What are you supposed to do when an unexpected necessary expense comes up, like a car repair or medical procedure, and you don’t have the funds to pay for it?
Taking out a personal loan can drastically help you overcome any obstacles you’re facing and prevent you from failing your financial goals. In fact, 45% of Canadians said they used a fast or payday loan to help pay for one of these unexpected expenses.
But when taking out a personal loan, whom should you turn to? Continue reading to learn about our loan company, EasternLoans, to see how we can help.
Who We Are
EasternLoans is a loan services company that gives Canadians access to fast loans that circumvent traditional loans. Thanks to our exclusive technology, our loans are quick, convenient, and easy to apply for.
We have a dedicated team of financial professionals to help our customers receive loans within 24 hours of applying, all without going through a complex financial approbation process. Most of our customers actually receive their funds mere hours after submitting their application because we operate 24/7.
We’re here to assist you if you’re facing an emergency financial situation and need funds.
The online application is straightforward and can be completed in a matter of minutes. Plus, there’s no credit check! So don’t worry if you have bad credit or poor credit history. We don’t need to pull a soft or hard credit check as long as you meet the qualifications.
You can apply for a payday loan of $500 to $1,000, with an interest rate of around 23%. Interest rates vary by customer and financial situation, but we are known for having the most competitive rates within the market.
We allow customers to make accelerated payments to save money on interest if they can do so. But there’s no pressure to repay your loan faster than the agreed-upon terms.
All of our loans are unsecured. This means your home, car, and other personal assets are not at risk if you miss a payment. So you can breathe a sigh of relief should you not be able to make a payment on time.
What Makes Us Different
Most payday loan lenders require borrowers to pay back their loans in a lump sum payment. We know how difficult this can be for those experiencing financial turmoil. Thus, at EasternLoans, we allow you to extend your repayment period over five months.
You can repay your loan in weekly, bi-weekly, or monthly installments instead if it eases your financial burden. We pride ourselves on adapting to our customer’s needs and being flexible regarding repayment.
And it certainly shows. To date, we have more than 80,000 satisfied customers!
Who Qualifies for a Personal Loan?
To take out a loan from EasternLoans, you must meet the following criteria:
- Canadian citizen residing in
- Alberta
- British Columbia
- New Brunswick
- Newfoundland
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- 18 years or older
- Own a Canadian bank account that’s been active for at least three months and receives direct deposit payments from your employer
- Have a low short-term debt ratio
- Have a stable job and regular monthly income of at least $1,200
- Have few or no non-sufficient funds (NSF) transactions
- Not considering bankruptcy
- Not entering into a consumer proposal
If you meet all the qualifications, feel free to apply now for a loan! If you’re a returning customer, you also have the option to renew your previous loan.
Non-Qualifying Income Sources
Unfortunately, we don’t accept all income sources on our loan application. The following do not qualify:
- Child tax credit
- Disability income
- Insurance income
- Private pensions
- Retirement savings
- Self-employment
- Social assistance
- Student loans
You will need to provide proof of income during the application process to show that you have stable employment and are earning money outside the sources mentioned here.
Why Should You Use EasternLoans?
Quick loans aren’t ideal for every situation, but when you need funds fast, they are the most practical choice, especially if you don’t want to pull from your emergency fund. Applying for a traditional loan can take days or weeks, so it will not be able to help when time is a critical factor.
While traditional loans may have lower interest rates, remember that you will only be borrowing a maximum of $1,000. So as long as you pay back the loan according to the terms and conditions, you won’t be spending hundreds of dollars on interest.
Even with a credit card, you can easily spend thousands of dollars and pay high interest rates, mainly if you cannot afford to settle your monthly bill.
Further, our short-term loans don’t impact your credit score. Of course, we will not pull a hard credit check, which brings down your score. But also, as a payday lender, we don’t typically report your payments to the major credit bureaus, Equifax and TransUnion. So even if you miss a payment, it’s unlikely it will affect your credit score.
Just create a payment plan ahead of time if you cannot make your repayment in full to ensure you don’t end up with penalties and more incurred interest. Our customer service agents are always available to assist you in answering any questions.
We’ll do what we can to help find a solution that fits your exact needs.
Get a Loan Today
At EasternLoans, we pride ourselves on helping Canadians overcome their financial woes with quick and easy payday loans. We’re flexible on repayment because we know that even the best loan doesn’t account for unexpected life events.
If you still have questions about how EasternLoans can help you, feel free to contact us, and someone from our team will give you a prompt reply.