Leasing company
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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.

Easylease

Advertiser Disclosure

About Lender

Easylease Corp is a Canadian-based equipment leasing and financing company that has been serving Canadian businesses since 1997. As a trusted finance company, Easylease offers a wide range of new or used equipment financing designed to help businesses grow and stay ahead in their respective industries. With a focus on providing fast and easy financing options, Easylease prides itself on offering quicker and simpler alternatives to traditional banking processes. Prospective clients can expect to get approved the same day, enabling them to acquire the necessary equipment promptly to help their business grow.

One of the key benefits of partnering with Easylease is the ability to enjoy low monthly lease payments, making it much easier for businesses to manage their cash flow. By opting for monthly lease payments rather than upfront purchases, companies can conserve their bank lines for more critical and unforeseen expenses, thus ensuring financial flexibility.

Easylease

Key Features

  1. Quick and Easy Approval Process. Easylease prioritizes efficiency, offering same-day approval for financing applications. Streamlined processes ensure businesses can swiftly access the equipment they need to foster growth.

  2. Low Monthly Lease Payments. Enjoy the advantage of manageable monthly payments, freeing up financial resources for other critical business expenses. This approach allows businesses to avoid hefty upfront purchases and maintain financial flexibility.

  3. Tax Benefits and Savings. Easylease emphasizes tax benefits by enabling businesses to expense monthly lease payments. Immediate access to equipment coupled with reduced taxable income provides a strategic financial advantage.

Pros and Cons

Pros

Wide Range of Financing Solutions. Easylease offers diverse financing solutions, including Equipment Leasing, Commercial Term Loans, Receivable Financing, and Asset-Backed Security (ABS). Tailored financing options cater to the unique needs of businesses, ensuring comprehensive support.

Versatile Equipment Financing. Covering various industries, Easylease provides financing for automotive, construction, dental, energy retrofits, industrial, landscaping, manufacturing, medical, office equipment, and more. The financing solutions extend to technology, software, transportation, and other sectors, accommodating a broad spectrum of business needs.

Flexible Lease Structures. Easylease offers flexibility with lease commencement intervals, aligning with equipment delivery or the first of the month following installation. Lessees have multiple options at the end of the lease term, including continuing to lease, purchasing the equipment, or returning it to the leasing company.

Cons

Cost Considerations. While monthly lease payments offer financial flexibility, businesses should consider the overall cost of leasing compared to outright purchases. Depending on the terms of the lease and equipment usage, leasing may result in higher total costs over time.

End-of-Lease Obligations. Lessees must carefully consider their options at the end of the lease term, whether to continue leasing, purchase the equipment, or return it to the leasing company. Failure to plan for these obligations can lead to unexpected costs or disruptions to operations.

Credit Approval Requirements. While Easylease caters to new businesses and start-ups, credit approval may still be challenging for some companies, particularly those with limited credit history or financial documentation. Meeting the necessary credit requirements can be a barrier for some businesses seeking financing.

Reliability

While Easylease Corp is not accredited by the Better Business Bureau (BBB), it maintains an impressive BBB rating of A+. This rating reflects the company's commitment to reliability and customer satisfaction, as determined by BBB's evaluation criteria. Despite the absence of accreditation, Easylease's A+ rating underscores its reputation for reliability in providing financing solutions to Canadian businesses. Customers can trust in Easylease's track record of professionalism and integrity, as evidenced by its high rating from a reputable organization like the BBB.

How to Apply for Easylease Funding?

  1. Complete the Application Form. Start by completing the easy "Apply Now" application form available on the Easylease website or through their designated channels. The application form typically requires basic information about your business, such as company name, address, industry, and contact details.

  2. Submission and Processing. Once you've filled out the application form, submit it through the provided channels. Easylease's dedicated team will then process your application promptly, aiming to provide a quick turnaround time for approval.

  3. Review and Approval. Easylease's underwriting team will review your application thoroughly, considering factors such as your business's financial stability, credit history, and the purpose of the loan. The goal is to assess your eligibility for financing and determine the most suitable financing solution for your needs.

  4. Receive Lease Documents. Upon approval, Easylease will email you the lease documents for your review and signature. These documents outline the terms and conditions of the lease agreement, including payment schedules, interest rates, and any applicable fees.

  5. Sign and Return. Carefully review the lease documents to ensure you understand the terms outlined. Once satisfied, sign the documents as required and return them to Easylease as instructed. This step signifies your acceptance of the terms and commitment to the lease agreement.

  6. Equipment Delivery and Installation. After receiving the signed lease documents, Easylease will coordinate with the equipment vendor to release and install the leased equipment at your business premises. This ensures a seamless transition and allows you to start using the equipment to support your operations.

Conditions and Requirements

Conditions

  1. Loan Terms and Interest Rates. Easylease offers competitive loan terms and interest rates based on factors such as the borrower's creditworthiness, the purpose of the loan, and prevailing market conditions. The terms and rates may vary depending on the specific financing solution chosen by the borrower.

  2. Flexibility in Financing Solutions. Easylease provides a range of financing solutions tailored to meet the diverse needs of businesses, including equipment leasing, term loans, receivable financing, and asset-backed lending. Borrowers can choose the financing option that best aligns with their requirements and financial objectives.

  3. Customized Repayment Plans. Easylease offers customized repayment plans to suit the borrower's cash flow and financial capabilities. Borrowers may have the flexibility to choose the repayment schedule, frequency, and duration that best fits their budget and operational needs.

  4. Support and Assistance. Easylease provides personalized support and assistance throughout the financing process, from application to funding and beyond. Borrowers can rely on the expertise of Easylease's team to guide them through the lending process and address any questions or concerns they may have.

Requirements

  1. Business Registration and Details. Borrowers must provide accurate and up-to-date information about their business, including registration details, industry type, business address, and contact information.

  2. Financial Stability. Easylease evaluates the financial stability of the borrower's business, including factors such as revenue, profitability, cash flow, and overall financial health. Businesses with a strong financial track record are more likely to meet the lender's requirements for financing.

  3. Credit History. Borrowers are subject to credit checks to assess their creditworthiness and repayment ability. A positive credit history demonstrates responsible financial behavior and enhances the likelihood of loan approval.

  4. Purpose of the Loan. Borrowers must specify the purpose of the loan, such as acquiring equipment, funding working capital needs, or financing business expansion. Providing clarity on the intended use of funds helps the lender tailor the financing solution to meet the borrower's specific needs.

  5. Documentation. Borrowers are required to provide supporting documentation, which may include financial statements, tax returns, bank statements, business plans, and any other relevant documents requested by the lender. Comprehensive documentation assists the lender in assessing the borrower's financial position and eligibility for financing.

Ways to Receive the Money

  1. Direct Deposit. Easylease may offer the option of transferring the approved loan amount directly into the borrower's bank account via electronic funds transfer (EFT). Direct deposit provides a quick and convenient way for borrowers to access the funds without the need for physical checks or visits to a bank branch.

  2. Check Issuance. Borrowers may opt to receive the loan funds in the form of a check issued by Easylease. The borrower can deposit or cash the check at their bank or financial institution, providing flexibility in accessing the funds.

  3. Wire Transfer. For larger loan amounts or international transactions, Easylease may facilitate a wire transfer to transfer the funds directly to the borrower's bank account. Wire transfers offer a secure and expedited method of transferring funds, particularly for transactions involving significant sums of money.

  4. Payment to Equipment Vendor. In the case of equipment financing, Easylease may directly pay the equipment vendor or supplier on behalf of the borrower. This option eliminates the need for the borrower to handle the funds directly and ensures seamless procurement of the equipment needed for their business operations.

  5. Payment in Installments. Depending on the financing arrangement, Easylease may disburse the loan amount in multiple installments over time. This option is common in scenarios where the loan is intended for ongoing projects or expenses, allowing borrowers to access funds as needed while managing interest costs effectively.

Products

Easylease provides equipment leasing solutions that enable businesses to acquire the necessary machinery, tools, vehicles, and technology without the need for a large upfront capital investment. Equipment leasing options cover a wide range of industries, including automotive, construction, medical, technology, manufacturing, and more. Easylease caters to a wide range of financing needs, with loan amounts typically ranging from $5,000 to $50 million.

Reasons for Getting Rejected for Easylease Funding

  1. Poor Credit History. One of the primary factors Easylease considers during the approval process is the borrower's creditworthiness. A history of late payments, defaults, or bankruptcy can significantly impact a borrower's credit score and increase the likelihood of loan rejection.

  2. Insufficient Collateral. For secured loans, lenders typically require collateral to mitigate the risk of default. If the borrower's available assets do not meet the lender's collateral requirements or if the collateral's value is deemed insufficient, the loan application may be rejected.

  3. Inadequate Financial Stability. Lenders assess the financial stability of borrowers to ensure they can repay the loan. Businesses with unstable cash flow, irregular revenue streams, or high levels of debt may be deemed too risky for financing, leading to rejection.

  4. Incomplete Documentation. Submitting incomplete or inaccurate documentation can delay the loan approval process and even result in rejection. Lenders rely on comprehensive financial documentation, such as tax returns, financial statements, and business plans, to assess a borrower's creditworthiness and financial stability.

  5. High Debt-to-Income Ratio. Lenders evaluate a borrower's debt-to-income ratio to determine their ability to manage additional debt obligations. A high debt-to-income ratio, indicating that a significant portion of income is already allocated to debt repayment, may raise concerns about the borrower's ability to afford additional loan payments.

How to Repay to Easylease?

  1. Review Loan Agreement. Start by carefully reviewing the terms and conditions outlined in the loan agreement provided by Easylease. This document contains important information regarding repayment terms, including the amount borrowed, interest rate, repayment schedule, and any applicable fees.

  2. Understand Repayment Options. Easylease offers various repayment options tailored to meet the needs and preferences of borrowers. Common repayment methods include automatic bank withdrawals, online payments, checks, or wire transfers. Determine which repayment option works best for you based on your financial situation and preferences.

  3. Set Up Automatic Payments (Optional). To ensure timely and hassle-free loan repayments, consider setting up automatic payments through your bank account. This allows Easylease to automatically deduct the agreed-upon monthly payment from your bank account on the due date. Automatic payments help prevent missed or late payments, reducing the risk of late fees or penalties.

  4. Make Timely Payments. Adhere to the repayment schedule outlined in the loan agreement and make timely payments each month. Ensure that you have sufficient funds available in your bank account to cover the payment amount on the due date. Late payments may result in additional fees, negatively impact your credit score, and strain your relationship with the lender.

  5. Monitor Account Activity. Regularly monitor your bank account and loan statements to track loan activity, including payments made, remaining balance, and any applicable fees or charges. Reviewing your account activity helps ensure accuracy, identify any discrepancies or errors, and stay informed about your loan status.

  6. Communicate with Easylease (If Necessary). If you encounter any financial difficulties or anticipate challenges in making timely loan payments, proactively communicate with Easylease. They may offer assistance or alternative repayment options to help you manage your financial obligations. Ignoring payment issues can worsen your financial situation and may result in defaulting on the loan.

  7. Complete Loan Repayment. Continue making regular payments until the loan balance is fully repaid according to the terms of the loan agreement. Once you have made the final payment, ensure that all outstanding obligations have been fulfilled, and obtain confirmation of loan satisfaction from Easylease. Celebrate the successful repayment of your loan and consider how this financial achievement contributes to your business's growth and stability.

Alternatives

Accurate Leasing

Accurate Leasing offers a comprehensive suite of leasing services and equipment financing options tailored to meet the diverse needs of Canadian businesses. Committed to delivering exceptional financing solutions, they leverage their strong values and experienced professionals to surpass customer expectations. With a vision focused on innovating equipment financing approaches, Accurate Leasing is equipped to serve businesses in every industry, delivering reliable and efficient leasing solutions since 1994.

Thomcat Leasing

Thomcat Leasing facilitates quick and hassle-free financing for both new and used equipment, aiding businesses in acquiring the tools necessary for success. With a dedication to speed and simplicity, Thomcat specializes in expediting the financing process, ensuring businesses can access equipment swiftly and efficiently. Leveraging its extensive network of lenders, Thomcat secures competitive rates and terms, surpassing offerings from traditional banking institutions. Since 1989, they have facilitated stress-free equipment financing, establishing themselves as a trusted partner for businesses nationwide.

Equipment Finance Canada

Equipment Finance Canada simplifies the equipment leasing process, ensuring that businesses, whether established or emerging, gain access to the necessary tools. By offering customizable lease-to-own financing options, they empower businesses to acquire vital equipment effortlessly. Through lease financing, the lender purchases equipment outright and leases it to end-users for a predetermined term, providing flexibility upon lease expiration. This approach caters to a wide range of businesses, enabling them to flourish within their respective industries.

CWB National Leasing

CWB National Leasing stands out as a leading equipment financing provider in Canada, boasting extensive experience and expertise. Having facilitated over $11 billion in financing and maintaining a robust network of 60 sales agents and brokers nationwide, they have assisted more than 324,000 businesses in acquiring equipment across various sectors. Situated in Winnipeg, Manitoba, CWB National Leasing serves as a pillar of the Canadian Western Bank Financial Group, offering dependable and comprehensive financing solutions nationwide.

Editorial Opinion

In assessing Easylease Corp's financing services, it's apparent that the company offers a diverse range of solutions tailored to meet the needs of Canadian businesses across various industries. From equipment leasing to commercial term loans and receivable financing, Easylease provides flexibility and convenience to borrowers seeking financial support. While the company's quick approval process and emphasis on tax benefits are commendable, it's essential for borrowers to carefully review the terms and conditions of their loans to ensure transparency and avoid any potential pitfalls.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

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

Sources

FAQ

How much can you borrow from Easylease?

The amount borrowers can borrow from Easylease varies depending on factors such as creditworthiness, the purpose of the loan, and the collateral provided. Easylease typically offers financing ranging from $5,000 to $50 million, catering to a wide range of business needs across different industries. By evaluating each financing request individually, Easylease ensures borrowers receive the appropriate loan amount that aligns with their financial objectives and capacity.

Does Easylease approve everyone?

While Easylease strives to provide financing solutions to a diverse range of businesses, approval is not guaranteed for every applicant. Easylease evaluates each loan application based on factors such as credit history, financial stability, and the purpose of the loan. While the company offers flexible financing options and considers applicants with various credit profiles, meeting Easylease's eligibility criteria is necessary for approval.

Is Easylease a legitimate company?

Easylease is a legitimate company operating as a Canadian-based equipment leasing and financing provider since 1997. While the company is not accredited by the Better Business Bureau (BBB), it maintains a strong reputation and an impressive BBB rating of A+. This rating reflects Easylease's commitment to reliability, professionalism, and customer satisfaction, further affirming its legitimacy as a reputable lender in the industry.

Is Easylease a good lender?

Whether Easylease is considered a good lender depends on various factors such as the borrower's experience, satisfaction with the loan terms, and overall performance of the company. Easylease offers a range of financing solutions tailored to meet the diverse needs of Canadian businesses, with a focus on efficiency, transparency, and customer service. While individual experiences may vary, Easylease's track record of providing accessible financing options and maintaining a high BBB rating suggests that many borrowers find it to be a reputable and reliable lender.

Company documents

Privacy Policy

Our mission is to build and sustain lasting relationships with our clients by providing a large array of flexible and creatively structured leasing and financial solutions to meet your needs.

© Easylease
Financial products
Easylease
Lease Line of Credit
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
up to $1,000,000
Rate
i

Effective interest rate on the product

determined individually
Term
i

Loan term for the financial product

up to 72 months
Easylease
Business Loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$20,000 - $10,000,000
Rate
i

Effective interest rate on the product

determined individually
Term
i

Loan term for the financial product

up to 72 months
Similar products
Borrowell
Business loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

up to 39.99%
Term
i

Loan term for the financial product

up to 84 months
Lending Loop
Business loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$1,000-$500,000
Rate
i

Effective interest rate on the product

up to 24.93%
Term
i

Loan term for the financial product

up to 60 months
Driven
Small business loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$500-$300,000
Rate
i

Effective interest rate on the product

set individually
Term
i

Loan term for the financial product

up to 24 months
Farm Credit Canada
Equipment Financing
Rating by Finanso®
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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.

Recommended FinScore™
0
300
650
1000
Spring Financial
The Foundation
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
up to $1,500
Rate
i

Effective interest rate on the product

from 18.99%
Term
i

Loan term for the financial product

up to 12 months
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