easyfinancial review

What is easyfinancial?

easyfinancial is an alternative Canadian lending institution offering unsecured personal loans, home equity secured loans, bad credit loans and even auto loans. It’s 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.

It’s free to apply with easyfinancial and pre-approval 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 been in business for over 30 years and is listed on the Toronto Stock Exchange.

easyfinancial loan option features

	Home equity loan (secured)	Personal loan (unsecured)
Loan amount	$15,000 – $100,000	$500 – $20,000
Loan type	Secured	Unsecured
Loan term	72 - 240 months	9 - 84 months
Interest rate	9.99% - 25.99%	29.99% - 35.00%
Fees	No application fees	No application fees
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

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 within minutes, you’ll get an approval decision within 30 minutes. You may be able to get your funding via Interac e-Transfer within hours after getting approved
• 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 can apply for a loan.
• Apply with a co-applicant. If you apply for a loan with a co-applicant, you can get a 2% rate reduction.
• Repayment options. Choose weekly, bi-weekly, monthly or semi-monthly repayments.
• Option for in-person interactions. You can apply for an easyfinancial personal loan online, in-person at over 400 locations or over the phone.
• Applying won’t hurt your credit score. easyfinancial notes on its website that applying for pre-approval is free and won’t affect your credit score at all.
• Available across Canada. You can apply for an easyfinancial loan in all provinces.
• No penalties for early repayments. Pay off your personal loan early so you can save on interest and be out of debt sooner too.
• Cancellation period. Should you change your mind, you can cancel an unsecured personal loan within 14 days.

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 25.99%, while unsecured loans come with interest rates from 29.99% up to 35%.
• 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 either from your bank or easyfinancial. 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. Also review your loan contract.
• Potential to lose your home. If you opt for a secured loan, make sure you don’t miss any payments. Defaulting could result in losing your home.

Alternatives to easyfinancial loans

What do easyfinancial reviews have to say?

easyfinancial reviews online are mixed. People who have left reviews on Trustpilot and BBB have provided mostly negative feedback. People have complained about easyfinancial’s bad customer service and continuous emails, calls and text messages. Reviews on Google, on the other hand, are generally positive. People have complimented easyfinancial’s professional and helpful customer service.

Summary of easyfinancial reviews

Feature	Details
BBB accredited	Yes
BBB rating	A+
BBB customer reviews	2.1 out of 5 stars, based on 61 easyfinancial reviews
Google	Varies per branch, but it often receives 4.0+ ratings
Trustpilot score	1.5 out of 5 stars, based on 266 easyfinancial reviews
Customer reviews verified as of	March 12, 2024

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 applying 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.

What documents do you need to apply for easyfinancial?

After you apply for an easyfinancial loan, you will need to verify your identity and application details. Depending on the type of loan you get, you’ll need to provide the following documents:

Document	Home equity loan	Personal loan
Valid Government issued photo ID	Yes	Yes
Proof of income	Yes	Yes
Void cheque or pre-authorized debit form	Yes	Yes
Proof of address	Yes	Yes
Annual mortgage statement	Yes	No
Annual property tax statement	Yes	No

How to apply for an easyfinancial loan

If you’re ready to apply for an easyfinancial loan, simply head online or visit one of 400+ locations across Canada. Here’s a step-by-step guide if you decide to apply online. It shouldn’t take more than 10 minutes to complete.

1. Click on the ‘Go to site’ button above to be securely redirected to the online application.
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 repairs, automobile repairs, education expenses, buying a car, healthcare expenses or other expenses.
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, permanent resident (PR), work permit, international student or other.
6. Provide details about your employment status, including whether you are full time, part time, self-employed, seasonal (EI), retired (pension), maternity leave, disability, social assistance (income supplement) or unemployed.
7. Provide details on how long you’ve been living at your current address and whether you own or rent. If you own, you’ll need to provide information including the type of property and your home’s value.
8. Provide details about your gross monthly income, how long you have been receiving this income and how often. Then provide information about any other sources of income, if you’re receiving the Child Care Benefit (CCB), whether you own a car and your Social Insurance Number.
9. After you apply for a loan, you will need to verify your identity and application details. If you’re applying online, you may need to provide electronic copies of your government-issued ID, proof of income (bank statement, paystub or T4), pre-authorized debit form, proof of address, annual mortgage statement and annual property tax statement.
10. An easyfinancial representative will contact you with the next steps for organizing your loan.
11. 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 interest rate you’re offered, the loan term and the amount. If you miss a payment, you may be charged a non-sufficient funds fee of $50.

Let’s say you you get a $5,000 personal loan at 39% interest on a 4-year (48-month) loan term. In this example, your monthly payment would be $207.12. By the end of the 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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Finder Score for personal loans

To make comparing even easier we came up with the Finder Score. Interest rates, fees and features across 110+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan - simple.

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