easyfinancial alternatives in Canada (2026): 4 lenders compared

The example in easyfinancial’s own fine print is a $1,000 loan over 12 months that costs $1,501.08 to repay, and most of the extra $501 pays for optional insurance rather than interest. The best easyfinancial alternatives in Canada depend on your credit. Fig and goPeer cost far less if you qualify. Fairstone charges what easyfinancial does, and Spring Financial has no minimum credit score. The table above lines them up.

Why look for an easyfinancial alternative?

Mostly the price. easyfinancial lends to people with fair or poor credit, and its personal loans run from 29.99% a year up to 35%, the legal maximum for a loan like this. If your credit could get you a lower rate, or you’d rather not pay for insurance you don’t need, it’s worth seeing who else will lend to you. If you already have an easyfinancial loan, the last section covers how to pay less on it.

The 35% cap doesn’t count insurance

Canada’s Criminal Code makes it a crime to charge more than 35% a year on a loan like this, and that limit includes every fee a lender charges for the credit. It leaves a few things out, including insurance. Section 347 (opens in a new tab) excludes “any insurance charge” from what it counts as interest, so a lender can charge the maximum rate and sell insurance on top of it.

easyfinancial’s sample payments include that insurance. Its fine print (opens in a new tab) prices a $1,000 loan over 12 months at 29.99%, with a monthly payment of $125.09 that includes its optional Loan Protection Plan. Without the insurance, the payment at 29.99% would be about $97.48 a month, and the interest over the year about $170. By our math, that leaves about $331 for the insurance, roughly twice the interest.

The Financial Consumer Agency of Canada (opens in a new tab) says loan insurance is a separate product that you don’t have to take to get the loan, and that you can cancel it at any time. The insurance covers some or all of your payments if you lose your job, become disabled, fall critically ill or die, so it can be worth having if nothing else covers you. Check what you already have through work before you say yes.

easyfinancial is lending less in 2026

goeasy, the company that owns easyfinancial, funded $272.1 million in new loans (opens in a new tab) in the second quarter of 2026, down 70% from a year earlier. Most of the drop was car and powersports financing through dealers, but the company also slowed its direct lending, which includes easyfinancial, to manage its cash. A no from easyfinancial this year doesn’t mean every lender will say the same.

The best easyfinancial alternatives in Canada, at a glance

The four lenders in the table fall into two groups. Fig and goPeer start at 8.99% and can cost far less than easyfinancial, but only if your credit earns their better rates. Fairstone’s unsecured loans cost what easyfinancial’s do, and Spring Financial sets no minimum score, so those two are the closer match if your credit hasn’t recovered yet. For smaller amounts over a few weeks, our ranking of loan apps by what you pay covers the cheaper options.

Fig, for the lowest rate if your credit qualifies

Fig (opens in a new tab) lends $2,000 to $35,000 over 24 to 84 months at 8.99% to 29.49% a year, with no fees on top, so the rate you’re quoted is the whole cost. Its highest rate is still below easyfinancial’s lowest personal-loan rate of 29.99%. Checking your rate is a soft inquiry, and Fig runs the hard check only if it approves you and you agree.

Fig is owned by Fairstone, the branch lender further down this page. It doesn’t publish a minimum credit score, so the only way to know where you stand is to check your rate. It reports your payments to both Equifax and TransUnion, and the money can arrive as early as the next business day. It won’t lend less than $2,000, though, and it doesn’t lend in the three territories.

goPeer, if your score is 600 or higher

goPeer (opens in a new tab) lends $1,000 to $35,000 at 8.99% to 34.99%, over three or five years. It’s a peer-to-peer lender, so once you’re approved, individual investors fund your loan through the platform. Unlike Fig, it publishes its minimums: a 600 credit score, $35,000 a year in income, three years living in Canada, and debts under 35% of what you earn.

An origination fee comes out of the loan before the money reaches you, so you receive less than you borrow. It’s included in the yearly rate, but goPeer doesn’t publish the amount. It’s also the slowest lender here. A decision takes 24 to 48 hours, investors usually fund the loan within about a week, and the money lands three to five business days after that.

Fairstone, the closest match to easyfinancial

Fairstone (opens in a new tab) is the nearest thing to easyfinancial: a branch lender with more than 240 branches, lending $500 to $25,000 unsecured over 6 to 60 months at 29.99% to 34.99%. The price band is the same, so an unsecured Fairstone loan won’t be much cheaper. The differences are a higher ceiling of $25,000, a shorter maximum term of 60 months, and published rules for refunding the insurance premium.

Its loan insurance is optional (opens in a new tab) too. Cancel it within 30 days of taking an unsecured loan and you get the whole premium back as a credit on the loan. After 30 days, you get back the part you haven’t used. Either way, the credit shortens the loan rather than lowering your monthly payment.

If you own a home, Fairstone’s secured personal loans run 19.99% to 25.99% for $5,000 to $60,000, with appraisal and legal fees and a penalty for paying early. Its mortgage loans, such as a second mortgage, run 14.99% to 20.25%. Either way, your home is what secures the loan. In Quebec, Fairstone operates as Financière Fairstone.

Spring Financial, if you’ve been turned down elsewhere

Spring Financial (opens in a new tab) lends online in every province and territory: $500 to $35,000 over 6 to 84 months, at 9.99% up to the 35% maximum. It starts with a soft inquiry and asks your permission before any hard check. Money usually arrives one to three business days after you sign, and Spring reports your payments to both Equifax and TransUnion.

For someone who can’t get a loan at all, Spring also runs a Foundation program (opens in a new tab), everywhere except Saskatchewan and New Brunswick. It doesn’t lend you anything. You pay about $74 every two weeks for a year, Spring reports those payments to both credit bureaus, and $750 of the roughly $1,900 comes back to you as savings at the end. That’s a steep price for a credit file, and our comparison of credit-building apps has cheaper ways to build one. Spring also takes co-signers on its loans, which can help if your own file is thin.

Lodavo, for the cushion after the loan

Lodavo doesn’t lend, so it can’t help with a bill that’s due this week. It’s on this page for what comes after. easyfinancial’s own FAQ lists car repairs and unexpected expenses among the usual reasons for a personal loan, and money you’ve already set aside covers the next one without a loan at all.

Lodavo is a free app, and Canada’s first prize-linked savings app. You connect the savings or chequing account you already use, and every $25 in it earns you a free ticket in a weekly cash draw. Prizes go up to $10,000, and at least $100 goes to a user every week. It doesn’t hold your money, and there’s nothing to pay back. What you get is a reason to leave a little more in the account each week, and a chance at a prize for doing it.

How to choose the right easyfinancial alternative

Start from the line that sounds most like you:

Before you apply anywhere, ask your own bank or credit union. If your credit has improved since you last borrowed, it may lend to you for less. And if you do apply with easyfinancial, bring a co-applicant if you can, because that takes 2% off its rate.

In Quebec, easyfinancial operates as easyfinancière, and its Quebec page lists personal loans of $1,000 to $20,000 at 35%, over 24 to 78 months. Any lender there that isn’t a bank or a credit union also needs a permit from the province’s consumer protection office, which our guide to loans without a credit check in Quebec explains.

Already paying an easyfinancial loan?

You can lower what it costs without a new loan. easyfinancial charges no penalty for paying a personal loan off early, and it says extra payments go toward the principal. So paying more when you can shortens the loan, and moving what’s left to a cheaper lender once your score improves costs you nothing on easyfinancial’s side.

• Read the insurance certificate. If your payment includes the Loan Protection Plan, check what it would actually pay. The FCAC notes that this kind of insurance may not pay if you quit, are fired for cause, work on contract, or claim for a condition you already had. If you’re covered at work, or wouldn’t qualify for a claim, ask easyfinancial what cancelling it would save you.
• Use the first 14 days if you need them. easyfinancial lets you cancel an unsecured personal loan within 14 days of signing, with no penalty and no reason needed, by returning the money.
• Check before paying off a home equity loan. Paying one off early can trigger a payout fee, depending on your province.
• Call before a missed payment, not after. easyfinancial asks you to call at least two or three days before a payment you can’t make. If it’s one of several debts you’re struggling with, a non-profit credit counsellor can look at all of them together, and a consumer proposal is the legal route that can reduce what you owe.

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.