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Eastern Loans


About lender

Eastern Loans is a Canadian company providing online payday loans up to $1,000 for 3 to 5 months. Eastern Loans gives a chance to get funds deposited the same day the loan application is approved.

You could easily and quickly borrow online. It's an alternative option for people burdened with bad credit who aren't qualified for the traditional lenders and want to get out of debt faster than banks allow them to do.

You could get unsecured personal loans for any reason: traveling, auto repair, home improvement, debt consolidation, bills, and expenses.

The company was established in Toronto in 2014 to provide fast and simple installment short-term loans in Canada.

Pros and cons

Eastern Loans offers unsecured personal loans made to assist borrowers who want to get extra cash before the payday and pay it through several installments regularly with lower interest rates.

This pros and cons Eastern Loans review helps to decide whether a payday loan with this lender is your best solution and choose between other options provided by another company.


  • Simple and convenient online service

  • Fast approval and funding within 24 hours

  • The payment period of 3-5 months

  • No hidden fees and prepayment penalties

  • Loans are paid out through the direct deposit or Email money transfer

  • No collateral required

  • No credit check

Getting personal loans with Eastern Loans Canada giveы you access to some perks, which concentrate on the speed and simplicity of the service. But try to think even if the time isn't on your side and calculate all the payments and fees of the online payday loans with Eastern Loans.

Get acquainted with the drawbacks you should be aware of before borrowing.


  • Strict eligibility criteria

  • High-interest rates

  • A little amount is available (only $500 for the first time)

  • A stable source and amount of revenue are required

  • A lot of fees with a high cost (surety, withdrawal, late payment, NSF fee).

  • Detailed employment information and references are needed

  • Undisclosed surety fee set by a third-party surety company at its own discretion

As you see, Eastern Loans are an option mainly for borrowers who have a steady job and revenue and could prove it.

There are advantages and disadvantages of Eastern Loans' financial services, but it's important to remember that borrowing with alternative lenders should be a rare action, not a habit.

Loan conditions

The customers could borrow $500, $600, $700, $750, $1,000 for at least three months. But only limited to $500 for the first time. To take more you should prove your eligibility.

You could make 3, 6, or 12 installments depending on your pay frequency. The shortest term is three month period starting from the next payroll. The annual percentage rate (APR) is approximately 23%. If unpaid, the applicable interest rate is 1,74% per month.

For instance, a $500 payday loan which you repay every two weeks, refundable in 6 repayments will be $125.08 by payment, a final amount of $750.45.

This example is considered with the surety charge which is added to the borrowed amount. If the amount is $500 with APR 23% and payback of 90 days, the loan payable is: $500 * ( 22% / 365 * 90 days) = $527. This will result in 175,66$ per month for 3 months. An interest rate is fixed, so your monthly rate will never increase. In addition, you can prepay loans penalty-free. Non-sufficient funds (NSF) fee is $48, and the late payments fee is $28. Also, there is a withdrawal charge of $0,50. For the new loans go to the lender's website and click the «Renew now» orange button at the top of the page. You could call or reapply online.

  • Fill in the form: your name, birthday, phone number, and email.

  • Choose if you have changed your address, job, or bank.

  • Submit your source of revenue and pay frequency.

  • Choose a loan amount and the next payment date.

  • Tick if you want your money to be paid out through E-transfer and submit the request.

  • You should provide your recent paystub and bank statement for at least 30 days.

There are different requirements for borrowers who want to reapply according to the repayments plan:

  • bi-weekly — reapply when 1 repayment remains

  • weekly — 2 repayments

  • monthly — pay off the whole loan to renew

Methods of a loan funding

In the application, you fill out financial information. Choose the loan amount and a repayment schedule, sign a contract and wait for assessment.

You may get the money within the same day if your application is confirmed before 10.30 a.m.

Funds are paid out by direct deposit to the bank profile you have specified or by Interac Email money transfer.


What is Eastern Loans?

Eastern Loans Canada offers financial services online. It works with borrowers who have a steady job and income. You could take up to $1,000 for any individual purpose with APR 23% if you are eligible, but only $500 for the first time from your next paycheck date.

Who owns Eastern Loans?

The company is a private corporation with headquarters in Toronto, established in 2014.

How do you qualify for Eastern Loans?

It's easier to be eligible for borrowing with alternative payday lenders than be qualified for traditional loans with banks. But you should still satisfy some personal and financial requirements.

To qualify borrower should be 18 years or older and have:

  • Stable job for at least 3 months

  • Regular source of income over $1,200 per month

  • No bankruptcy in the last 12 months

  • Canadian bank account to be paid by direct deposit

  • Low ratio of NSF transactions

  • Canadian residence

  • Low ratio of payday loans

Eastern Loans doesn't accept these forms of revenue:

  • Welfare

  • Canada pension plan (CPP)

  • Student loans

  • Self-employed

  • Child tax

  • Disability assistance (ODSP, AISH)

If you meet these requirements, you are welcome to apply!

How much can you borrow from Eastern Loans?

From $500 to $1,000, but only the minimum for the first time.

Is Eastern Loans legit?

Yes, it is. Eastern loans has been operating in Canada since 2014. It has more than 600 good reviews saying that it's a great company to borrow from and a score of 4.7 on the Trustpilot.

Company documents


It's the perfect alternative for online Canada loans because you can reimburse it in 3, 6, or 12 installments depending on your pay frequency, over a three month period.


Calculate loan payments in Eastern Loans

Eastern Loans calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount

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Loan term

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What to pay attention to when applying for a loan from Eastern Loans

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Eastern Loans from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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