{"id":769835,"date":"2019-03-24T19:33:24","date_gmt":"2019-03-24T23:33:24","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?page_id=769835"},"modified":"2025-11-17T11:09:56","modified_gmt":"2025-11-17T16:09:56","slug":"easy-financial","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/easy-financial","title":{"rendered":"easyfinancial review"},"content":{"rendered":"

\u00a0<\/p>

What is easyfinancial?<\/h3>

easyfinancial is an alternative Canadian lending institution offering unsecured personal loans, home equity secured loans, bad credit loans and even auto loans. It\u2019s been in business since 2006, helping over 730,000 Canadians to secure financing. easyfinancial is based in Mississauga, Ontario, and has over 400 branches across Canada. It also offers the option to conveniently apply, manage and receive your loan funds entirely through its online platform.<\/p>

It\u2019s free to apply with easyfinancial and pre-approval won\u2019t affect your credit score. You can opt for an unsecured loan of up to $20,000, regardless of whether you\u2019re a student, a newcomer to Canada, have bad credit or have no credit history at all. easyfinancial says it helps people who can\u2019t qualify with traditional lenders.<\/p>

Is easyfinancial legitimate?<\/h3>

Yes, it is. easyfinancial has won numerous awards and accolades, including the Globe and Mail\u2019s Report on Business 2019 Top Growing Companies in Canada, the Digital Finance Institute\u2019s Canada\u2019s Top 50 FinTech Companies, and Greater Toronto\u2019s Top 2020 Employers, to name a few.<\/p>

Its parent company is goeasy, which has been in business for over 30 years and is listed on the Toronto Stock Exchange.<\/p>

easyfinancial loan option features<\/h3>
<\/th>Home equity loan (secured)<\/th>Personal loan (unsecured)<\/th><\/tr><\/thead>
Loan amount<\/strong><\/td>$15,000 \u2013 $150,000<\/td>$500 \u2013 $20,000<\/td><\/tr>
Loan type<\/strong><\/td>Secured<\/td>Unsecured<\/td><\/tr>
Loan term<\/strong><\/td>72 - 240 months<\/td>9 - 84 months<\/td><\/tr>
Interest rate<\/strong><\/td>9.99% - 25.99%<\/span><\/td>29.99% - 35.00%<\/span><\/td><\/tr>
Fees<\/strong><\/td>No application fees<\/td>No application fees<\/td><\/tr>
Basic eligibility criteria<\/strong><\/td>
  • Age of majority in your province (18 or 19)<\/li>
  • Citizen or Resident of Canada<\/li>
  • Minimum income of $1,200<\/li>
  • Employment status must be full-time, part-time, self-employed, seasonal, maternity leave, retired (pension), or disabled<\/li><\/ul><\/td>
  • Age of majority in your province (18 or 19)<\/li>
  • Citizen or Resident of Canada<\/li>
  • Minimum income of $1,200<\/li>
  • Employment status must be full-time, part-time, self-employed, seasonal, maternity leave, retired (pension), or disabled<\/li><\/ul><\/td><\/tr><\/tbody><\/table>

    What we like about easyfinancial<\/h3>

    With its flexible loan options, quick application and easy-to-meet eligibility requirements, easyfinancial has its share of perks. They include the following:<\/p>

    • Easy application.<\/strong> After filling out the application form online within minutes, you\u2019ll get an approval decision within 30 minutes. You may be able to get your funding via Interac<\/em> e-Transfer within hours after getting approved<\/li>
    • High approval rate.<\/strong> 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 can apply for a loan.<\/li>
    • Apply with a co-applicant.<\/strong> If you apply for a loan with a co-applicant, you can get a 2% rate reduction.<\/li>
    • Repayment options.<\/strong> Choose weekly, bi-weekly, monthly or semi-monthly repayments.<\/li>
    • Option for in-person interactions.<\/strong> You can apply for an easyfinancial personal loan online, in-person at over 400 locations or over the phone.<\/li>
    • Applying won\u2019t hurt your credit score.<\/strong> easyfinancial notes on its website that applying for pre-approval is free and won\u2019t affect your credit score at all.<\/li>
    • Available across Canada.<\/strong> You can apply for an easyfinancial loan in All provinces.<\/li>
    • No penalties for early repayments.<\/strong> Pay off your personal loan early so you can save on interest and be out of debt sooner too.<\/li>
    • Cancellation period.<\/strong> Should you change your mind, you can cancel an unsecured personal loan within 14 days.<\/li><\/ul>

      What to watch out for<\/h3>easyfinancial has plenty of benefits, but borrowers should always be cautious when they\u2019re taking on more debt. Here\u2019s a look at the red flags you should take stock of before proceeding:
      • Potential for steep interest rates.<\/strong> Interest rates for secured loans start at 9.99% and go up to 25.99%, while unsecured loans come with interest rates from 29.99% up to 35%.<\/li>
      • Potential for additional charges.<\/strong> 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 either from your bank or easyfinancial. These charges aren\u2019t listed on its website, so you\u2019ll need to ask a customer service representative when you\u2019re setting up your loan. Also review your loan contract.<\/li>
      • Potential to lose your home.<\/strong> If you opt for a secured loan, make sure you don\u2019t miss any payments. Defaulting could result in losing your home.<\/li><\/ul>

        Alternatives to easyfinancial loans<\/h3>