easyfinancial Reviews, Ratings And Fees 2020


Since 2006, easyfinancial (a subsidiary of goeasy TSX:GSY) has been committed to providing Canadian consumers with easy access to the loan products they need, even when banks have said no in the past. 

easyfinancial offers personal loans from $1,000 – $35,000 with interest rates that are affordable and convenient.   

When Banks Say No, easyfinancial Says Yes

easyfinancial’s goal has always been to listen to what Canadian consumers want and to say yes. Using one of their personal loans, you’ll not only be able to cover the cost of an expense, but you’ll work toward improving your credit with every payment you make.

With an easyfinancial loan in your bank account, you can:

  • Pay your outstanding bills
  • Consolidate high-interest debts
  • Handle financial emergencies
  • Deal with home or vehicle expenses 
  • Cover vacations or unexpected travel costs

How to Qualify With easyfinancial 

Similar to any loan product available in Canada, getting approved for an unsecured personal loan ($1,000 – $15,000) through easyfinancial can require a few different qualifications on your part, including but not limited to:

  • A monthly income of at least $1,200
  • Proof that you’re past the age of majority in your province (18 or 19+) 
  • A steady source of employment 
  • A bank account with direct deposit

Luckily, qualifying with easyfinancial is relatively easy compared to a lot of banks and credit unions in the country, where the application process sometimes blocks out borrowers who have low incomes, bad credit, or problems with unpaid debt. 

That said, they may still ask you to send them copies of certain personal and financial documents when you apply, such as:

  • Passport, driver’s license or other Government Identification (with photo)
  • Recent pay stubs, T4 slips or other proof of your income
  • Utility bill or other proof of your address
  • Most recent 30-day bank statement 
  • Void cheque or pre-authorized debit form

Before you apply, it’s important to know that 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.

Secured Personal Loans

easyfinancial also offers secured personal loans ($15,000 – $35,000), wherein some form of collateral is required for approval, such as your home or another asset that hold value. You may prefer this option because good security can help you access more money, lower interest rates, and longer repayment terms, with less emphasis on your income. 

Always be cautious when applying for a secured loan, as defaulting on too many of your future payments could result in your asset being seized. Additionally, there may be extra documents required when you apply, such as your most recent: 

  • Yearly mortgage statement
  • Yearly property tax statement

How to Apply With easyfinancial

As mentioned, one great thing about easyfinancial is that they have over 200 branches throughout every Canadian province, where you can visit for information or apply. Although they don’t have any locations in Nunavut, the Yukon, or the Northwest Territories, residents who live there can still apply on their webpage. 

You can also speak with one of their customer service agents by phone, email or using their live messaging system. Online applications take about 10 minutes to fill out and are normally accepted 24/7. If all goes well, you should receive confirmation within 30 minutes and the loan will be deposited directly in your bank account as a lump sum during the same business day. 

However, customer responses, loan approvals ,or deposit times may vary according to what size and type of loan you apply for, as well as their designated business hours.

Apply With Good Financial Health

On their website, easyfinancial claims to approve 88% of their customers within the same day they apply and that 60% of their customers started out with bad credit. So, it’s clear that even if you have lesser financial health, it’s at least possible to get approved for a loan and use it to better your situation. 

Nonetheless, your financial health will affect the overall conditions of your loan. Generally speaking, the best loan offers can be accessed when you have:

  • A good credit score (660 – 900)
  • A full-time job and decent monthly income
  • Little to no outstanding debts
  • No recent consumer proposals, bankruptcies, or other delinquencies 
  • Loan security (collateral)
  • A cosigner

What Makes an easyfinancial Loan Stand Out   

Another fortunate aspect about easyfinancial is that they offer a variety of financial products, each of which can serve a different purpose. Apart from personal loans, this lending institution also offers:

  • Creditplus Savings Loans – Small loans of $1,500 or $3,000 that customers can use to make responsible payments and boost their credit scores along the way. As an added bonus, you could be preapproved for another $1,000 easyfinancial loan if you complete your repayment plan without missing a payment. 
  • Retail Financing – Here, e-Commerce and in-store merchants can apply for financing to improve and expand their businesses. Alternatively, customers can use the PayBright system to pay for various expenses. 

All this said, the main products that easyfinancial provides are their unsecured and secured loans, which are beneficial because approval is easy and quick to obtain. Although these loan types may be right or wrong for your particular financial situation, they do come with many attributes, such as: 

  • Basic unsecured personal loans come with repayment terms of 9 – 60 months, giving you plenty of time to cover your full debt balance.
  • Larger secured personal loans come with even longer repayment terms of 72 – 120 months.
  • They offer a loan protection plan that covers your first 6 months of payments in the event of sickness, injury, or loss of unemployment. This plan also covers 100% of your loan if you become critically ill or die.
  • If you have recently gone through a bankruptcy, you can still be approved for a small loan, as long as your case has been fully discharged and you’re no longer involved with any court duties, such as credit counselling.

Possible Costs of an EasyFinancial Personal Loan

Remember, not every loan product is the best financial solution for you and while the personal loans that easyfinancial offers can be helpful in more ways than one, the costs associated with them may be too much for your finances to handle. 

Aside from your individual payments and final balance, here are a few other costs that you may encounter with an easyfinancial secured or unsecured personal loan:

  • Annual interest rates (APR) of 19.99% – 46.96%
  • 3-month interest penalty for prepayments (secured loans)
  • Optional loan protection insurance fees
  • Additional taxes and administrative fees (varies from province to province) 
  • Various defaulting penalties (late, short, missing payments) 

Since these loan costs can have a drastic negative impact on your finances and credit if you default on any payments, it’s essential to only apply when you’re steadily employed and are sure you can afford them, even if you can’t work or lose your job entirely.

Questions About EasyFinancial 

Another important thing to do before you apply for any loan or credit product is to write down a few questions that you can ask your financial advisor or a customer service representative. Here are a few good questions to ask concerning EasyFinancial. 

What Could Happen to My Home or Vehicle if it’s Used Collateral?

Earlier, we talked about how applying for a secured loan allows you to offer up an asset, such as your home or car in exchange for better rates and conditions. Essentially, the lender would take temporary ownership over the asset until you repay the loan in full. 

However, the reason that lenders accept collateral is that it will give them something to sell in the unlikely event that you cannot make your payments as agreed. This is why you must be cautious when applying for a secured loan, as you could end up having your home foreclosed or your vehicle repossessed. 

What is a Cosigner?

easyfinancial accepts co-signers. This means that a stronger borrower can sign your loan application with you, which can be great if you have unhealthy finances and can’t get approved on your own. 

Nevertheless, your cosigner must be well aware that if you go into default, your remaining loan payments will become their responsibility and can also have a heavy positive or negative impact on their financial profile.  

Pros and Cons of Applying With EasyFinancial

It’s always in your best interest as a consumer to make sure you understand all the pros and cons prior to applying for any type of loan.


  • Easy approval requirements 
  • Fast depositing times
  • Adjustable repayment plans and interest rates
  • Available in multiple provinces/cities
  • Responsible payments improve your credit
  • Cosigners and loan security are possible 


  • Some services aren’t offered in certain areas
  • High interest rates may apply
  • Additional loan fees are not specified
  • Possible NSF (non-sufficient funds) penalties may apply (50$)
  • Possible prepayment penalties may apply
  • Defaulted payments damage your credit    

easyfinancial Services

easyfinancial Reviews & Ratings

Reviews from Experts

Easy Financial fills an important void in the personal loan space. It offers fast and simple personal loans that are cheaper than most payday loans. Its website is easy to navigate. It also has many branches. You can visit one of its 300+ branches across Canada for help in person.

Application simplicity


User experience

Information and transparency


Is easyfinancial legit or a scam? See what others have to say.

After many emails from easy financial I decided to apply. Two and a half days later. After 4 or 5 requests for more information. After been told I was... read more
Applied for a consolidation loan. Went through all the paperwork numerous times. Even had a cosigner. Came back saying I had to much debt. Well that&#... read more
Worst company ever! After jumping through all their hoops, sign the paper work, was assured I would have the money that day, 2 days still nothing! Had... read more
This is a trusted service provider in Canada.
After waiting 4 days finally my application was rejected despite 700 credit score and income of over 3000 monthly because I dont speak French . The wo... read more
Awful. They use several different names and are not very bright. I went to pay in full after a few months. They gave me an amount. I paid it all. The ... read more
This company is somewhat predatory in their lending practices. I am constantly bombarded by their emails and I never used them as a lender. They are ... read more
I couldn’t leave a rating of 0 the worst company in Canada they treat the future customer like crap just to get a loan thank god I stop the proc... read more
I have dealt with their partner Easyhome for a couple years with great service. Easyfinancials service was just a good. Extremely friendly and polite,... read more

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easyfinancial Reviews on Loans Canada


What is the maximum APR allowed in Canada?

  • The Criminal Code of Canada states that the maximum APR that can be charged for a loan in Canada is 60%. Interest rates above 60% are illegal. It’s important to note that payday loans are exempt from this law. Payday loans are regulated on a provincial level which means the maximum interest rate that can be charged for a payday loan varies from province to province. In Quebec, the maximum AIR on payday loans in 35%, this rule has effectively shut down the payday loan industry in the province.

How much does it cost to take out a personal loan?

  • While this depends on a variety of factors, including your lender, there are several main factors that affect the cost of a personal loan.
    • Principal amount
    • Interest rate
    • Payment frequency
    • Repayment period

What happens if I stop paying my loan?

  • When you stop making payments on a loan you will go into default, your lender will likely try to make several attempts at collecting the money you owe, and if these attempts fail they may then send your account to a collections agency. Your credit score may also be negatively affected which will make it difficult to borrow in the future. When applying for a loan, it is important to not overextend yourself financially and limit the total amount borrowed, especially if the cost of borrowing is high.

What documents are required to apply for a loan?

  • While this will vary from lender to lender, here are the most common documents required to apply for a loan in Canada.
    • Government-issued I.D.
    • Proof of address
    • Proof of income or employment
    • Bank statements
    • Tax returns (for those who are self-employed)

What is the difference between a payday loan and a personal loan?

  • A payday loan is a short-term loan product, usually for no more than $1,500, that is paid back in full within two weeks or on the borrowers next payday. Payday loans have high-interest rates that often equate to an APR of over 400%.
    A personal loan, on the other hand, is a short to medium-term loan product that is paid off in installments over a fixed period of time, typically 3 months to 5 years. Personal loans are available for a variety of amounts, anywhere from $500 to $35,000. Interest rates vary from lender to lender but are nowhere near as high as payday loans.
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