Introduction to easyfinancial: What Canadian Borrowers Should Know

October 15, 2025

Introduction to easyfinancial

When unexpected expenses arise—such as urgent home repairs, medical bills, or debt consolidation needs—many Canadians discover that traditional banks are not always an option, especially if their credit history is less than perfect. In these situations, alternative lenders like easyfinancial are often considered.

Founded in 2006, easyfinancial is a non-prime lending company and a subsidiary of goeasy Ltd., a publicly traded Canadian company listed on the Toronto Stock Exchange (TSX: GSY). With more than 200 physical locations across Canada and an online application platform, easyfinancial focuses on providing installment loans to borrowers who may not qualify for conventional bank financing.

This guide provides a balanced, educational overview of easyfinancial’s loan products, eligibility requirements, advantages, risks, and borrower considerations—so you can decide whether it fits your financial situation.

Who Is easyfinancial?

easyfinancial operates as part of goeasy Ltd., a Canadian financial services company that specializes in non-prime lending. The lender serves over one million customers nationwide and offers both in-branch and online access, excluding Quebec due to provincial regulations.

Unlike short-term, high-cost lenders, easyfinancial offers installment loans with longer repayment terms and reports payment history to Canada’s credit bureaus. This structure is designed to help borrowers manage payments more predictably and potentially rebuild credit over time.

According to goeasy Ltd.’s public disclosures, easyfinancial focuses on borrowers with limited access to traditional credit, including:

• Canadians with fair or poor credit

• Newcomers or self-employed workers

• Borrowers recovering from past financial hardship

easyfinancial operates under the same consumer borrowing protections outlined by the Government of Canada, which set rules around disclosure, lending practices, and borrower rights.

Types of Loans Offered by easyfinancial

easyfinancial offers installment loan products only and does not provide credit cards or savings accounts.

1. Unsecured Personal Loans

• Loan amounts: $500 to $20,000

• APR range: 29.99% to 35%

• Terms: 9 to 84 months

• No collateral required

These loans are commonly used for emergency expenses, debt consolidation, or essential purchases.

2. Secured Installment Loans

• Loan amounts: $15,000 to $150,000

• APR range: 9.99% to 25.99%

• Terms: Up to 240 months

• Secured against home equity or other assets

Secured loans offer lower interest rates but carry the risk of collateral loss if payments are missed.

How easyfinancial Loans Work

easyfinancial loans are structured as fixed-payment installment loans. Borrowers receive a lump sum and repay it through regular payments (weekly, bi-weekly, or monthly).

Key Features

• No origination or prepayment penalties

• Payments reported to Equifax and TransUnion

• Optional loan protection insurance (not mandatory)

• Automatic payment setup with some flexibility

According to the Financial Consumer Agency of Canada, borrowers should always review the APR—not just the interest rate—when comparing loan costs.

Eligibility Requirements

easyfinancial evaluates applications based on affordability, not just credit score.

Typical requirements include:

• At least 18 years old

• Canadian resident (excluding Quebec)

• Minimum income of approximately $1,000 per month

• Active chequing account

• Proof of income and identification

Applicants often receive a decision the same day, with funding typically within 24 hours after approval.

Borrowers who are rebuilding their credit may also want to review other options available to Canadians with bad credit before committing to a high-interest loan.

Advantages of easyfinancial

easyfinancial may be suitable for some borrowers because it offers:

• Access to credit for non-prime borrowers

• Fixed repayment schedules that support budgeting

• Credit bureau reporting that may help rebuild credit

• Nationwide branch network with in-person support

• No upfront fees or prepayment penalties

For borrowers who need time to repay and cannot qualify for traditional bank loans, installment lending may be a safer option than high-cost short-term products.

Understanding how installment loans work in Canada can help borrowers decide whether this type of structured repayment fits their budget.

Potential Risks and Drawbacks

While easyfinancial is a legitimate lender, its products come with important considerations.

Higher Borrowing Costs

Unsecured loan APRs start near the upper limit of regulated lending in many provinces. Over long terms, total repayment costs can be significantly higher than the original loan amount.

Fees for Missed Payments

Missed or returned payments may result in NSF or late fees, and late payments can negatively impact your credit score.

Consumer Complaints

Public review platforms show mixed feedback. While many borrowers report positive in-branch experiences, others cite concerns related to:

• High interest costs

• Collection practices

• Communication issues

Consumers are encouraged to review contracts carefully and compare alternatives before committing.

How easyfinancial Compares to Other Lenders

Borrowers with stronger credit may benefit from reviewing how traditional personal loans compare before choosing a non-prime lender.

Is easyfinancial Safe and Legitimate?

easyfinancial is a regulated Canadian lender and part of a publicly traded company. It uses standard security measures to protect personal information and complies with provincial consumer lending laws.

However, legitimacy does not equal affordability. Borrowers should:

• Review loan agreements carefully

• Confirm total repayment amounts

• Ensure payments fit their budget

How to Apply for an easyfinancial Loan

Applications can be submitted:

• Online through easyfinancial’s website

• In person at a local branch

The process typically includes:

1. Completing an application

2. Providing income and identity verification

3. Reviewing loan terms

4. Accepting or declining the offer

Before applying, it can be helpful to compare online loan options available in Canada to understand how rates and terms differ.

FAQs — easyfinancial Loans in Canada

Is easyfinancial a legitimate lender in Canada?

Yes. easyfinancial is a Canadian lender that operates under provincial consumer lending laws and is owned by goeasy Ltd., a publicly traded company on the Toronto Stock Exchange. While legitimate, its loans are typically higher cost than traditional bank loans.

Can I get an easyfinancial loan with bad credit?

Yes. easyfinancial accepts applicants with fair or poor credit and places greater emphasis on income and affordability than credit score alone. Approval is not guaranteed and depends on individual circumstances.

Does easyfinancial report payments to credit bureaus?

Yes. easyfinancial reports loan payments to both Equifax and TransUnion. Making payments on time may help rebuild credit, while missed payments can negatively affect your credit profile.

How quickly does easyfinancial provide funding?

Many borrowers receive a decision the same day, and approved funds are often deposited within 24 hours. Timing may vary based on verification and banking hours.

Are easyfinancial loans expensive compared to other options?

Unsecured easyfinancial loans generally carry higher interest rates than traditional bank personal loans. Borrowers who qualify for lower-cost alternatives may want to compare options before accepting an offer.

What happens if I miss a payment with easyfinancial?

Missing a payment may result in late or NSF fees and could negatively impact your credit score. Repeated missed payments may lead to collection activity. Borrowers should contact the lender as soon as possible if payment issues arise.

Conclusion: Is easyfinancial Right for You?

easyfinancial can be a viable option for Canadians who need access to credit and cannot qualify through traditional lenders. Its installment loan structure and credit reporting may offer benefits compared to short-term, high-cost alternatives.

However, due to higher interest rates, it is best viewed as a secondary or last-resort option rather than a first choice. Borrowers who qualify for lower-cost loans elsewhere should explore those alternatives first.

Making an informed decision—and borrowing only what you can comfortably repay—is essential.

Disclosure:  This article is for informational purposes only and does not constitute financial advice. Loan terms, rates, and eligibility vary by lender and province. FatCat Loans is a loan comparison platform, not a lender. Always review loan agreements carefully before accepting any offer.