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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Eastern Loans's application


How to apply


Eastern Loans is operating online. The application process is easy and quick. You may get the cash the same day.

Therefore there are some requirements if you want to get any payday loan with Eastern Loans.

What do you need to apply for a loan:

  1. Go to the official website.

  2. Fill out the online application with your personal information.

The data that will be needed or verified during the application:

• Government Photo ID (driver's license or other proof of identification)

• Your latest bank statements for at least 90 days, paystubs

• A recent utility bill (or other proof of address)

• A pre-authorized debit form or VOID cheque (for deposits and payments)

All the information is confidential and collected to evaluate the client's ability to take and pay back loans.

  1. Review and submit your application. Sign up an agreement. Send the required documents.

  2. Wait until an agent verifies your information and gives approval.

  3. The company accepts your request and you receive the money directly to your bank account.

  4. Pay back from your next payroll within several installments within 3-5 months.

Application details

An application form could be filled out and submitted 24/7. If you apply on holiday, send your documents and the request will be operated the next business day.

Once all required information is received, agents decide if your application is accepted within 24 hours.

The approval is ready before 10.30 am? Your cash may be paid out within the same day through direct deposit or e-transfer.

Business hours: Monday to Friday : 8.00am to 1.00am EST. Saturday: 10.00am to 4.00pm EST. Sunday: 10.00am to 4.00pm EST.

There are reasons why your application may be rejected:

  • Have active bankruptcy or consumer proposal

  • Don't have a steady job

  • Essential documents are incomplete or have incorrect information

  • Too many NSF on transactions

  • Self-employment income (there isn't a fixed pay date)

Be sure to meet the requirements like the amount and source of revenue, a verified Canadian bank account, residency, etc. Also, check if you provide all the required information, for instance, 90 days bank statement.

  1. Go to the Eastern Loans official website and click the «Apply now», «Get started» orange button.

  2. Choose the reason for borrowing: debt consolidation, travel, car repairs, home improvement, bills, and expenses, or others. Fill in your email address. Click «Continue».

  3. Fill out personal information: name, birth date, phone number. Click «Continue».

  4. Fill out residential info: address, how long have you been living there, homeowner/tenant, the amount of housing cost/ rent.

  5. Give extensive employment info: status, employer name, job title, activity area, hiring date, supervisor or HR contacts, and work phone number. Click «Continue».

  6. Provide financial information: annual salary, pay interval (weekly — bimonthly), next-day deposit, bank name.

  7. Give references: name, phone, and relationship of a person that does not live with you (a spouse or grandparents isn't relevant).

  8. Tick that you agree with the terms and conditions.

  9. Sign the agreement.

If you meet the requirements and provide the information accurately, the decision will be made quickly. Once approved, your loan could be funded the same day.

The consumer may cancel this contract without charge within 2 days. The contract is annulled, without further formality, when the funds are returned or the notice is forwarded to the lender.


How long does it take to get approved by Eastern Loans?

Usually, a loan request is confirmed the same day during business hours.

How trustworthy is Eastern Loans?

Eastern Loans was established in 2014 and has over 600 good reviews and a 4.7 rating on Trustpilot.

Sensitive and private data exchange at the lender's website happens over an SSL secured communication channel and is encrypted and protected with digital signatures. The company claims that do not sell, trade, or rent your personal identification information to others.

Does Eastern Loans verify income?

Yes, it does. Your income should be stable and at least $1,200 per month.

You must not be self-employed or assume Welfare, CPP, Student loan, Child tax, or Disability (ODSP, AISH) as a main source of revenue.

Provide the information to verify: bank name, latest bank statements for 90 days, detailed employment information (annual salary, paying interval, supervisor or HR name, etc.)

Does Eastern Loans hurt your credit score?

Yes, it does if you aren't paying back. There is no specific information, but then it is written that uncollected funds are pursued to the maximum extent of the law.

Alternative lenders are the last opportunity to borrow with bad credit, but be careful with the repayment plan, and choose responsibly. Maybe you would like to improve your credit history and get a loan not so quickly, but with lower rates.

Consider if traditional lending services could better serve personal financial interests and goals.

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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