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Lender
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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 pay off

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Repay

You start making repayments from your next pay deposit and reimburse your loans in 3, 6, or 12 payments based on the frequency of your payments.

The repayment period could be 3-5 months. Payments are arranged automatically, by direct debit.

A Direct Debit is an instruction from you to your bank which authorizes the lender to collect the money from your account. You have already agreed to the amount and terms of installments by signing the online agreement. You can pay early or pay off the entire loan penalty-free. There aren't any hidden costs. A surety fee is applicable on the loans. The APR is fixed for the duration of the contract — approximately 23%, beginning of the date it is signed. There is a withdrawal charge of $0.50 for each withdrawal made from the borrower's bank profile (not for residents of Manitoba). If a payment is returned, it is subject to an administrative charge of $48.00 which will be added to the debt of the borrower. The late payment fee is $28 and occurs if the borrower asks to postpone repayment. It's also added to the debt. (This service is not available for residents of the province of Manitoba). In case of default, the interest rate on the remaining loan is 1,74% per month.

All other remaining fees owed to Eastern Loans should be paid on the date of the last repayment.

For example, you borrow with Eastern Loans for the first time. The available amount is $500. Your salary is paid twice a month, the next payday is 07/12.

It means the following: net capital: $500.00. Interest: $ 17.51. Total credit costs: (for the term) $17.51. Total obligation: $517.51. Annual Interest Rate: 23.00%.

You must reimburse the capital and interest by 2 monthly consecutive repayments of $264.50, the first is on 2022-07-12, and the last is on 2022-08-09.

Conditions of loan extension

If you couldn't make the repayment on time, you should call or email and ask for a deferral at least 48 hours before the repayment date. Note: the service is not available for residents of the province of Manitoba. Late payments are fined $28. In the case of a deferral, the interest rate will accrue to the unpaid amount and be deferred to the back end of the contract. If your bank rejects an automatic payment, an NSF fee of $48 is charged. This could occur if there's not enough money in the balance to cover a loan installment, it has been closed, or it's suspended or inaccessible.

The reasonable idea is to call or email Eastern Loans to ask for an extension, it's better than stopping making repayments. The NSF fee is more than the late payment fee. And a lot of NSF transactions give your loan file a poor score which affects your chances of approval for future loans.

Early payoff

You may pay back early or pay an entire loan for free, and there are no prepayment penalties.

The paid amount will be deducted from the total balance of your loan. Once the repayment has cleared, your term will automatically reduce.

Paying off your debt early is an excellent opportunity to relieve a financial burden and forget your monthly payments for good.

FAQ

How do I make a payment on Eastern Loans?

Your payments are made from your bank account automatically according to your repayment plan in the amount you have submitted. You could pay early or settle up your loan penalty-free.

What happens if you don't pay back Eastern Loans?

If you couldn't pay as scheduled, you should notify Eastern Loans 48 hours before the pay date and pay later with an administration fee of $28 (plus interest).

If you are unable to do it and the funds will return to the lender be aware that the NSF fee will be charged.

In the situation of default, all judicial and extrajudicial costs will be added to the debt.

Eastern Loans uses fair collection practices. If you default, the collection officers may stop the installment plan and use different methods of collection to obtain the payable amount.

Ensure that short-term loans correspond to your income and expenses: too much borrowing could be crucial for your credit history and financial situation.

Can you pay Eastern Loans early?

Yes, you can. You are free to make additional payments or pay off an entire loan at any time. In addition, there aren't any early installment fees.

Can Eastern Loans sue you?

Yes, Eastern Loans can sue you. Covering any legal fees incurred to obtain the owed balance is the borrower's obligation. Uncollected funding is pursued to the maximum extent of the law.

Borrow responsibly: review terms and conditions, and calculate interest and costs to understand whether Eastern Loans services answer your financial needs more effectively than other options. Interest rates are higher than banks have, and fees are noticeable, so even if payments are affordable use a short-term payday loan seldom, as the last option.

Calculate loan payments in Eastern Loans

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

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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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