenders.

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Frequently asked questions about easyfinancial loans

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