Online lender Eastern Loans offers fast, short-term loans of $500 to $750. But if you don’t qualify for funding from Eastern Loans, or you just want to see if there are better rates elsewhere, you might be looking for Eastern Loans alternatives.
Compare these nine loans like Eastern Loans to access the funds you need.
Installment loans like Eastern Loans
If you want a fast installment loan: LoansLoans.ca
LoansLoans.ca is a broker that provides access to short-term installment loans and payday loans. You can apply online and get a decision within an hour, and the money will be sent to your account via direct deposit. You can also pay off your loan early without any extra fees.
Get funded within 24 hours
Bad credit is OK
Pay off your loan early without penalty
High rates
Broker fee
Maximum loan amount of $1,000 may not be enough
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 - 12 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
Consumer financing provider MDG Financial provides fast cash loans of up to $1,600. It's quick and easy to apply online, and this installment loan can be repaid over a term of up to 3 years. Because your on-time payments are reported to the credit bureaus, this loan can help improve your credit score.
Easy online application
Fast access to funds
Available across Canada
High interest rates
Some borrowers might want more than $1,600
Loan amount
Up to $1,600
APR
29.78% – 44.8%
Term
Up to 36 months
Min. credit score
560
If you want to compare loans from multiple lenders: Loans Canada
Loans Canada is an online loan search platform where you can compare loans from dozens of lenders. Simply fill out a single application to get multiple loan offers, then connect with the lender that's right for you. Best of all, Loans Canada is free to use.
Largest lending network in Canada
Easy to compare options
Loans for good and bad credit available
Multiple loan types available
Not a direct lender
High rates for borrowers with bad credit
Credit check may be required depending on the lender
Credito provides short-term loans of up to $850 with no credit check. You can get approved and funded within 24 hours, and the application process is completely online with no paperwork required. For added flexibility, you can choose a weekly, bi-weekly or monthly payment schedule.
No credit checks
Get funded within 24 hours
Easy to apply online
High brokerage fees
High APR
Maximum loan amount of $850 won't suit everyone
Loan amount
$500 – $850
APR
Starting at 23%
Term
90 - 120 days
Fees
$225 brokerage fee (amount set at broker's discretion)
Nyble provides access to a small line of credit with no credit checks. There are no interest charges or late fees to worry about. Plus, the fact that Nyble reports payments to the credit bureau means that paying off your loan on-time could help improve your credit score. But if you want instant funding, you'll need to pay a fee.
No interest
No late fees
Improves your credit score
Instant funding available
Available everywhere
Monthly fee for instant funding
Maximum loan amount of $250 may not be enough
Loan amount
$30 – $250
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest with optional fees
Origination fee
$11.99
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
KOHO Cover provides an instant cash advance of up to $250 to help you cover unexpected expenses. You can access your funds through the KOHO app or from an ATM, and there are no interest charges to worry about. However, you'll need to pay a monthly fee.
No credit checks
No income required
No interest
Fast access to funds
Monthly KOHO Cover fee
Monthly KOHO plan fee may also apply
$250 may not be enough
Doesn't improve your credit score
Loan amount
$20 – $250
APR
Starting at 0%
Term
Flexible
Fees
0% interest with a subscription fee starting at $2/month
Bree offers the largest interest-free cash advances out of the three providers featured here, with loans of up to $350 available. You can get funded without completing a credit check, and instant approvals are available 24/7. However, you'll need to pay a monthly subscription fee plus an extra fee if you want instant access to your loan.
No interest
No late fees
Easy application process with no credit checks
Available across Canada
$2.99 monthly membership fee
Extra fee for instant transfers
Maximum loan amount of $350 may not be enough
Loan amount
$20 – $350
APR
Starting at 0%
Term
Next pay cycle (65 days max)
Fees
0% interest with a $2.99 monthly membership fee
Turnaround time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and up to 3 business days for standard delivery.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.
iCash offers 24/7 payday loan approval and funding. You can apply online through the iCash website or app, and the company's automated approval system means you'll get an instant decision. If you're approved, funds are distributed within minutes via e-Transfer. Just remember that payday loans are extremely expensive.
Instant decisions
Get funded 24/7
Easy to apply
4.6/5 stars based on over 2,400 Trustpilot reviews
Online lender GoDay provides easy access to payday loans you can get within an hour. Apply online and get an instant decision. Funds are distributed via e-Transfer. Just make sure you're aware of the full cost of taking out a payday loan.
Get funded within minutes
Wide range of income types accepted
Easy online application process
4.4/5 stars based on over 2,900 Trustpilot reviews
High cost of borrowing
Short repayment terms
Loan amount
$100 – $1,500
APR
Varies by province
Term
Up to 62 days
Min. Turnaround time
As little as 2 minutes with Interac e-Transfer
How to apply
Online In Store
Credit Check
Yes
What do I need to apply for a loan like Eastern Loans?
Exact eligibility requirements vary between lenders, but you’ll generally need to meet the following criteria:
Age. You’ll need to be the age of majority in your province or territory, and the lender will require proof of ID.
Residency. You must be a Canadian citizen or permanent resident and provide proof of your address.
Income. You’ll need to receive sufficient income to afford loan repayments. Some lenders accept employment income only, while others also accept government benefits. You may need to provide bank statements or your account details as proof of income.
Bank account. You must have a valid Canadian bank account to receive your loan.
What do I need to watch out for?
There are a few risks you need to be wary of when considering payday loans and other Eastern Loans alternatives:
High cost of borrowing. High interest rates and brokerage fees can significantly increase the total cost of a loan. Make sure you’re aware of exactly how much the loan will cost to repay before signing a contract.
Short repayment period. Payday loans and other short-term loans have to be repaid over a short period of time. This can make it extremely difficult to budget for your repayments and could lead to you getting trapped in a cycle of debt.
Sketchy lenders. Do your research to make sure you’re dealing with a reputable lender. Check that payday lenders are licensed in your province or territory, read customer reviews on independent review sites and make sure you recognize the signs of personal loan scams.
Bottom line
If you’re searching for loans like Eastern Loans, there are plenty of options to consider. Make sure to compare a range of lenders and find out the total cost of borrowing before choosing the best loan for you.
Frequently asked questions
To qualify for funding from Eastern Loans, you need to receive a monthly income of at least $1,200 via direct deposit and have been employed for a minimum of 3 months.
No, Eastern Loans does not accept self-employment income. You'll need to consider other providers that offer self-employed loans.
No, you don't need a credit check to qualify for a loan.
No. Eastern Loans installment loans are available up to $750 and are repaid over a minimum of 3 months. If you're searching for a payday loan, check out our payday loans guide.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Check out the best personal loans in Canada for different types of borrowers.
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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