How Do Easy Financial Loans Work

A Comprehensive Guide to How Easy Financial Loans Work

Easy Financial is one of Canada’s leading alternative lending companies, providing loans to borrowers who may not qualify with traditional banks. Their loan options include personal loans, auto financing, home equity loans, and retail point-of-sale financing.

In this detailed guide, I’ll explain how Easy Financial’s loans work from start to finish across each loan type. I’ll also provide tips for borrowing responsibly if you need financing.

How Do Easy Financial Loans Work

Overview of Easy Financial Loan Products

Easy Financial offers a range of loan products designed to meet different financing needs:

Personal Loans

  • Unsecured loans from $500 up to $15,000
  • Funds can be used for any personal purpose
  • Fixed loan terms from 1 to 5 years

Auto Loans

  • New and used vehicle financing
  • Covers loan or lease buyouts
  • Terms up to 84 months

Home Equity Loans

  • Loans using home equity as collateral
  • Amounts up to $100,000
  • Terms up to 20 years

Retail Point-of-Sale Financing

  • Instant in-store credit for big purchases like furniture or appliances
  • Instant decisions with no impact to credit score
  • Payments spread over months

Easy Financial offers highly flexible qualifying criteria to expand access to financing.

Step-By-Step Process of Getting an Easy Financial Loan

If you need financing, here is a walkthrough of the end-to-end process for getting an Easy Financial loan:

Step 1) Choose Your Loan Type

Based on your specific needs, select the most suitable loan product above. Consider factors like:

  • Loan amount required
  • Purpose of financing
  • Repayment timeline

Step 2) Apply Online or In-Store

You can quickly apply:

  • Online by visiting and filling out the application form
  • In-person by visiting any Easy Financial branch location

The application only takes 10-15 minutes. Have your ID and financial details ready.

Step 3) Get Pre-Approved

Within minutes of applying, you will get a fast pre-approval decision. Easy Financial’s automated lending algorithms assess your application using details provided and available credit bureau data.

This initial pre-approval gives you an indication that you qualify based on the information supplied.

Step 4) Review Loan Terms

If pre-approved, you will receive a conditional loan offer outlining:

  • Interest rate based on credit factors
  • Total loan amount
  • Loan term and schedule
  • Payment amount per month

Carefully review the loan terms and ensure you understand and agree to them. Reach out with any questions.

Step 5) Accept Offer & Complete Documentation

If you accept the pre-approval offer, Easy Financial will have you e-sign loan documentation and complete any final verification steps.

This may require submitting additional documents to validate income, residence, collateral, or other loan conditions.

Step 6) Loan Disbursal

Once all conditions are cleared, Easy Financial will disburse the approved loan amount directly to your nominated bank account, usually within 1-3 business days.

Step 7) Repayment

You will make fixed monthly payments on the loan through automatic deductions from your bank account. Payments can also be done online, over the phone, or in-person.

Early repayments are allowed without penalties, so you can repay faster to save on interest.

And that sums up the typical end-to-end process of getting an Easy Financial loan!

Tips for Responsible Borrowing

If exploring Easy Financial loans, keep these responsible borrowing tips in mind:

  • Compare interest rates across multiple lenders, including banks and credit unions. Easy Financial’s rates tend to be higher.
  • Carefully consider the total cost of credit with fees and interest. Avoid loans structured to keep you in debt long-term.
  • Confirm there are no prepayment penalties so you have flexibility to repay faster if possible.
  • Only borrow what you can realistically afford to repay each month. Avoid over-extending yourself financially.
  • Read all terms thoroughly and seek clarification on anything you don’t understand before signing. Don’t feel pressured.
  • Have a plan for repaying the loan mapped to your income and budget. Account for changes in life circumstances.
  • Monitor your credit score and report regularly. Demonstrate responsible borrowing behavior.
  • Seek financial counseling if struggling with debt. Easy Financial does offer free credit coaching.
How Do Easy Financial Loans Work


I hope this detailed guide gives you clarity on how Easy Financial’s loan process works across different lending products. While they provide greater access to financing than traditional sources, it’s still essential to borrow responsibly based on what you can afford. Consider all options to find the most competitive rates and terms.

Let me know if you have any other questions! I’m happy to provide more details on comparing lenders and qualifying for financing.


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