EasyFinancial Personal Loans

EasyFinancial is a Canadian alternative lender that primarily serves individuals with fair or poor credit scores. This demographic often faces obstacles when applying for traditional bank loans, making alternatives like EasyFinancial essential. The company specializes in providing unsecured personal loans, which range from $500 to $20,000, as well as secured loans that can go up to $100,000.

Loan Options

• Unsecured Personal Loans: $500 to $20,000
• Secured Loans: Up to $100,000

Flexible Repayment Terms

EasyFinancial understands that financial situations can vary significantly, which is why they offer flexible repayment terms from 9 to 120 months. This range allows borrowers to select a plan that best fits their budget and repayment capacity, making the loan more manageable.

Interest Rates

Potential borrowers should be aware that interest rates at EasyFinancial are considerably higher than traditional bank loans. The annual percentage rate (APR) typically ranges from 19.99% to 46.96%. While this is higher than most bank rates, it is still significantly lower than those charged by payday lenders, making EasyFinancial a more favorable option for those in need of immediate cash.

Building Your Credit

Beyond offering personal loans, EasyFinancial also has a credit-building program that aims to assist customers in improving their financial health over time. This initiative is particularly beneficial for individuals who have faced challenges in building or maintaining good credit.

Main Uses for EasyFinancial Loans:

• Covering unexpected expenses
• Debt consolidation
• Financing major purchases

The Application Process

One of the standout features of EasyFinancial is its streamlined online application process. Prospective borrowers can complete the application in just a few minutes, with the convenience of checking their eligibility via a soft credit check, meaning it won’t affect their credit score.

• Fast Pre-Qualification: No impact on your credit score
• Quick Funding: Approved loans are typically funded within 24 to 48 hours
• Predictable Payments: Fixed monthly payments simplify budgeting
• No Pre-Payment Penalties: Borrowers can settle loans early without incurring additional fees

Considerations Before Application

While EasyFinancial presents various advantages, prospective borrowers should consider a few important factors:

• Higher Interest Rates: If you have a strong credit history, it may be worth exploring other lenders who can offer more competitive rates.
• Affordability: Carefully assess your budget and repayment capability before committing to a loan due to the potential interest charges.

A Lending Solution Worth Considering

In summary, EasyFinancial provides a flexible, fast, and accessible lending solution for Canadians who may struggle to obtain financing through traditional banks. While the costs of borrowing might be higher than conventional options, the features they offer, including a predictable repayment schedule and credit assistance, can make them a worthwhile choice for many.