From secured loans to unsecured loans and even loans designed to help you rebuild your credit, easyfinancial has options for you. But if you’re looking for other lenders that get the job done, here are some loan alternatives that are similar to easyfinancial but may better suit your needs.
Just like easyfinancial, Spring serves borrowers that do not qualify for a loan from a bank or credit union. Consider Spring if you have fair or bad credit, or your income doesn't meet the minimum threshold that banks and credit unions require.
High-risk applications are okay
Flexible loan amounts ranging from $500 to $$35,000
No fees for applying, maintenance or any other hidden costs
Interest rates of up to 46.99% if you have less-than-perfect credit
You may need to provide personal references and employment verification
Loan amount
$500 – $35,000
APR
9.99% – 46.99%
Term
6 - 60 months
Min. credit score
550
Fees
No fees except $30 NSF fee
Origination fee
N/A
Turnaround time
Within 24 hours
If you’re looking for an unsecured loan: Loans Canada
You can find an unsecured loan through Loans Canada, but unlike easyfinancial, Loans Canada is an online loan search platform. This means it can match you with multiple direct lenders (such as easyfinancial) who want to finance you.
Get multiple loan offers
Bad credit doesn't matter, as long as you have stable income
Available across Canada
Steep interest rates up to 46.96%
Loan amount
$300 – $50,000
APR
9.9% – 46.96%
Term
4 - 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Origination fee
0
Turnaround time
Receive funds in as little as 24 hours.
If you’re looking for a large alternative lender: Mogo
If you prefer to avoid big banks, Mogo is a major player in the online lending space with 1.6 million members. Its starting interest rate is lower than easyfinancial's, and it has more flexible loan amounts.
Loan flexibility, starting at $500 up to $35,000
Lower starting rate at 9.9%
No early repayment penalties for paying off some or all of your loan ahead of time
Bad credit doesn't matter
Rates as high as 46.96%
Not available across Canada
No in-person customer service available, which easyfinancial provides
Like easyfinancial, Cashco provides a fast application process. You can apply with bad credit and/or non-employment income. Apply online, provide minimal documents and connect your bank account to get a quick decision. You can also pay off your loan without paying any penalties.
Established lender
Flexible payments
Interest rates as high as 48.99%
Loan amount
$500 – $7,000
APR
20% – 48.99%
Term
6 - 60 months
Min. credit score
300
Fees
Up to 10% of your loan amount to set up your loan, NSF and late payment fees of $25.
Whether you get a secured loan from Fairstone or easyfinancial, you can use it to consolidate your debts, cover unexpected expenses, manage costly home repairs and more. easyfinancial has a lower starting rate at 9.99%
Borrow as little as $5,000 to start versus easyfinancial's $15,000 minimum
Terms range from as short as 36 months versus easyfinancial's 72 months
Fast access to funds to the tune of 1 business day
Flexible repayment options, including weekly, fortnightly or monthly due dates.
Potential for a higher starting interest rate at 19.99% versus easyfinancial's 9.99%
Your home is used as collateral, regardless of which loan you opt for
Expect additional charges for a home valuation, title search and other due diligence steps
In-person applications only, however, there are 240 locations across Canada
easyfinancial offers secured loans, unsecured loans and credit builder loans
High approval rates, with up to 60% of easyfinancial customers (who have been turned down by a bank for poor credit) qualifying for a personal loan
Apply for an easyfinancial loan online, over the phone or in-person at 370 locations across Canada
Available across Canada, including all 10 provinces and 3 territories
Applying won’t hurt your credit score at all, and it’s free
Cons
Interest rates for secured loans start at 9.99% and go up to 25.99%, while unsecured loans come with interest rates starting at 29.99% up to 35%
If you opt for a secured loan, the risk is that you’re using the roof over your family’s head as collateral
Are Spring Financial and easyfinancial the same?
No, Spring Financial and easyfinancial are two different loan companies. Spring Financial was founded in 2015 and is headquartered in Vancouver, BC. Conversely, easyfinancial is owned by goeasy Ltd., which was founded in 1990 and is headquartered in Mississauga, ON.
What could get my easyfinancial application rejected?
There are a few common reasons why your easyfinancial application might get rejected.
Poor credit history. If you’ve had multiple late payments for other debts, defaulted on a loan or been in bankruptcy.
Insufficient income. A lender has to ensure your income is sufficient enough to repay the loan.
Unstable income. Many lenders will want see a stable job or at least a regular source of income to qualify.
Missing information. If you’ve entered something incorrectly on your application, your lender will likely reject it.
Too much debt. If you already have a loan, credit card or extra debt, you might be rejected because your debt-to-income ratio may be too high.
Low value of secured assets. If you’re applying for a secured loan, your loan could be rejected if the asset your using for collateral doesn’t meet the lender’s requirements.
How much do personal loans cost from easyfinancial or other lenders?
The total cost of your loan will depend on the loan type, the amount you’re borrowing, your loan term and its APR. Here are some examples of how much both secured and unsecured loans may cost you, at varying terms:
What do I need to apply for personal loans from easyfinancial or other lenders?
While all lenders have their own specific eligibility requirements, easyfinancial loans and loans like easyfinancial all typically have these basic criteria:
Be a Canadian citizen or permanent resident with an email, phone number and Canadian home address
Must provide government-issued ID
Meet the minimum age requirement (either 18 or 19 years old, depending on the province where you live)
Have a stable, sufficient income, with evidence such as bank statements or a letter of employment
Have an active chequing account for automatic withdrawals (you’ll be asked for a void cheque or pre-authorized debit form)
If you’re taking out a secured loan, you’ll also need to:
Be a homeowner with home equity you’re willing to use as collateral to secure your loan. You’ll need to provide annual mortgage statements and annual property tax statements.
If you’re taking out a credit builder loan, you’ll also need to:
Not be currently in bankruptcy or in credit counselling, and you must not have an existing loan with the loan company you’re applying to.
Secured vs unsecured personal loans
The key disparity between these two loan options is that secured loans require borrowers to put up an asset as collateral whereas unsecured loans don’t.
Secured loans
Secured loans are loans that are guaranteed against an asset you own. While there are several types of collateral you can use to secure your loan, home equity is the most common.
If you default on your loan, or can’t keep up with repayments, your lender has the right to repossess the asset you used as collateral. Because you’re providing your lender with this insurance, secured loans tend to come with better interest rates and terms.
Unsecured loans
Unsecured loans don’t require any collateral. Instead, lenders rely heavily on your credit score to determine your eligibility. Unsecured loans typically come with higher interest rates, especially if lenders have to take on more risk because you have poor credit.
Unsecured loans are commonplace for online lenders – the application and approvals process is usually pretty quick, especially compared to secured loans.
Bottom line
Whether you’re looking for an unsecured loan or secured loan, easyfinancial can help, especially when banks and credit unions are turning down your loan application. But it’s always worth comparing personal loans before proceeding with a lender – you may find an alternative option with interest rates, terms or eligibility criteria that better fit your profile.
Frequently asked questions
The easiest loans to get approved for are short-term and designed for those with poor credit including payday loans, personal installment loans and loans backed by collateral like a car title loan.
Of the easyfinancial alternatives listed here, Loans Canada offers options for credit scores as low as 300, while Spring Financial offers funding specifically for bad credit borrowers.
To get an easyfinancial Personal Loan, you need a minimum credit score of 300.
No. easyfinancial is owned by goeasy Ltd., which is publicly traded on the Toronto Stock Exchange (TSX) under the symbol "GSY." Spring Financial is privately owned.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade. See full bio
Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio
The Finder personal loans ratings and review methodology provides a data-based method to assess and rate personal loan providers in the Canadian marketplace.
Here are 6 easy loans to get in Canada, but watch out for high interest rates.
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Secured vs unsecured personal loans