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Find A LenderEastern Loans: Overview
Eastern Loans is an online lender offering installment loans of $500 to $750, with no credit check, repaid over a minimum of three months rather than in one lump sum on your next payday.
The whole process runs online with no paperwork at all, and if your application is approved before 11am Eastern, the money lands in your account the same day. Support runs 24 hours a day on weekdays and from 5am to 5pm Eastern on weekends, so there is usually someone to talk to.
Eastern Loans operates from Toronto and lends across most of the country, in nine provinces plus Nunavut and the Northwest Territories.
Are You The Right Borrower For Eastern Loans?
A loan from Eastern Loans could be a good fit for you if:
- You Need A Small Amount Of Cash Quickly: Eastern Loans offers loans between $500 and $750, which can be funded the same day and on weekends too. This makes it a solid option for an emergency expense.
- You Want More Than One Payday To Pay It Back: Instead of paying the whole balance on your next cheque, you get at least three months to pay it back, which makes payments more manageable.
- You Want Payments That Fit Your Pay: You can choose to pay weekly, every two weeks, twice a month or monthly, so your payments line up with your paydays.
- Your Credit Has Been Holding You Back: There is no credit check. Approval is based on your income, so a low credit score will not stop you.
- You Would Rather Skip The Paperwork: The whole application is online. There is nothing to print, scan or fax.
What We Verified
Here is what we were able to confirm about Eastern Loans from public sources and from its own published terms.
What We Verified
Last checked 6 Oct 2026What They Offer
Eastern Loans offers one product, a short term installment loan.
Installment Loan
$500 to $750A small loan repaid in installments over at least three months. No credit check, no paperwork, and nothing to scan or sign by hand.
Loan Features
- A Paperless Application: When you apply, everything is verified electronically and you sign online. There is nothing to print, scan or fax.
- Same Day Money: If your application clears before 11am Eastern, the deposit goes out that day, weekends included.
- You Pick When Payments Come Out: Weekly, every two weeks, twice a month or monthly, so the money leaves your account when you actually have it.
- Someone To Talk To Almost Any Time: Agents are available 24 hours a day Monday to Friday, and 5am to 5pm Eastern on weekends.
- You Can Push A Payment Back: If a payment is going to be a problem, you can delay it for a $28 fee. Worth knowing before you miss one by accident.
Who Qualifies
| Requirement | What Eastern Loans asks for |
|---|---|
| Credit score | No credit check |
| Citizenship and age | A Canadian citizen, 18 or older |
| Employment | Stable employment for at least three months |
| Income | At least $1,200 a month, paid by direct deposit from your employer |
| Bank account | A Canadian account open at least three months that receives your pay |
| Banking history | Little to no insufficient funds activity |
| Debt situation | Not considering bankruptcy or in a consumer proposal, and a low short term debt load with few other active loans |
| Loan size | $500 to $750 |
| Availability | Ontario, Prince Edward Island, British Columbia, New Brunswick, Nova Scotia, Newfoundland, Alberta, Manitoba, Saskatchewan, Nunavut and Northwest Territories |
| How you apply | Online only |
Income Eastern Loans Does Not Accept
Check this before you spend time on an application, because the list is longer than most. These income sources do not qualify you:
- Self employment
- Child tax credit
- Retirement savings and private pensions
- Student loans
- All forms of social assistance
- Disability income
- Other insurance income
That rules out a large share of the people who usually turn to small loan lenders. If your income comes from any of these, you will need to look elsewhere.
How To Apply
What An Eastern Loans Loan Costs
Eastern Loans charges an approximate annual interest rate of 23%. If a payment goes unpaid, interest on the outstanding amount runs at 1.92% a month.
So what does that look like month to month? On a $500 loan over the three month minimum, 23% a year works out to roughly $17 in interest.
| You borrow | Over | Interest at 23% | Roughly what you repay |
|---|---|---|---|
| $500 | 3 months | About $17 | About $517 |
| $600 | 3 months | About $20 | About $620 |
| $700 | 3 months | About $23 | About $723 |
| $750 | 3 months | About $25 | About $775 |
These numbers are for illustrative purposes only. Actual numbers may vary.
pread across three months, that $500 loan works out to about $173 a month, or roughly $80 every two weeks.
Other Fees
A returned payment costs you $48, charged on top of anything your own bank charges. If you need to push a payment back, that costs $28.
How Eastern Loans Compares
Compared against the other small installment lenders, since Eastern Loans gives you months rather than one payday.
| Eastern Loans | Captain Cash | DMO Crédit | Cash 4 You | |
|---|---|---|---|---|
| Loan amount | $500 to $750 | $500 to $1,000 | $300 to $1,000 | $500 to $20,000 |
| Term | Three months or more | 90 to 150 days | 12 weeks | 6 to 84 months |
| Cost | About 23% a year, plus brokerage fees and an optional surety | Advertised at 23% a year, though the published repayment is higher | 28% to 35% a year, plus related fees | Up to 34.37% APR, no extra fees |
| Approval and funding | Same day if approved before 11am ET, weekends included | Same day if approved before 2:30pm ET | Approved in about 30 minutes, same day funding | E-transfer or direct deposit after approval |
| Where | 9 provinces, plus NU and NWT | 9 provinces and territories | Quebec | Ontario |
Eastern Loans Pros
- More Time Than A Payday Loan Gives You: Three months minimum, in installments, rather than the whole balance disappearing on your next payday.
- You Choose How Often You Pay: Weekly, every two weeks, twice a month or monthly, so the payments can line up with your paycheques.
- No Credit Check: Your score is not what decides this, so a rough credit history does not rule you out.
- Money The Same Day: Clear approval before 11am Eastern and the funds are deposited that day, seven days a week.
- Nothing To Print Or Scan: The application is genuinely paperless, with instant verification and an electronic signature.
- Real Support Hours: Someone is available 24 hours a day on weekdays, which is unusual in this corner of the market.
- Strong Customer Ratings: A 4.5 on Trustpilot from more than 2,300 reviews, and an A+ with the Better Business Bureau.
Eastern Loans Cons
- Fees Sit On Top Of The Interest: The 23% rate covers interest. Brokerage fees and an optional surety can be added in your agreement, so check the payment schedule before you sign.
- A Lot Of Income Types Are Refused: Self employment, social assistance, child tax credit, retirement savings, private pensions, student loans, disability and insurance income are all excluded.
- A $48 NSF Fee: Charged by the lender if a payment bounces, on top of whatever your bank charges you.
- Delaying A Payment Costs $28: Useful to have the option, but it is not free.
- No Licence Numbers Published: Several lenders in this category publish theirs, which makes them easy to check. Eastern Loans does not.
- A Small Loan Range: $500 to $750 only, so there is no room to borrow less or more.
How We Reviewed Eastern Loans
This review draws on the information Eastern Loans publishes about itself, together with publicly available sources. Every lender in our directory goes through the same eleven point verification check, and you can read about how that works on our review methodology page.
