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