About easyfinancial

easyfinancial is a subsidiary of goeasy TSX:GSY, which has been providing Canadian consumers with easy access to loan products since 2006. The company offers personal loans from $1,000 – $45,000 with affordable and convenient interest rates.

Types of Loans at easyfinancial 

easyfinancial offers three main types of loans to meet various financial needs in Canada:

1. Personal Loans: Suitable for various purposes such as vacations, home renovations, or unexpected expenses. Available to people with good and bad credit, with quick online application and fast disbursement.

2. Retail Financing: Allows consumers to finance big-ticket items directly from retailers, bypassing traditional banks. This option includes automatic payments from your bank account for ease.

3. Debt Consolidation Loans: Helps combine multiple high-interest debts into one manageable loan, potentially saving on interest and fees while simplifying repayment. This can also improve your credit score over time and is often paired with credit counseling services.

Understanding these loan types helps borrowers make informed decisions and manage their finances more effectively.

Requirements to Qualify for a Loan

• A monthly income of at least $1,200
• Proof of age (18 or 19+)
• A steady source of employment
• A bank account with direct deposit

60% of easyfinancial’s customers reportedly had low credit when they first applied, and 88% of those applicants were reportedly approved the same day. However, the general terms of your loan will vary depending on your financial situation. You can access the finest loan offers if you have the following:

• A high credit rating (660 – 900)
• A regular full-time employment and a respectable monthly income
• Few to no unpaid bills
• No recent bankruptcies, consumer proposals, or other delinquencies

Documents Required

• Passport, driver’s license, or other government identification (with photo)
• Most recent 30-day bank statement
• Recent pay stubs, T4 slips, or other proof of income
• Utility bill or other proof of address
• Voided check or pre-authorized debit form easyfinancial may check your credit prior to approving or declining your application and will report your payment activity to Canada’s major credit bureaus (Equifax and TransUnion) if approved.

How to Apply with easyfinancial 

Over 200 locations for Easyfinancial can be found in every province in Canada, allowing customers to apply in person, over the phone or online.

Steps to Apply Online:

1. Complete the application – Online applications are typically accepted 24/7 and take about 10 minutes to complete.
2. Await a response – If everything goes as planned, you ought to get a response in within 30 minutes.
3. Obtain funding – On the same business day if your loan is authorized, a lump sum payment will be made into your bank account. However, depending on the amount and type of loan you request for as well as their authorized business hours, client responses, loan approvals, or deposit delays may vary.

Secured Personal Loans with easyfinancial 

Easyfinancial also provides secured personal loans ($15,000 – $35,000), which need a type of collateral, such your house or another valuable asset, to be approved.

This choice can be favoured because it will put less of a focus on your income and will allow you to access more money, lower interest rates, and longer payback terms.

When applying for a secured loan, it’s crucial to exercise caution because failing on the loan could result in the loss of the collateral.

What are the requirements to qualify for a loan with easyfinancial?
To qualify for a loan with easyfinancial, you will need to have a monthly income of at least $1,200, proof of age (18 or 19+), a steady source of employment, and a bank account with direct deposit.

Will my credit score affect my loan application?
Your credit score will affect the overall conditions of your loan. easyfinancial claims to approve 60% of their customers who started out with bad credit, however, the best loan offers can be accessed when you have a good credit score (660 – 900).

What documents do I need to provide when applying for a loan?
easyfinancial may ask for copies of personal and financial documents when you apply, such as a passport, driver’s license or other government identification, recent pay stubs, T4 slips or other proof of income, utility bill or other proof of address, most recent 30-day bank statement, and a void cheque or pre-authorized debit form.

Can I apply for a loan online?
Yes, easyfinancial offers online application, which takes about 10 minutes to fill out and are normally accepted 24/7.

Can I get a secured personal loan with easyfinancial?
Yes, easyfinancial also offers secured personal loans ($15,000 – $35,000) which require some form of collateral for approval such as your home or another asset that holds value. This option can help you access more money, lower interest rates, and longer repayment terms, with less emphasis on your income, however, it’s important to be cautious as defaulting on the loan can result in the loss of the collateral.

What happens if I default on my loan?
Defaulting on your loan can result in negative consequences, including damage to your credit score and potential legal action. It’s important to make sure you can afford the loan before applying and to contact easyfinancial if you are having trouble making payments.

easyfinancial Products

Unsecured Personal Loans

Loan Amount

• $500 – $15,000

Rates & Term Length

• Interest Rate: Starting at 29.99%  APR
• Payment Schedule: 9 – 60 months

Service Details

• Loan Processing Time: Within 24 hours
• Money Transfer Method: Direct Deposit
• Repayment Method: Automatic debit

Eligibility

• Over 18 years of age
• Must be a Permanent Canadian Citizen
• Monthly income over $1,200
• Active employment 

Required Documentation

• Government-issued ID
• Proof of income

Secured Personal Loans

Loan Amount

• $15,000 – $45,000

Rates & Term Length

• Interest Rate: Starting at 19.99%  APR
• Payment Schedule: 72 – 120 months

Service Details

• Loan Processing Time: Within 24 hours
• Money Transfer Method: Direct Deposit
• Repayment Method: Automatic debit

Eligibility

• Over 18 years of age
• Must be a homeowner
• Must be a Permanent Canadian Citizen
• Monthly income over $1,200
• Active employment 

Required Documentation

• Government-issued ID
• Proof of income
• Mortgage statement
• Property tax statement
• Proof of ownership of your home