easyfinancial

Smarter Loans Expert Review for easyfinancial

Reviewed by: Vlad Sherbatov, Personal Finance Analyst at Smarter Loans

Our Take

easyfinancial is one of the most recognizable names in Canada’s non-prime lending space. As a division of goeasy Ltd., the company has spent nearly two decades focused on one mission: helping Canadians access credit when traditional banks are not an option. With more than 1.5 million customers served and over $12 billion funded, easyfinancial operates at a scale few alternative lenders can match.

What sets easyfinancial apart is the breadth of its offerings. It provides both unsecured personal loans and secured home equity loans, allowing borrowers to address everything from short-term cash needs to larger, long-term financial goals. The lender emphasizes responsible credit access, fast approvals, and the opportunity to improve credit through consistent, on-time payments.

easyfinancial is not a low-cost bank alternative, but it positions itself as a structured, transparent path forward for borrowers who need flexibility and a second chance.

Who easyfinancial Works Best For

easyfinancial works best for Canadians with fair to challenged credit who need access to meaningful loan amounts and clear repayment structures. This includes borrowers consolidating debt, covering major expenses, or using home equity to finance larger needs.

It is especially relevant for borrowers who value guidance and support. With a large branch network alongside online applications, easyfinancial appeals to those who want the option of speaking with a representative rather than navigating the process entirely on their own.

easyfinancial may be less suitable for borrowers with excellent credit who qualify for low bank rates, or for those seeking very small, ultra-short-term borrowing. Interest rates can be high at the upper end of the range, particularly for unsecured loans.

What We Like

Scale and accessibility are major strengths. easyfinancial offers loan amounts from $500 up to $150,000, covering a wide range of needs that many non-prime lenders simply cannot support. Approval decisions are fast, applications are straightforward, and funds can be available within 24 hours in many cases.

We also like the credit-building focus. On-time payments are reported and can help improve a borrower’s credit profile over time, which adds long-term value beyond immediate access to funds. The option to add a co-applicant for a potential rate reduction is another practical feature for households borrowing together.

For homeowners, the home equity loan product stands out. Longer terms and lower starting rates compared to unsecured loans make it a more affordable option for larger borrowing needs.

Where easyfinancial Could Improve

Cost remains the most important consideration. Unsecured personal loan rates can range from the high twenties into the mid thirties, which is significantly more expensive than bank credit. Borrowers should carefully review total cost of borrowing and ensure the monthly payment fits comfortably within their budget.

Home equity loans, while more affordable, come with additional conditions. Fees may apply, and there can be penalties for early repayment within certain timeframes. These details are important to understand upfront.

Finally, eligibility requirements around income and documentation are more involved than ultra-light lenders, which may feel cumbersome for some applicants.

Is easyfinancial Right For You?

easyfinancial can be a strong option if you need access to credit, want structured repayment terms, and are working to rebuild or strengthen your credit profile. It is particularly effective for debt consolidation, larger personal expenses, and home equity–based borrowing.

However, it should not be the first stop for borrowers who qualify for low-rate bank loans. easyfinancial is best viewed as a bridge between traditional credit and high-cost short-term options.

Used responsibly, it offers Canadians a legitimate, scalable path toward financial stability and improved credit, backed by one of the largest non-prime lending platforms in the country.

Alternatives to easyfinancial

• MDG Financial – Expert Review, Ratings & Alternatives
• Spring Financial
• Mogo
• Money Mart