Loans & Debt · Lender review
easyfinancial review
Canada’s biggest non-prime lender will approve credit a bank won’t, and fund it the same day — but at an unsecured APR up to 46.96% that only makes sense for consolidation if you can secure the loan against home equity.
Best for: Borrowers with poor or thin credit who need fast funding and can’t qualify elsewhere
Pros
- Approves thin or damaged credit, with a soft-pull pre-qualification that doesn’t hurt your score
- Same-day funding by Interac e-Transfer, from 400+ branches and online
- A real credit-rebuilding path — goeasy reports about 1 in 3 customers graduate to prime rates
- 2% rate cut with a co-applicant; penalty-free prepayment on unsecured loans
Cons
- Unsecured APR runs 29.99%–46.96% — very high, near the federal 35%+ line
- Secured loans can carry a province-dependent early-payout fee
- Terms up to 240 months on secured debt mean enormous total interest
- Optional Loan Protection insurance inflates the quoted payment
A real lender, at a real cost
easyfinancial is a division of goeasy Ltd. (TSX: GSY), a large, long-established public company with 400+ branches — not a payday lender, and a legitimate option when a bank says no. But legitimacy isn’t the same as cheap: its unsecured personal loan runs 29.99%–46.96% APR, among the highest mainstream rates in Canada.
For someone shut out of bank credit who needs money today, that access has value. For someone consolidating ~20% credit-card debt, paying 30%+ to clear it is going the wrong way — run it through the consolidation calculator and you’ll usually see it doesn’t help.
The secured loan changes the math
The one easyfinancial product that can genuinely help a consolidator is the secured home-equity loan, priced from 9.99% for amounts above $20,000 (up to $150,000). For a homeowner with fair credit and high-rate cards, that’s a real improvement — but you’re converting unsecured debt into debt secured against your home, which raises the stakes if you fall behind. Weigh it carefully.
The credit-rebuild angle
easyfinancial markets a “graduation” path: pay on time and you may qualify for lower, eventually prime, rates over time. That’s a legitimate ladder for someone rebuilding — but don’t pay 40%+ for years just to rebuild when a secured loan, a credit union, or a focused payoff plan might get you there cheaper. Treat it as a stepping stone, not a destination.
Frequently asked questions
What rate does easyfinancial charge?
Unsecured 29.99% – 46.96%; secured home-equity from 9.99%. Loan amounts: Unsecured $500 – $20,000; secured (home equity) up to $150,000. Terms: Personal loans 9 – 84 months; secured up to 240 months. Figures verified at easyfinancial's own site on June 13, 2026 — compare the whole field on our Best debt-consolidation loans ranking, and model the savings with the debt consolidation calculator.
Does easyfinancial charge fees or a prepayment penalty?
No upfront application fees; optional Loan Protection insurance; a province-dependent early-payout fee can apply on secured loans. Unsecured: no penalty — pay off any time and save the interest. Secured: a province-dependent Early Payout Fee may apply.. High-cost lender: unsecured APR runs 29.99%–46.96%. Consolidating ~20% card debt into a 30%+ unsecured loan does not help — only the secured home-equity option (from 9.99%) makes sense for consolidation. Rates verified at easyfinancial.com (some pages are Cloudflare-gated; confirm on a rendered page). Always confirm fees and the prepayment policy in writing before you sign.
Who is easyfinancial best for?
Borrowers with poor or thin credit who need fast funding and can’t qualify elsewhere. Eligibility: No credit history required (newcomers and students accepted); a soft check at application doesn’t affect your score. If the rate you're offered isn't lower than the debt you're clearing, consolidation won't help — read our consumer proposal vs bankruptcy guide for what to do when the debt is past the point a loan can fix.
The bottom line
easyfinancial is the place many Canadians end up when the banks have said no — fast, accessible, and legitimate, but expensive. The unsecured rate is too high to make consolidation work; the secured home-equity option (from 9.99%) is the one worth a look, and only after you’ve compared the whole field.
Ready to compare easyfinancial against the field?
Every lender verified at the source, ranked for consolidation value.
This review is for educational purposes only and is not financial advice. APRs, loan amounts, terms and fees shown were verified at the lender's own published pages on June 13, 2026 and change without notice; the rate you are offered depends on your credit and income. Our editorial rating reflects rate, fees, terms and transparency for debt consolidation — it is never paid for. The federal criminal interest rate is capped at 35% APR. Confirm all terms in writing before signing. See our methodology.