easyfinancial review

easyfinancial at a glance

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 secured	Unsecured	Creditplus
Loan amount	$15,000 – $100,000	$500 – $20,000	$1,500 – $3,000
Loan type	Secured	Unsecured	Unsecured
Loan term	72 - 240 months	9 - 84 months	6 - 24 months
Interest rate	9.99% - 29.99%	29.99% - 46.96%	9.50% - 9.90%
Fees	$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 provinces	All provinces, excluding British Columbia	All provinces, excluding British Columbia	All 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
Full review page	Read review	Read review	Read review

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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APR 29.90% - 46.90%
Loan term 12 - 60 months
Loan amount $1,000 – $15,000
Min. credit score 570
Eligibility Requirements Min. credit score 570, min. income $1,200/month, 3+ months employed

★★★★★

Finder Rating: 4.1 / 5

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APR 19.99% - 39.99%
Loan term 9 - 60 months
Loan amount $500 – $15,000
Min. credit score 600
Eligibility Requirements Min. income of $3,333/month, full time employment/pension

★★★★★

Finder Rating: 4.5 / 5

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APR 8.00% - 46.96%
Loan term 4 - 60 months
Loan amount $500 – $50,000
Min. credit score 300
Eligibility Requirements Steady source of income

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Summary of easyfinancial reviews

Feature	Details
BBB accredited	Yes
BBB rating	A+
BBB customer reviews	1.19 out of 5 stars, based on 64 reviews
Trustpilot score	1.5 out of 5 stars, based on 72 reviews
Customer reviews verified as of	May 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:

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.

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

• Do I have to pay any fees on an easyfinacial loan?

  easyfinancial is free to use, so you won’t pay any fees for using the easyfinancial application process, and you’re under no obligation to accept any of the quotes you receive. Watch out for a non-sufficient funds fee of $50. You should check your loan’s terms and conditions for other types of potential charges, like administrative fees.

• How long does it take to apply?

  Your loan application with easyfinancial should take less than 10 minutes to complete online. It asks for your personal information, including your full name, mailing address and date of birth, along with your employment, income and loan request.

  Once your application has been submitted, you may be asked to provide documentation to verify your identity and income. After that, you’ll hear from an easyfinancial representative within 24 hours who will help you with your request for financing and provide you with details about your loan options.

• I'd like to apply for a loan in person. Where can I do that?

  easyfinancial has over 400 locations across Canada. You can visit one of its branches to apply in person. You can also call to speak with an easyfinancial representative over the phone.