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Who is easyfinancial?
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 $500 – $20,000 (up to $100,00 for secured personal loans) with interest rates that are affordable and convenient.
What Are The Requirements To Qualify For A Loan With easyfinancial?
Similar to any loan product available in Canada, getting approved for an unsecured personal loan 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.
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
Documents Required To Apply For A easyfinancial Loan
easyfinancial may 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.
How To Apply With easyfinancial?
As mentioned, one great thing about easyfinancial is that they have over 200 branches throughout every Canadian province, so you have the option of applying in person, over the phone or online. 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.
Steps To Apply With easyfinancial Online
- Fill Out Application – Online applications take about 10 minutes to fill out and are normally accepted 24/7.
- Wait For Response – If all goes well, you should receive confirmation within 30 minutes.
- Get Funded – If approved, 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.
If you need help, you can speak with one of their customer service agents by phone, email or using their live messaging system.
Can You Get A Secured Personal Loan With easyfinancial?
easyfinancial also offers secured personal loans ($15,000 – $100,000), wherein some form of collateral is required for approval, such as your home or another asset that holds 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
Features Of A easyfinancial Personal Loan
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:
| Unsecured Loans | Basic unsecured personal loans come with repayment terms of 9 – 84 months, giving you plenty of time to cover your full debt balance. |
| Secured Loans | Larger secured personal loans come with even longer repayment terms of 72 – 120 months. |
| Loan Protection | 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. |
| Eligibility | 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. |
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 9.99% – 35% (depending on province and loan type)
- 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.
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.
| APR | Monthly Payment | Total Interest | Total Cost |
| 10% | $87.92 | $54.99 | $1,054.99 |
| 20% | $92.63 | $111.61 | $1,111.61 |
| 30% | $97.49 | $169.85 | $1,169.85 |
| 40% | $102.47 | $229.66 | $1,229.66 |
Pros And Cons Of Applying With easyfinancial
It’s always in your best interest as a consumer to make sure you understand all the pros and cons prior to applying for any type of loan.
Pros
- Easy approval requirements
- Fast depositing times
- Adjustable repayment plans and interest rates
- Available in multiple provinces/cities
- Responsible payments improve your credit
- Cosigners and loan security are possible
Cons
- Some services aren’t offered in certain areas
- High-interest rates may apply
- Additional loan fees are not specified
- Possible NSF (non-sufficient funds) penalties may apply (50$)
- Possible prepayment penalties may apply
- Defaulted payments damage your credit
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
