easyfinancial Review

About lender

easyfinancial is a Canadian credit company that provides various financial products. Its declared objective is to provide any non-prime customer from Canada with a better path to tomorrow. easyfinancial has already worked for over 20 years, but its history goes back to 1990. Every day Canadians use its services to increase their welfare. There are over 380 offices all over the country. easyfinancial business consists of three pillars: loans, credit profile bolstering, and financial education.

Features

1. Secured and Unsecured Loans. Whether you're looking for the security of a secured loan or the flexibility of an unsecured personal loan, easyfinancial provides both options to suit your specific financial situation.

2. Loan Protection Plan. easyfinancial understands the importance of financial security, which is why they offer a loan protection plan to their customers. This plan covers the first six months of payments in the event of sickness, injury, or loss of unemployment, providing peace of mind during unexpected life events.

3. Competitive Interest Rate. With an annual percentage rate (APR) ranging from 9.99% to 35%, easyfinancial offers competitive interest rates on its loans. This ensures that customers have access to affordable financing options tailored to their needs.

4. Flexible Loan Amounts. Whether you need a small loan to cover unexpected expenses or a larger sum for a major purchase or debt consolidation, easyfinancial offers loan amounts of up to $100,000. This flexibility allows customers to borrow the amount that best suits their financial requirements.

Pros and cons

Pros

Cons

Reliability

easyfinancial has won numerous awards and accolades, including the Globe and Mail’s Report on Business 2019 Top Growing Companies in Canada, the Digital Finance Institute’s Canada’s Top 50 FinTech Companies, and Greater Toronto’s Top 2020 Employers, among others. These recognitions highlight the company's commitment to excellence and its positive impact on the financial industry.

Additionally, easyfinancial is backed by its parent company, goeasy, which has been in business for over 30 years and is listed on the Toronto Stock Exchange. The extensive experience and stability of goeasy provide further reassurance of easyfinancial's reliability and credibility in the financial services sector.

How to apply for an easyfinancial loan?

1. Visit the easyfinancial Website. Navigate to the official website of easyfinancial using your preferred web browser.

2. Explore Loan Options. Browse through the available loan options offered by easyfinancial, including secured and unsecured loans, to find the one that best suits your financial needs.

3. Start the Application Process. Locate the "Apply Now" button on the website's loan product page, and click on it to initiate the application process.

4. Provide Personal Information. Fill out the online application form with accurate personal information, including your full name, contact details, address, employment status, income details, and any other required information.

5. Choose Loan Amount and Terms. Select the desired loan amount and repayment terms based on your financial situation and borrowing needs. easyfinancial typically offers loan amounts of up to $100,000, with adjustable repayment plans and interest rates.

6. Submit Supporting Documents. As part of the application process, you may be required to submit supporting documents to verify your identity, income, and financial status. These documents may include government-issued ID, proof of income, bank statements, and other relevant documentation.

7. Complete the Application. Once you have filled out the application form and submitted all the required documents, review the information for accuracy and completeness. Make any necessary revisions before finalizing the application.

Conditions

Home Equity loans

• Loan Amounts. Ranging from $15,000 to $100,000.

• Interest Rates. Starting from 9.99%.

• Loan Terms. Available for terms ranging from 72 to 120 months.

Unsecured loans

• Loan Amounts. Ranging from $500 to $20,000.

• Interest Rates. Starting from 29.99%.

• Loan Terms. Available for terms ranging from 9 to 84 months.

Requirements

1. Citizenship. You must be a Canadian citizen.

2. Age. You must meet the minimum age requirement of your province.

3. Income. You should be able to demonstrate a steady employment income of at least $1,200 per month, indicating your ability to make repayments.

Ways to receive the money

You will receive the borrowed amount through either Interac e-Transfer or Electronic Funds Transfer (EFT). These are the two primary methods used by easyfinancial to disburse funds to borrowers. With Interac e-Transfer, the funds are transferred electronically to your email address or mobile phone number, providing a convenient and secure way to access the money. Alternatively, Electronic Funds Transfer (EFT) involves transferring the funds directly to your designated bank account. Both methods offer quick and efficient ways to receive the borrowed amount, allowing you to access the funds promptly and use them for your intended purposes.

Products

1. Personal Loans. Providing individuals with access to funds for various purposes, such as debt consolidation, home improvements, or unexpected expenses.

2. Home Equity Loans. Allowing homeowners to leverage the equity in their property to secure financing for large expenses, such as home renovations or debt consolidation.

3. Auto Loans. Assisting customers in purchasing a vehicle by offering financing options with competitive interest rates and flexible repayment terms.

4. Point-of-Sale Financing. Enabling consumers to finance purchases at the point of sale, making it easier to afford big-ticket items like furniture, appliances, or electronics.

5. Small Business Financing. Supporting small businesses with financing solutions tailored to their needs, helping them grow and succeed.

Reasons you may be denied an easyfinancial loan

1. Default Risk. If the company's advanced analytical tools predict a high default risk based on your credit history and financial situation, you may be denied a loan.

2. Limited Access to More Money. If easyfinancial determines that you cannot afford the loan amount requested or that you may struggle to make timely payments, your application may be denied.

3. Insufficient Data. If there is insufficient data available to assess your creditworthiness or if easyfinancial's focus on technology-driven lending models does not align with your financial profile, you may be denied a loan.

4. Past Payment History. Your past payment history, including any missed or late payments on previous loans or bills, may impact your eligibility for a loan with easyfinancial.

5. Eligibility. While easyfinancial aims to provide access to financial services for a broad range of consumers, anybody can be denied a loan if they fail to meet the company's eligibility criteria or if their financial situation poses too high of a risk.

How to repay an easyfinancial loan

1. Payment Options. easyfinancial offers multiple payment options to make the repayment process convenient for customers. You can choose to make payments online through the company's website, via telephone, through automatic withdrawals from your bank account, or by visiting a physical branch.

2. Online Payment. To pay online, log in to your easyfinancial account on the company's website. Navigate to the payment section, where you can enter your payment details and schedule a one-time payment or set up recurring payments.

3. Telephone Payment. If you prefer to make payments over the phone, you can contact easyfinancial's customer service team and provide your payment information. They will assist you in processing your payment securely.

4. Automatic Withdrawals. Setting up automatic withdrawals from your bank account is a convenient way to ensure that your loan payments are made on time each month. You can authorize easyfinancial to withdraw the specified amount from your account on the due date.

5. In-Person Payment. If you prefer face-to-face interaction, you can visit a nearby easyfinancial branch to make your loan payments. A customer service representative will assist you in processing your payment and provide any necessary assistance.

Editorial opinion

Important

How to Choose a Lender

1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

• easyfinancial Online Banking
• How to Apply for easyfinancial Loan
• How to PayOff easyfinancial Debt
• easyfinancial Mobile App
• easyfinancial Personal Loans for October 2024
• easyfinancial Customer Reviews

Sources

• easyfinancial Services Website