Irrespective of your needs, a personal loan is often the first port of call. A loan will not only ease your difficulties but may also have a positive impact on your credit score.
EasyFinancial offers both secured and unsecured personal loans to Canadians. This trusted provider has helped over 300,000 Canadians in the last 15 years.
They provide personal, home equity, and auto loans, as well as point-of-sale financing. And with a quick and straightforward application process, EasyFinancial can get you the money you need in less than 24 hours.
With EasyFinancial, you can even obtain a personal loan with no or a low credit score.
In this EasyFinancial review, we will delve into their service offering. We’ll highlight the benefits and disadvantages of taking a loan through them. And we’ll examine what makes EasyFinancial a popular choice amongst Canadians.
What makes EasyFinancial a good option?
In this next section of EasyFinancial review, we will discuss why this financial services provider might be a good fit for you.
A loan could be the answer to help you meet your short-term financial needs. One of Canada’s leading financial providers, EasyFinancial, offers personal, home equity, and auto loans that are packed with benefits.
Obtaining a personal loan might prove an exhausting process when you have little to no credit history or a poor credit score. There are very few financial institutions that would be willing to help you. However, this is not necessarily the case with EasyFinancial, and you may qualify for a loan despite this.
With EasyFinancial, it’s relatively easy to get a loan of up to $50,000. And you could even see your loan amount approved in less than 30 minutes. In fact, they have one of the fastest loan approval systems of all the providers in the entire country.
So, when traditional lenders are unable to help you, EasyFinancial could be your saving grace.
They’ll also help you improve or build your credit score by allowing easy payments at an affordable interest rate. Around 60% of their customers were able to improve their credit scores with their help.
The pros and cons of EasyFinancial
When we investigate any financial services provider, analyzing and weighing its pros and cons is paramount. In this EasyFinancial review, we will stress the benefits of their services and the areas in which they could improve.
The pros of EasyFinancial
Here’s what makes getting loans with EasyFinancial a great experience.
High Loan Amount
With EasyFinancial, you can borrow up to $20,000 as a personal loan and $50,000 as a home equity loan. There are no expenditure criteria for these loans, and you can spend them on anything from a medical emergency to getting your car repaired.
Hassle-free Application Process
One of the critical benefits of EasyFinancial is its quick approval time. After filling out an application form online, EasyFinancial will let you know whether you’ve been approved in less than 30 minutes.
High Loan Approval Rate
EasyFinancial has a loan approval rate of more than 88%. If you are employed and receive a net salary of at least $1200, your application will likely be approved quickly.
No Credit Score Needed
This provider does not check your credit history or score when approving your loan application. Perhaps you are a new citizen, a student, or employed with a poor credit score. If so, there is still a good chance you might get your loan application approved through EasyFinancial.
Same Day Loan Transfer
Once an EasyFinancial Loan officer has approved your application, you will receive your funds in less than 24 hours. The money will be deposited directly to your bank account using an electronic funds transfer (EFT).
The cons of EasyFinancial
There are some things that could be improved about the EasyFinancial experience.
Variable Interest Rate
EasyFinancial offers an annual interest rate of between 14.99% and 46.96%. And your interest will vary depending upon your loan type, size, and credit history. And you may be in for higher interest rates than you would with a traditional lender.
Limited Availability
You can only apply for a loan at EasyFinancial if you are a permanent resident of Canada. However, if you are a student or in the country on a work permit, you can still apply for a loan. But you can only apply after being in the country for six months.
Fixed Income Requirement
To be approved for a personal or home equity loan, you should be employed and earn a net income of $1200 per month. EasyFinancial will not approve your application if you are unemployed.
Co-applicant Required for Higher Loan Amounts
Perhaps you have a bad or no credit score. In that case, you’ll probably need a co-applicant to qualify for a higher loan amount through EasyFinancial. However, if you register a co-applicant, your interest rate could be reduced by as much as 2%.
Interest Accumulation
If you miss a loan payment, your interest will accumulate, resulting in a higher principal balance.
Types of loans offered by EasyFinancial
We have already provided a general overview of EasyFinancial. We’ve also touched on the advantages and disadvantages of applying for a loan through them. This section of our EasyFinancial review will break down the range of products and services they offer.
EasyFinancial Personal Loans
This section of EasyFinancial review will discuss the terms of their personal loans and how you can obtain one.
EasyFinancial offers affordable payment options and a comparatively lower interest rate as compared to other money lenders. You can personalize your loan with the help of their representatives and design it to fit your specific needs.
You can use your loan for household or car repairs, debt consolidation, or pay your bills. There is no restriction on using this amount, and you can spend it whatever way you like. EasyFinancial also allows you to pay off your loan anytime, with no penalty fees.
They’ll get the borrowed funds into your bank account in less than 24 hours. And will also provide long-term payment options, ranging from 9 to 84 months.
What Will It Cost?
EasyFinancial offers quick personal loans ranging from $500 to $20,000. They have a comparatively lower interest rate, starting from 29.99%. However, if you assign a co-applicant when submitting your application, you could borrow more at a reduced interest rate.
EasyFinancial Home Equity Loans
With EasyFinancial, you can use your house as collateral and access more money with lower payments and rates. In other words, you would secure the home equity loan by holding on to your house as equity.
However, you or your spouse will need to be a registered owner of the house you live in. Therefore, you must provide mortgage and property tax statements stating you (or your spouse) as the owner.
Within 30 minutes of submitting your application, a loan officer will call you to discuss your loan status. This representative may ask further questions to clarify your status. And you’ll be able to discuss your options with them should you be unsure how to proceed.
EasyFinancial offers long-term payment options on their home equity loans, ranging from 72 to 120 months.
What Will It Cost?
You can quickly obtain a home equity loan through EasyFinancial, ranging from $15,000 to $50,000. This lender offers comparatively lower interest rates starting as low as 14.99%.
EasyFinancial Auto Loans
In this section of EasyFinancial review, we will discuss the terms of their auto loan and how you can avail of one.
With EasyFinancial, you have the option of getting a pre-approved auto loan. In this way, you can easily select your dream car, knowing exactly how much you can afford.
The pre-approved loan amount would depend upon your income, monthly expenses, and the type of vehicle you are planning to buy. However, you must have standard vehicle insurance in place as soon as you’ve taken an auto loan.
EasyFinancial also allows you to add a co-applicant to your auto loan application. This can help you qualify for a higher loan amount at a reduced interest rate. And you can pay back your loan early without incurring any additional fees or penalties.
Note that this provider only finances passenger vehicles. They do not provide finance for motorcycles, RVs, boats, or other recreational vehicles. Additionally, the car you’re buying should be less than 12 months old for you to qualify.
EasyFinancial offers long-term payments on their auto loans of up to 84 months.
What Will It Cost?
This financial services provider offers loans ranging from $5,000 to $30,000. EasyFinancial also provides loans at comparatively lower interest rates ranging between 24.99% and 34.99%.
EasyFinancial Point-of-Sale Financing
Point-of-sale financing is a type of personal loan offered when you purchase products from a store. EasyFinancial provides this service from over 4,000 merchants all over Canada.
The company offers affordable point-of-sale financing options with an approval rate of more than 88%. All you need to do is complete an online application form. You will instantly receive an answer from the provider. You can then make the decision to purchase on the spot.
EasyFinancial offers you a customized plan based on your personal profile. There is no minimum credit score required to access point-of-sale financing. Instead, the loan officers inspect your customer profile and tailor a financing solution based on your specific needs.
How safe and legitimate is EasyFinancial?
When dealing with any financial services provider, you must verify the legitimacy of the company. This section of our EasyFinancial review will discuss whether it is safe to borrow money from this lender.
EasyFinancial was founded in 2006. Since then, they have approved loans for over 300,000 Canadians. They have a stellar approval rate of 88%. And they offer a solution to people who have a poor credit score or do not have one at all.
This lender has a host of favourable reviews visible online. And, in my experience, those positive reviews are well deserved and no surprise.
That said, I recommend that you familiarize yourself with EasyFinancial’s terms and conditions before taking a loan. Ensure that you understand the interest you’ll pay and any penalties you might incur for late payments.
Double-check the terms of your agreement before signing. And if there’s anything you don’t understand, ask their loan officers to clarify. The last thing you want is to blindly enter into an agreement and end up repaying more than you anticipated.
EasyFinancial has more than 380 physical branches located all over Canada, which adds to the firm’s legitimacy. You should be able to find a branch near you through their official website.
EasyFinancial customer service and support
This part of our EasyFinancial review includes a summary of the customer support team at EasyFinancial. EasyFinancial offers you different options to reach out to their customer service executives. And they have a dedicated email address for queries and complaints.
The finance company also has a toll-free number active during their business hours. Their agents are friendly and highly knowledgeable about their loans and the application process.
As mentioned, EasyFinancial also has more than 380 physical branches all over Canada. So, you can visit a branch during business hours and talk to one of their loan officers face-to-face. You can also apply for a loan at the branch, and they would likely approve it on the spot.
What is the EasyFinancial website like?
Since most loan applications are submitted through this lender’s website, analyzing their website interface is essential. This section of the EasyFinancial review will discuss whether their website is user-friendly and easy to navigate.
The home page of the website is packed with information. It seems to provide almost all the critical information you might need. But the information is arranged in such a way that it isn’t overwhelming. You won’t find it difficult to scroll through the website and find detailed information on their products and services.
The best part about the EasyFinancial website is its loan payment calculator. With this handy calculator, you don’t have to be a math genius to figure out your monthly repayments.
To calculate your repayment amount, input the total loan amount and select a payment option and term. The calculator will then automatically calculate your total monthly loan repayment amount. As a result, it could help users make quick and easy decisions.
At EasyFinancial, you can apply for a loan in three simple steps through their website. The loan application is straightforward and uncomplicated. They also offer insightful articles on their website that help you manage your expenses once you have applied for a loan.
How to get started with EasyFinancial
With EasyFinancial, you can apply for a loan by talking to an executive on the phone or visiting one of their branches. Or you can apply directly on their website. This section of our EasyFinancial review will take you through the process of getting started with your application online.
Applying through their website is an easy process. All you need to do is click on the big blue “Apply” button to get the ball rolling. A new window will open with the loan application form. Fill in the amount you’d like to borrow, the type of loan required, and your personal information. Then, click on “Next”.
You’ll then be asked to provide your phone number, birth date, residency status, address, and income status. Once completed, you can go ahead and click “Next” to load the next page.
At this point, you’ll have completed a preliminary loan application, and you should receive a notice of approval soon after submission.
If you struggle to get approved through the online interface, you should contact one of their loan officers. You could call them on their toll-free number or visit a branch to discuss your options.
Once approved, you would now have to submit the required documents for your personal loan, home equity loan, auto loan, or point-of-sale financing.
Eligibility Criteria for Loan Approval
This financial services provider requires its customers to meet specific eligibility criteria. This section of our EasyFinancial review breaks down all the requirements necessary to get your loan approved.
- You’ll need to meet the minimum age requirement for your province. This will be 18 or 19 years of age, dependent on the province you’re in.
- EasyFinancial will only approve your loan if you can provide proof of employment. This can be in the form of part- or full-time employment. If you’re self-employed, you may need to provide some additional information about your business.
- Applicants should either be Canadian citizens or permanent residents in Canada. But if you’ve been in Canada for more than six months on a work permit or student visa, you can apply.
- You must earn a net salary of at least $1,200 per month to apply for an EasyFinancial loan.
Documents Required for Loan Approval
This section of our EasyFinancial review will discuss the supporting documents you need to get your loan approved. Here are a few primary documents required to verify your personal information.
- You’ll be required to attach your salary payslips from the past two months.
- EasyFinancial will need you to supply proof of banking details in the form of a recent bank statement.
- A copy of your valid government photo identity document must also be attached.
- You should also provide proof of your physical address by supplying a recent utility bill displaying your name and address.
Alternatives to EasyFinancial
We’ve given you a detailed breakdown of the loan application process in this EasyFinancial review. But if you’ve applied for a loan from EasyFinancial and it hasn’t been approved, there are other lenders you could try. These companies work in a very similar manner, and there is a good chance that your loan might be approved by one of them.
Fairstone
Fairstone is a finance company that offers secure personal loans, unsecured personal loans, auto loans, and more. You could qualify for a loan amount between $500 and $50,000. And the loan terms are longer than those of EasyFinancial.
Like EasyFinancial, you do not need a good credit score to be eligible for their loans. And Fairstone offers all their loans at comparatively lower interest rates than most.
Fairstone has over 240 branches in Canada, adding to its legitimacy. You can either apply for a loan directly from their website or visit a branch near you.
Consumer Capital Canada
Consumer Capital Canada is another lender that offers personal loans to Canadian residents. However, you can only apply for a personal loan of up to $12,500. They also have pretty competitive interest rates and extended payment terms to help you manage your loan repayments.
Just like EasyFinancial, this provider will not reject your loan application based on your credit score. Even if you do not have one, you might still be able to apply. And there is a good chance that your application will be approved.
You can easily apply for a personal loan on their website. All you need to do is fill in an application form and share your personal information. This will include your income, employment, and credit status.
SkyCap Financial
SkyCap Financial offers personal loans of up to $10,000. Their online application can be completed within 5 minutes. And you’ll need to provide a bank statement and government-issued photo ID. They’ll provide a decision on your loan application process in less than 24 hours.
As is the case with EasyFinancial, this lender also offers loans to Canadians with a bad or no credit score. They even consider applications from people who have declared bankruptcy.
SkyCap Financial offers flexible payment terms, allowing you to repay your loan anywhere between 9 and 36 months. However, this provider will use your bank information to set up automatic payments. The loan payments would then be withdrawn from your account every month automatically before the due date.
Conclusion of our EasyFinancial review
While we’ve come to an end of our EasyFinancial review, here is what you should remember about this prominent lender.
EasyFinancial offers a simple, quick, and effective way to borrow money. If traditional lenders have rejected your loan application based on your credit history, EasyFinancial might come to your rescue.
They have a straightforward loan application process. However, you must read your contract thoroughly and speak with their loan officers to understand the terms of your loan payment.
In this EasyFinancial review, we gave you a brief overview of the company and its application process. We also detailed the pros and cons of obtaining a loan through them and some alternatives to consider.
EasyFinancial is a safe bet for those looking to borrow funds for an unexpected expense or emergency. However, we recommend that you consider registering a co-applicant with a decent credit score when you apply. This will help you secure your loan amount and make you eligible for a lower interest rate.
Additionally, you should ensure that you analyze the interest rate charged each month before signing the loan contract. Paying your dues regularly is essential to keeping your monthly payments to a minimum.
We hope that this EasyFinancial review will bring you a step closer to initiating your application and obtaining the funds you need.
Our comprehensive EasyFinancial review breaks down their services & the pros, cons, & detailed process of obtaining a loan from this lender.
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