About lender

Goeasy is a Canadian fintech company that provides various financial services, from personal loans to financial education. The company has more than 400 branches all over the country. Goeasy employs about 2,300 people, and in addition, goeasy has invested more than $4 million in charity, has served over 1.1 million Canadians, and originated over $8.2 billion in loans.

Goeasy is a parent company of two entities that offer personal loans and lease-to-own services. These are Easyfinancial and Easyhome. The company has operated for over 30 years and has an impressive experience in this industry. Easyfinancial is an alternative lending company that provides customers with personal loans; it says yes when banks say no, as stated on its website. Easyfinancial offers several types of financial products. Easyhome offers lease-to-own and lending products. For example, the company lets customers choose the required furniture or appliances for their homes.

These are the two main services that goeasy has developed for its customers. In addition, it operates through its subsidiary companies that have different conditions and different requirements.

Features

Goeasy is a company with a broad spectrum of services. Thus, it has several significant and noticeable features.

First, this company has two subsidiaries operating in different industries. Also, it has elaborated a particular portal for investors and customers interested in upgrading their financial education.

The first subsidiary of Goeasy is Easyfinancial. This company offers different types of loans, such as personal loans, home equity loans, auto loans, point-of-sale financing, value-added financing, and small business financing. These services can have different conditions and terms. Borrowable amounts depend on the type of loan that customers need. For example, home equity loans can reach $75,000, and personal loans - to $20,000. Interest rates vary as well. Again, it depends on the loan type, loan amount, term, and the company’s assessment of customers’ credit profiles. The range of the APR is 9,99% - 46,96%.

The second subsidiary is Easyhome. It offers different types of financial services. This company provides customers with furniture and appliances for their homes via leasing. All the process can be completed 100% online as customers can choose what they need on the company’s website and then fill out a leasing application. The interest rates are also adjustable and depend on such factors as the type of furniture, its price, and others. Rates start from 29,99% and can reach 46,96%.

Pros and cons

Pros

• The company offers personal loans and leasing alike;

• The company serves the whole country and has more than 400 offices;

• Goeasy has two subsidiary companies that provide different financial products;

• No credit checks;

• Terms and conditions are adjustable;

• There are no upfront fees for personal loans;

• Free delivery and setup;

• Most loans are funded within 48 hours;

• Customers can maintain their auto loans even if they move to another province;

• Loans can be provided to self-employed customers.

Cons

• Easyfinancial doesn’t finance all types of vehicles;

• Customers will need to have three references to apply for Easyhome;

• If Easyhome customers want to change their repayment period, they won’t be able to do it online;

• Additional loan fees are not specified;

• NSF fees may be charged.

To sum up, it is essential to remember that goeasy is a parent company for two financial entities: Easyfinancial and Easyhome, whose approval requirements are straightforward and approval ratios are high. Also, upfront fees are not charged for the loans.

However, both companies have several disadvantages. Easyfinancial offers auto loans, but it is not available for all types of vehicles. Moreover, Easyhome requires customers to have three references and doesn’t let them make any changes online. The APRs are pretty high.

Loan conditions

As goeasy offers different financial products, the conditions for Easyhome’s leasing and Easyfinancial’s loans also differ. To begin, customers fill out the online application form on the company’s website. Usually, it takes several minutes. After that, they will receive a response from the company to determine whether they are approved or not.

For example, to apply for a loan from Easyfinancial, customers must be of the age of majority, have a monthly income of more than $1,200, have steady employment, have a bank account with direct deposit, and be free of recent bankruptcies or consumer proposals. Also, they need to provide a government ID, proof of income, address, most recent 30-day bank statement, and void cheque or pre-authorized debit form.

Loan conditions from Easyfinancial depend on several factors. The interest rate varies between 9,99% - 46,96%, and the amounts depend on the type of the loan. Loan terms are also adjustable, starting from 9 months to 240 months. Conditions of leasing by Easyhome are flexible too. The range of the interest rates is 29,99% - 46,96%, and the terms depend on customers’ needs. The maximum loan amount is $75,000, while the minimum you can borrow is $500.

At Easyhome, loan amounts range from $500-$20,000, with rates between 29.99% - 46.96%.

Methods of loan funding

Customers can get their Easyfinancial loan funds via Interac e-Transfer or EFT. If customers are interested in the services provided by Easyhome, they will receive the leased piece by delivery.