Do you need a financial loan but don’t know where to start? With so many options out there, it can be overwhelming to choose the right lender. That’s where Easy Financial Loans comes in.
In this article, we’ll be reviewing Easy Financial Loans and their services. We’ll take a look at their loan options, repayment terms, and customer service to help you make an informed decision on whether or not they’re the right lender for you.
So, if you’re in the market for a financial loan and want to make sure you’re choosing the right lender, keep reading for our honest review of Easy Financial Loans.
What is Easy Financial?
Easy Financial is a Canadian financial services company that provides individuals with personal loans and other financial products. The company was founded in 2006 and is headquartered in Mississauga, Ontario.
Easy Financial offers unsecured personal loans, secured personal loans, and credit monitoring services to help customers manage their credit scores. The company has over 200 branches across Canada and serves customers with varying credit scores and financial needs.
Easy Financial aims to provide its customers with a simple, transparent borrowing experience and is committed to responsible lending practices.
What products do they offer?
Easy Financial offers a range of financial products, including:
- Personal Loans: Easy Financial provides customers with secured and unsecured personal loans. These loans can be used for various purposes, such as debt consolidation, home improvements, or unexpected expenses.
- Credit Monitoring: Easy Financial also offers credit monitoring services to help customers keep track of their credit scores and detect any suspicious activity on their accounts.
- Guaranteed Investment Certificates (GICs): Easy Financial offers GICs competitive interest rates, providing customers with a secure and predictable investment option.
- Group Retirement Savings Plans (GRSPs): Easy Financial offers GRSPs to help Canadian employers provide retirement savings options to their employees.
- Insurance: Easy Financial also provides insurance products like creditor insurance to help customers protect themselves and their assets.
Overall, Easy Financial aims to provide various financial products to help Canadians improve their economic well-being and achieve their goals.
What Personal Loans do they offer?
Easy Financial offers both secured and unsecured personal loans to its customers. Here are some more details about each type:
- Unsecured Personal Loans: Easy Financial offers unsecured personal loans ranging from $500 to $45,000, depending on the customer’s creditworthiness. These loans are not backed by collateral, meaning the borrower doesn’t need to use assets as security. The loan can be used for various purposes, such as home renovations, debt consolidation, or unexpected expenses. The interest rate and payment terms vary depending on the borrower’s credit history and other factors.
- Secured Personal Loans: Easy Financial also offers secured personal loans backed by collateral, such as a car or home equity. These loans generally have lower interest rates than unsecured loans since the collateral reduces the lender’s risk. The loan amount is based on the value of the collateral and the borrower’s creditworthiness.
Overall, Easy Financial’s loans are designed to be flexible and customizable, with repayment terms ranging from 9 to 60 months. In addition, easy Financial aims to provide customers with a simple, transparent borrowing experience with no hidden fees or charges.
Interest Rates & Fees
The interest rates and repayment terms on Easy Financial’s loans vary depending on the borrower’s creditworthiness, the amount of the loan, and other factors. Here is some general information about the interest rates and repayment terms for each type of personal loan:
- Unsecured Personal Loans: The interest rates for unsecured personal loans can range from 19.99% to 46.96%. The repayment terms can vary from 9 to 60 months, depending on the borrower’s needs and financial situation.
- Secured Personal Loans: The interest rates for secured personal loans are generally lower than unsecured loans and can range from 14.99% to 29.99%. The repayment terms can range from 9 to 120 months, depending on the value of the collateral and the borrower’s financial situation.
It’s important to note that these interest rates are subject to change and may vary based on the borrower’s creditworthiness and other factors.
Additionally, Easy Financial charges a one-time loan processing fee that ranges from 0% to 5% of the loan amount, depending on the borrower’s creditworthiness and the type of loan.
Easy Financial Review
What are the Pros of Easy Financial?
- Flexible Loan Options: Easy Financial offers secured and unsecured personal loans, providing borrowers with various options. This can make finding a loan that fits your financial needs and circumstances easier.
- Quick Approval: Easy Financial’s loan application process is designed to be quick and straightforward, with most applications approved within 24 hours. This can be particularly helpful if you need funds quickly to cover unexpected expenses.
- No Prepayment Penalties: Easy Financial does not charge prepayment penalties, so you can pay off your loan early without incurring additional fees. This can help you save money on interest charges over the life of the loan.
- Credit Monitoring: Easy Financial offers credit monitoring services to help customers keep track of their credit scores and detect any suspicious activity on their accounts. This can be a helpful tool for borrowers looking to improve their creditworthiness.
- Branch Network: Easy Financial has over 200 branches across Canada, making accessing in-person services easy. This can be particularly helpful if you prefer to work with a lender face-to-face rather than online or over the phone.
Easy Financial Cons
- High-Interest Rates: Easy Financial’s interest rates can be higher than other lenders, particularly for unsecured personal loans. This means that you may end up paying more interest charges over the life of the loan, which can make it more expensive than other borrowing options.
- Loan Processing Fees: Easy Financial charges a one-time loan processing fee that ranges from 0% to 5% of the loan amount, depending on the borrower’s creditworthiness and the type of loan. This can add to the overall cost of borrowing.
- Limited Availability: Easy Financial’s services are only available in Canada, which may be a drawback for borrowers living outside Canada or looking for international lending options.
- Potential for Debt Trap: As with any borrowing, there is a risk of falling into a debt trap if you cannot make your loan payments on time. Easy Financial’s loans may be hazardous for borrowers with poor credit scores or already struggling with debt.
- Early Payment Penalty: Although there are no prepayment penalties with Easy Financial, they charge an early payment fee if the loan is paid back before the end of the first three months.
What do people say about Easy Financial in Canada?
Some people may have had positive experiences with the company, while others may have had negative experiences. However, here are some common themes that may be found in customer reviews and feedback:
- Quick and Easy Application Process: Many customers appreciate that Easy Financial’s loan application process is quick and straightforward, with most applications approved within 24 hours.
- High-Interest Rates: Some customers have criticized Easy Financial for its high-interest rates, particularly for unsecured personal loans. This can make it more expensive for borrowers to repay their loans and may put them at risk of falling into a debt trap.
- Flexible Loan Options: Many customers appreciate that Easy Financial offers secured and unsecured personal loans, providing borrowers with various loan options.
- Good Customer Service: Some customers have praised Easy Financial’s customer service team for being helpful and responsive to their needs.
- Limited Availability: Some customers have criticized Easy Financial for its limited availability, particularly for borrowers who live in rural areas or outside of Canada.
How does Easy Financial Make Money?
Easy Financial makes money by charging interest and fees on its customers’ loans. The interest rates charged by Easy Financial can vary depending on the borrower’s creditworthiness, the type of loan, and other factors. In addition to interest charges, Easy Financial also charges a one-time loan processing fee that ranges from 0% to 5% of the loan amount, depending on the borrower’s creditworthiness and the type of loan.
Easy Financial may also generate revenue from other sources, such as credit monitoring services, insurance products, or referral fees for products and services offered by third-party partners. However, most of Easy Financial’s revenue likely comes from the interest and fees charged on its loans.
Is EasyFinancial.com Legit?
Yes, EasyFinancial.com is a legitimate website operated by a Canadian company called goeasy Ltd., which is publicly traded on the Toronto Stock Exchange. The company has been in business for over 30 years and operates over 400 locations across Canada.
Easy Financial is licensed and regulated by Canada’s relevant provincial and territorial authorities, so it must comply with strict lending regulations and consumer protection laws. The company also has a Better Business Bureau (BBB) rating of A+ and has received mostly positive customer reviews.
That being said, as with any financial product or service, it’s essential to carefully review the terms and conditions of any loan before applying to ensure that it’s a good fit for your financial situation.
For example, ensure you understand the interest rate, loan processing fees, repayment terms, and any other charges associated with the loan. If you have any concerns or questions, speaking with a financial advisor or credit counsellor may be helpful before applying for a loan.