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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.

Goeasy's pay off



All the payments are made automatically according to the pre-authorized payment plan. The pre-authorized payment plan is an automatic withdrawal from customers’ bank accounts each time their payments are due.

Conditions of loan extension

If customers want to take one more loan from goeasy, they can do that. However, it is essential to note that one more loan can be provided only in case clients have their first loan balance settled. After that, customers will need to apply one more time and meet all the conditions with the company.

Also, goeasy lets clients extend their current loans, but to do it, and they need to call the local branch or the company’s contact center to receive further instructions and find out whether it is possible.

Early payoff

If customers want to repay their loan earlier, they can do it. The company promises customers to pay off their loans or make extra payments without fees and penalties. However, such an option doesn’t apply to all loans. For example, customers can repay their personal loans at any time. Still, this process becomes more complicated with home equity loans as GoEasy can charge an Early Payout Fee depending on the province or territory where customers live. On the other hand, if clients make significant or additional payments towards lowering the principal, the monthly amount due will not change.


What happens if you don't pay back goeasy?

Irresponsible payments lead to a decrease in a customer’s credit score. Usually, when customers miss or defer their payments, interest accumulates, and it can take a long time until their payments are applied to the principal balance. As a result, a client's balance can increase, leading to the necessity of making additional payments after missed and deferred ones. 

When customers realize they cannot make a scheduled payment, they should immediately call the company and let them know about it. 

Can you pay GoEasy early?

Customers can pay early. Goeasy lets them pay their loans early without incurring any fees and penalties, but home equity loans may be considered. The company can charge an Early Payout Fee. It depends on the province and territory where customers live. Also, they can make more significant or additional payments. 

Can goeasy sue you?

Unfortunately, the company doesn’t provide such information. In case of default, customers' credit scores decrease, and their cases may be transferred to collection agencies, which could eventually lead to a trial.

Calculate loan payments at Goeasy

With Goeasy calculator you can calculate an approximate payment schedule for the loan

Goeasy calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 25.09.2022
Loan amount

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500 $
75000 $
Loan term

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What to pay attention to when applying for a loan from Goeasy

  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 Goeasy 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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All Goeasy’s reviews by September 2022
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