easyfinancial is a Canadian lender that offers borrowers an alternative option when they can’t get approved at a bank. While easyfinancial focuses on a wide variety of borrowers, it’s always possible that they are not the right fit for you.
The good news is there are plenty of easyfinancial loan alternatives. Keep reading for a detailed look at a variety of personal loan lenders operating in Canada.
easyfinancial Loan Alternatives
easyfinancial offers personal loans for anywhere from $500 to $20,000, with rates starting at 29.99%, and loan terms from 9 to 84 months. They also offer home equity loans up to $100,000 and auto loans up to $50,000.
With that in mind, let’s see who has similar loans to easyfinancial.
Alpine is an alternative lender that offers homeowners the ability to tap into their home equity. They offer second mortgages and sometimes even third mortgages. Alpine Credits typically lends up to 75% of a home’s appraised value. Interest rates and loan amounts vary based on each homeowner’s situation.
You can use the funds from your home equity to consolidate debt, renovate your home, pay for an emergency or cover any other expense.
The loan process with Alpine Credits is quick and easy. Simply apply online to find out how much you can qualify for, and you can get approved for a loan in less than 24 hours, with funding available within a week.
If you’re a homeowner and are having trouble getting approved for a loan at a conventional bank because of less-than-perfect credit, Alpine Credit can help.
How To Qualify For An Alpine Loan
Bad credit is not an issue when it comes to getting a loan with Alpine Credits. All you need to secure a loan is to be a homeowner. Rather than relying on your credit score or income, Alpine Credits simply looks at your home equity.
This is in contrast to easyfinancial’s loan criteria, which requires a minimum monthly income of $1,200.
Spring Financial is an online consumer lending company dedicated to helping Canadians with weak credit get access to financing. The company offers a handful of unique lending products that can help just about anyone access credit, no matter what their financial history may look like.
All Spring Financial products are 100% accessible online, so there’s no need to leave your home when you apply for a loan and receive your funds. Loan products include the following:
Online personal loans from Spring Financial range from $500 to $35,000, with APRs starting as low as 9.99%, and loan terms range from 9 to 60 months. You can receive the funds the same day you’re approved via e-Transfer.
With the Evergreen Loan, you can get $1,500 at a rate of 18.99%. The funds are directly deposited into your account to be used for various expenses. Once you repay it in full, you can access another $1,500 as required.
How To Qualify For A Loan With Spring Financial?
- Personal Loan – To qualify for a personal loan from Spring Financial, you just need to be the age of majority in your province, provide valid identification, and have some type of income that’s enough to cover your loan payments.
- Evergreen Loan – You are guaranteed $1,500 with the Evergreen loan once you complete “The Foundation” program with Spring Financial.
- The Foundation is available to all Canadians with a 100% approval rate, regardless of credit score, income, or debt level. It is a credit-building loan where you make payments for over 12 months. Once the “loan” is fully repaid, you’ll automatically be approved for the Evergreen Loan.
Fairstone™ is a Canadian lender that offers secured and unsecured personal loans as well as second mortgages, mortgage refinancing, and car financing.
Secured Personal Loans
Fairstone’s secured personal loans are offered to homeowners who have built up equity. Loans range from $5,000 to $50,000†, with loan terms from 36 to 120 months. Interest rates range between 19.99% – 24.49%.
Unsecured Personal Loans
Borrowers who are not homeowners may consider Fairstone’s unsecured personal loans. Like easyfinancial, Fairstone’s unsecured loans range from $500 to $25,000 with loan terms ranging from 6 to 60 months. Interest rates on unsecured personal loans range between 26.99% – 39.99%*.
Applying for a Fairstone loan can be done entirely online, and applications are generally processed within a day.
How To Qualify For A Fairstone Loan?
Fairstone requires that loan applicants have near-prime credit. When you apply, you’ll also need to provide information about your income and your housing costs, including whether you rent or pay a mortgage.
SkyCap Financial is an alternative financing firm that offers short-term loans to borrowers with all types of credit scores.
Skycap Financial offers personal loans with APRs ranging from 12.99% to 39.99% and loan terms from 9 to 60 months. Loan amounts range from $500 to $10,000, with flexible repayment options available.
The online loan application process is quick and easy. Loan approvals take as little as 24 hours following application, and borrowed funds are deposited right into your bank account as soon as you’re approved.
How To Qualify For A SkyCap Loan?
SkyCap Financial will assess your credit score and current income when you apply for a loan. That said, they specialize in helping borrowers with bad credit or poor financial backgrounds get approved for financing.
LendDirect is a lending firm that offers unsecured lines of credit for up to $15,000. With a LendDirect line of credit, you can access your accessible funds on an ongoing basis and withdraw from your credit account as often as you like, with no fees for cash advances.
LendDirect’s interest rates range from 19.99% to 46.93%.
While there are some physical LendDirect branches in Canada, the easiest and fastest way to apply for a line of credit is online. Within a couple of hours, you can apply, get approved, and get access to your borrowed funds.
How To Qualify For Lend Direct
LendDirect will want to verify your income to help determine the loan amount you can get approved for and a repayment schedule that best suits your financial profile.You’ll also need an active bank account and routing number to apply.
Mogo is a fintech company offering a range of loan and credit products, including personal loans for up to $35,000. You can choose a loan term of up to 5 years and get funded in as little as 24 hours following loan approval. APRs start at 9.9%.
How To Qualify For A Mogo Loan?
Mogo requires a minimum annual net income of $13,000. You’ll also need to prove steady employment for at least 30 days to get approved for a loan with Mogo. Like LendDirect, you may be able to secure a loan with Mogo if you have bad credit, making this fintech firm a great option if your credit is struggling. But with bad credit, you’ll be paying more in interest on your loan.
How Much Does An easyfinancial Personal Loan Cost Compared To Its Alternatives?
To help you compare some of the lenders listed above and their loan products, let’s look at what a $1,000 loan could cost you with the lender’s lowest posted rates and terms.
|Loan Type||Interest Rate||Loan Term||Monthly Payment||Total Cost|
|easyfinancial||Personal loan||29.99%||9 months||$125.45||$1,129.07|
|Spring Financial||Personal loan||9.99%||9 months||$115.79||$1,042.09|
|Fairstone||Unsecured personal loan||26.99%*||12 months||$96.01||$1,152.15|
|SkyCap Financial||Personal loan||12.99%||9 months||$117.21||$1,054.90|
|Mogo||Personal loan||5.9%||12 months||$86.02||$1,032.25|
Keep in mind that these are examples and are for illustration purposes to help you make an informed decision. Your loan cost will vary depending on your credit and financial profile.
Reasons You May Have Been Denied An easyfinancial Loan
If your loan application was turned down, you may be wondering why. Here are some of the more common reasons why you may have been denied a loan:
You’re Not Old Enough
Certain basic loan criteria are universal among all lenders, and one of them involves minimum age requirements. In Canada, you must be the age of majority in your province or territory to get approved for a loan. If you’re under this age threshold, you won’t qualify.
You Don’t Meet Minimum Status Requirements In Canada
Another basic loan requirement involves your status in Canada. More specifically, you must either be a Canadian citizen or permanent resident to apply for a loan.
Your Income Is Insufficient
Generally speaking, lenders prefer to work with borrowers who have a steady income. The most common form of income is a steady full or part-time job. But there are some lenders who accept alternative forms of income. For example, employment insurance (EI) benefits.
You Have Too Much Debt
Taking on more debt when you already have a lot, is a red flag for many lenders. Ultimately, lenders want borrowers who can afford their payments. If the majority of your monthly income is already earmarked for other loan payments, you could be rejected.
If you’re having trouble securing a loan from a traditional lender, easyfinancial is a great alternative lending option to consider. With low credit scores and income levels permitted, you may find it much easier to get a loan with easyfinancial if your credit history is lagging. Otherwise, there are several other alternative lenders available that also come with manageable lending criteria. Making their loans just as easy to get approved for, if not easier.
easyfinancial Loan Alternatives FAQs
What do I need to apply for a loan with easyfinancial?
- 1 valid government-issued photo I.D.
- 2 of your most recent pay stubs
- The last 90 days of banking statement
- 1 bill addressed to your current home
What credit score do you need to get an easyfinancial loan?
Are easyfinancial and Spring Financial the same?
© 2022, TM Fairstone Financial Inc.
*Interest rates are subject to change. Actual Annual Percentage Rage (APR) vary based on province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC, 31.99% in MB and 34.99% in QC.
†On approved credit. Terms and conditions apply. Interest rates vary by province/territory and from customer to customer based on factors like credit score and borrowing history. See Fairstone website for details.
In Ontario, Fairstone Financial Inc. is licensed as mortgage brokerage 10821.
In Nova Scotia, Fairstone Financial Inc. is licenced as mortgage lender #2021-3000028.