EasyFinancial Canada is a non-prime consumer lender that offers a full suite of lending products online and through its retail network of over 400 locations across Canada.
Its financial products and services aim to help Canadians declined by traditional financial institutions through personal loans, home equity loans, and auto loans, to mention a few.
Through this EasyFinancial review, you can gain a better insight into the lender, what it offers, its pros and cons, and how it fares with other lenders.
EasyFinancial Overview
EasyFinancial is a non-prime lending institution based in Mississauga, ON, that offers unsecured personal loans, home equity secured loans, auto loans, and credit builder loans.
Having been in business since 2006, the alternative lender provides financial products and services to Canadians with limited borrowing options who do not qualify with traditional lenders.
Through its 400+ physical locations nationwide, EasyFinancial services have helped more than 600,000 Canadians secure financing by means of flexible loan options, fast application, and eligibility requirements that are easy to meet.
Compared with a bank, EasyFinancial approves a broader range of clients, including individuals with damaged credit. The alternative lending institution checks the complete financial profile of a borrower and usually approves a loan application more than a conventional lender would.
EasyFinancial Services
EasyFinancial Canada offers a range of financial products for non-prime Canadian borrowers who need access to financing but cannot do so using traditional lending companies. The products include secured and unsecured personal loans, as well as home equity and auto loans.
Value-added services are also offered, such as:
- Loan protection plans – Covers involuntary unemployment, critical illness, sickness and injury, and death
- Home and auto benefit plan – Includes auto protection, home safety, health and financial wellness
- Credit optimizer – A data-driven tool that helps improve your credit score and move to lower rates
Personal Loans
EasyFinancial services include personal loans for those who cannot borrow from banks and have no credit history. Personal loans are available with affordable payment plans, with terms of up to 84 months.
Loan details:
- Amounts from $500 to $20,000
- Rates start from 29.99%
- Terms from 9 to 84 months
Common reasons to take out a personal loan:
- Bill payments
- Debt consolidation
- Home and auto repairs
- Home renovations
- Life events
Home Equity Loans
A home equity loan from EasyFinancial Canada lets you use the equity in your home to access money at lower rates. Loan applications can get approval in minutes. You can borrow as much as $100,000 with rates starting from 9.99%.
Loan details:
- Amounts from $15,000 – $100,000
- Rates start from 9.99%
- Terms from 72-240 months
Common reasons to take out a home equity loan:
- Home renovation
- Debt consolidation
- Emergency expenses
Auto Loans
EasyFinancial partnered with LendCare to provide pre-approved financing for cars through one of its pre-approved dealers. It allows you to determine first what you can afford before buying.
Loan details:
- Amounts from $5,000-$50,000
- Terms from 12-84 months
EasyFinancial Interest Rates
Interest rates at EasyFinancial range from 9.99%-46.96%. The rates vary based on the type of loan and its size, the length of the term, and the assessment of a borrower’s credit profile.
The lender offers personalized rates and payment terms that cater to the needs of a borrower. There is also an option to pay off a loan at any time, minus the penalty, and save the interest.
Furthermore, a borrower with a co-applicant can get a rate reduction of 2%.
How to Apply for an EasyFinancial Loan
Are you eligible for an EasyFinancial loan? Here are the requirements to qualify for a loan:
- You are a Canadian citizen
- You meet the minimum age requirement of the province where you reside
- You can demonstrate your capability to make repayments
- You have a steady income of at least $1,200 per month
Requirements
Depending on the type of loan, the following are the requirements for EasyFinancial personal and home equity loans:
- Two most recent pay stubs
- Last 90 days of banking information
- A non-expired government photo ID
- One recent bill addressed to your current home
- Most recent mortgage statements (for home equity loans)
- Most recent property tax statement (for home equity loans)
The following documents are necessary for personal and home equity loans:
- Valid Government-issued photo ID
- Proof of income
- Proof of address
- Void cheque or pre-authorized debit form
- Annual mortgage statement (for home equity loans only)
- Annual property tax statement (for home equity loans only)
How to Apply for a Personal Loan
- Apply for a personal loan through the phone, online, or at one of the branches of EasyFinancial.
- Submit the documents. If you have a co-applicant, you get a 2% rate reduction.
- Wait for the release of your loan, which can be within the day.
How to Apply for an Auto Loan
You can buy your car through EasyFinancial’s pre-approved dealer network. To apply for an auto loan:
- Go to their website and apply for an auto loan online.
- Get pre-approval through a team of EasyFinancial experts.
- Choose your vehicle at a dealer.
- Wait for EasyFinancial staff to verify the price and check for liens and accident history.
- Get the vehicle.
Pros and Cons of EasyFinancial Loans
Before applying for any loan, it is crucial that you understand the pros and cons of applying for a loan to help you make the right decision.
See below the list of pros and cons of EasyFinancial loans.
Pros:
- Easy application
- High approval rate
- Fast access to money
- Flexible loan options
- Adjustable repayment plans and interest rates
- No credit history needed
- Easy approval requirements
- Applying for a loan does not affect your credit score
- On-time payments lead to improved credit
- No penalties for early repayments
- Available across Canada
Cons:
- High-interest rates may apply
- Potential for additional charges
- Limited availability
- Your home is used as collateral to get a secured loan
- Defaulted payments damage your credit
- Missed payments accumulate interest that may result in a higher principal balance
- Co-applicant needed for higher loan amounts
- The website does not offer online quotes and online comparisons
Is EasyFinancial Legit?
EasyFinancial is a legit company, having been in the business for 17 years and with more than 400 locations across Canada. Its recognitions include: Canada’s Most Admired Corporate Cultures, a top growing company, and a top 50 Fintech company.
EasyFinancial is a division of goeasy, a full-service provider of goods and alternative financial services founded in 1990. Headquartered in Mississauga, Ontario, goEasy provides non-prime financial products through EasyFinancial, EasyHome, and LendCare.
EasyFinancial Alternatives
EasyFinancial vs Loans Canada
Loans Canada
Loans Canada is a loan comparison platform for all kinds of personal loans, car loans, debt consolidation loans, and bad credit loans. This company holds an A+ accreditation with the Better Business Bureau and features multiple lenders on its website.
Interest rate: 2.99% to 46.96%
Loan term: 3-60 months.
Maximum loan amount: Up to $50,000.
Eligibility: Resident of Canada and employed for at least 3 months with proof of income.
On Loans Canada’s website
Loans Canada is a loan comparison platform that enables Canadian consumers to research and compare financial products and connect with lenders.
When a borrower submits a request on loanscanada.ca, Loans Canada will match the profile with one or more lenders based on the available information.
EasyFinancial is among the lenders in Loans Canada’s database, where potential borrowers can check and compare financial products from various lending institutions. This allows them to determine the best option for their needs.
EasyFinancial vs LoanConnect
LoanConnect
LoanConnect is a search engine for finding personal loans online from various lenders. You can use it to find a loan that works for your situation regardless of your credit score.
Interest rate: 8.99% to 46.9%.
Loan term: 3-120 months.
Maximum loan amount: Up to $50,000.
Eligibility: Resident of Canada and the age of the majority in your province or territory.
On LoanConnect’s website
LoanConnect is a search engine for unsecured loans, where offerings go up to $50,000. It uses borrower information to search multiple lenders and find providers that match the borrower’s requirements.
The platform’s lenders offer rates, from 6.99% to 46.96% APR, based on personal financial information, credit history, and needs. The application is done on LoanConnect and finished at the lender’s website.
In comparison, EasyFinancial offers unsecured personal loans ranging from $500-$20,000, terms of 24-78 months, and an annual borrowing cost of 35%.
The rates for unsecured loans are between 29.99%-46.96% and will depend on loan size, length of term, and EasyFinancial’s assessment of a borrower’s credit profile.
Related: Learn more about LoanConnect.
EasyFinancial vs Fairstone
Below is a tabular comparison of specific categories for EasyFinancial Canada and Fairstone, one of several EasyFinancial alternatives:
EasyFinancial vs Fairstone
| Category | EasyFinancial | Fairstone |
| Online loan quote | None | Available at no obligation |
| Loans offered | Personal loans, home equity loans, auto loans | Personal loans, home equity loans, car and auto loans, online loans |
| Application | On the phone, online or in the branch | Online or in the branch |
| Approval process | 10 minutes | In minutes |
| Repayments | Weekly, bi-weekly, semi-monthly, monthly | Weekly, bi-weekly, semi-monthly, monthly |
| Loan payment calculator | Available | Available |
| Branches | 400+ | 240+ |
| Customers/loans served | 703,000 customers | 3.3 million loans approved |
| Satisfaction rate | 94% | 98.5% |
FAQs
EasyFinancial can affect your credit score. Before you proceed with a loan application, EasyFinancial will use a soft credit check to determine the ideal loan for you. If your loan application goes through, a complete credit check is conducted, likely lowering your credit score for some time.
EasyFinancial allows borrowers to make early repayments, for free, on unsecured and payment protection plans. This helps borrowers save interest and get out of debt sooner.
On average, credit pre-approval for a loan application takes about ten minutes. The final lending decision is done within 30 minutes. Pre-approval depends on income verification and other documents.
To get the best loan offers from EasyFinancial, a borrower needs to have a good credit score (660 – 900). For bad credit loans, the lender encourages those with a credit score of 300-720. This will, however, be determined on a case-by-case basis using factors such as monthly income and credit score to approve an application.
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