Easyfinancial: Everything you need to know about this lender

Easyfinancial

What is Easyfinancial? 

Easyfinancial is a subsidiary of Goeasy Ltd. The company provides Canadian customers with secured loans for up to $35,000 and unsecured loans up to $15,000. The terms are relatively flexible from 9 months to 10 years based on the loan type. The loan options are well structured to meet most people’s financial requirements. They can be used for various purposes like an emergency, home repair, education expenses, and more.  

Eligibility

For unsecured loans

You can get an unsecured loan ranging from $1000 to $15,000 with Easyfinancial. 

Here are the eligibility requirements:

  • A monthly income of at least $1200
  • Proof of legal age according to your province (18 or 19+)
  • A direct deposit bank account
  • A stable source of income

The requirements to apply for unsecured loans from Easyfinancial is somewhat easier than what other banks and other financial institutions require. It is important to note that Easyfinancial could ask you for a credit score before approving or declining your loan request. They would also report your payment activity to the Equifax and TransUnion bureaus of Canada. 

For secured loans

You can get a secured personal loan ranging from $15,000 – $35,000 with Easyfinancial. The 

Here are the eligibility requirements:

  • Your yearly mortgage statement
  • Collateral – House or any other asset owned by you 
  • Your yearly property tax statement  

Getting a secured personal loan will require the applicant to put forth some collateral for approval. Being a homeowner is a must so that they can be certain that you would be able to pay the loan on time. Applying for their secured loan plan guarantees a bigger loan amount, lower interest rates, and more flexible payment terms. However, you have to be extra careful when applying for a secured loan because if you default on multiple payments, they have the right to seize your property.

Easyfinancial Personal Loan Features

  • The interest rate varies between 19.99% to 46.96% – Generally, the company markets on the lower threshold interest rates but the standard interest rate for the unsecured personal loan dwells around 40 and above, which is quite high. One reason they might do this is to attract more people to opt for the secured personal loan, as the interest rate for that isn’t as high. 
  • The loan size is flexible. They let you take an unsecured loan of any amount between $500 to $15,000 and a secured loan of $15,000 to $35,000. 
  • You can choose between any loan type you want. However, the company seems to be pushing people to opt for their secured loans and charging way more for the unsecured loans. 
  • You can access your funds within two working days, from the day you are approved for the loan. 
  • Easyfinancial allows great repayment structures. You can choose between bi-weekly, monthly, weekly, and bi-monthly breakdowns. 
  • The approval time could be as quick as 30 minutes for some cases. However, make sure to take note and really digest the interest rate, repayment structure, and due date. Such instant approval often makes it super tempting to just sign the loan contract without carefully thinking about the future.

Easyfinancial Personal Loan Costs

The costs that come with Easyfinancial’s personal loans generally depend on factors like the size of the loan, loan type, interest rate, and loan term. Like any other loan, you’ll deal with additional fees: 

  • Delayed payment fees
  • Missed payment fees
  • Default penalties

How to apply for Easyfinancial Personal Loan

First and foremost, yes, you need to be a Canadian resident. You also need to meet the minimum age requirement (which depends on your province).

As with most other personal loans, you have to be able to showcase your ability to make timely repayments. When applying for an Easyfinancial Personal Loan, you’re going to have to supply the following details:

  • Personal Details – Name, address, phone numbers, email
  • A copy of government-issued identification
  • Proof of address
  • Your online banking details such as the financial institution number, branch transit number, and bank account number
  • Proof for income with details like pay cycle frequency, hire date, and annual income 

Pros and Cons of Easyfinancial Personal Loans 

Easyfinancial Personal Loans require less paperwork than most other lenders. They also have better approval rates than most banks and other financial institutions.

When you apply for an unsecured loan when you need emergency cash, they’ll be able to provide you with the money in as fast as an hour after your loan is approved. However, be careful not to be easily swayed by this instant-cash-on-hand promise as it can cloud your judgment. Make sure you’ll be able to keep up with the loan terms before taking the plunge.

That said, with Easyfinancial, you’ll be able to get your money quickly, but you might have to pay a substantial interest rate for it if you’re going the unsecured route. Their secured loans, on the other hand, are more promising with interest rates that commonly fall between 19% to 23%. 

Verdict

Easyfinancial is a great option for people who need money urgently or have a bad credit score. However, the company’s loan options and terms could be overwhelming and/or difficult to understand. We recommend that you take the time to think through their terms and conditions. 
Talk to an Easyfinancial rep about the possible interest rates, payment terms, and all other aspects of the loan. They are very systematic and thorough with their plans, so reaching out to them should not be an issue. Besides, based on a couple of reviews on the BBB, it’s better that you have a nice long talk with a rep before taking out a loan as their customer service systems become a little bit tougher to handle once you’re already a customer.