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easyfinancial Reviews, Ratings And Fees 2020

Based on 14
Customer Reviews
ADDRESS
33 City Centre Dr #510
Mississauga, Ontario
L5B 2N5
WEBSITE
https://www.easyfinancial.com
Presentation

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 $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 of 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.

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 

easyfinancial FAQs

Can I receive my fund through e-transfer? 

Yes, in order to receive your funds through e-transfer you must have a working e-mail address and phone and a bank account that accepts e-transfers. If you do, you can receive your funds in as little as 20 minutes.

I can no longer afford my loan payments and may have to declare bankruptcy. What should I do? 

If your financial situation changes, making it impossible for you to make your current payments, it’s important to get in contact with easyfinancial immediately. 

How can debt consolidation help me? 

Consolidating debt is one of the most popular solutions for debt relief. It is a way of condensing all your debts into one single, simple, and affordable payment. Moreover, it can help you save on interest if you consolidate your debts with a loan that has a lower interest rate. 
Services

Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Eligibility
Requirements & Documents

Personal Loan

Up to $15,000
Interest Rate
29.99% – 46.96%
Term (Months)
9 - 60
Funding Time
24 hours+
Funding Method
  • Direct bank deposit
  • Prepaid credit card
  • Mailed cheque
Repayment Options
  • Automatic debit
  • Canadian residents (Not Quebec)
  • At least 18 years old
  • Non-expired Government-issued photo ID
  • Bank statements
  • Proof of address
  • Proof of income (paystubs, T4)
  • Void cheque or pre-authorized debit form
Reviews

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

Reputation

User experience

Information and transparency

Accessibility

Written by: Sean Cooper
Posted on June 19, 2019

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

Be warned they will do a hard check on your credit and you will lose points, if your looking for a loan every point counts, I made it clear that my cr... read more

- Linda (April 30, 2020)

Terrible terrible customer service. There are dozens of loan providers out there that offer competent and friendly service. Unfortunately Easy Financi... read more

- Steve Corey (March 13, 2020)

The best service anyone could ask for.

- Troy MacGarvie (March 2, 2020)

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

- Wesley Roberts (February 3, 2020)

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

- Joanne leblanc (January 28, 2020)

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

- Randy MacKay (August 26, 2019)

This is a trusted service provider in Canada.

- Loans Canada (June 10, 2019)

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

- Abdullah Habiby (June 6, 2019)

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

- Lisa (June 4, 2019)

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

- Allan (May 28, 2019)

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

- Shawn Wilson (April 18, 2019)

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

- Cody Thoresen (April 17, 2019)

Good

- Frances bopp (January 25, 2019)

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