• TIME IN BUSINESS: Since 2014
  • CUSTOMERS BASE: Over 80,000
  • LOANS OFFERED: Payday loans
  • LOAN TERMS: 3 to 5 months
  • APR RATING: 23%
  • BBB RATING: A+

Eastern Loans Review [2021 Features, Pros & Cons]

  • TIME IN BUSINESS: Since 2014
  • CUSTOMERS BASE: Over 80,000
  • LOANS OFFERED: Payday loans
  • LOAN TERMS: 3 to 5 months
  • APR RATING: 23%
  • BBB RATING: A+

Best For

Quick approval and same-day money deposit to your account

Strengths

  • Simple application
  • Quick approval
  • No collateral required
  • Available in almost every province in Canada

Weaknesses

  • Surety fees
  • Maximum loan of only $1000

If you have poor or bad credit and need quick funding, getting a loan from an online lender is your best chance. One of the lenders that provide safe and fast loans is Eastern Loans. In this Eastern Loans review, we will introduce you to the company’s services as well as the latest Eastern Loans interest rates on offer. 

What Do I Need to Know about Eastern Loans?

Eastern Loans is a Canadian alternative payday online lender that provides safe and quick loans. The company has been in business since 2014 and has over 80,000 satisfied customers.

According to its customers and the latest Eastern Loans payday loans review, its service is so fast that you can get preapproval for a loan in just a few minutes – and get the money the same day!

Eastern Loans offers unsecured personal loans(Installment loans). The loans have an approximate annual percentage rate (APR) of 23%; according to the Eastern Loan credit review, the company offers lower interest rates than other online payday lenders. The service is an excellent alternative to other short-term loan lenders because you can repay the loan in 3, 6, or 12 installments over the course of a three-month period.

In this Eastern Loans review, we will look at:

  • A detailed Eastern Loans Canada review of the main features
  • Eastern Loans loan requirements, application procedure, and terms
  • Pros and Cons
  • FAQ

Eastern Loans Personal Loans Review and Features

As we mentioned earlier, Eastern Loans offers loans up to $1000 with 23% APR and a lending term of up to 5 months. Below, you can find out more about the loan features:

  • Expected Loan Amount: $500 to $1000
  • APR: Minimum and maximum APR is not disclosed, but the approximate APR is 23%
  • Monthly Payment: Depends on the loan. The company also provides options for weekly or bi-weekly payments.
  • Loan Term: 3 to 5 months
  • Fees and Penalties: Surety fee that will depend on the loan. There’s a late payment penalty of $48. The prepayment penalty and returned payment fee are not disclosed on the website.
  • Unsecured or Secured personal loans: Currently, Eastern Loans offers only unsecured personal loans.
  • Automatic withdrawal of the payment from your bank account
  • Typical approval time: Within minutes of applying
  • Typical funding time: As soon as you are approved

Eastern Loans Review 2021: Loan Eligibility Criteria

If you want to get approved for a loan from Eastern Loans, you’ll need to meet its eligibility criteria. Bear in mind that you can damage your credit score if you apply when you don’t meet them. 

  • Age of majority or older
  • Canadian citizen or permanent resident
  • Minimum credit score of 640, but you can still apply if you have bad credit
  • Income threshold of at least $1200 a month
  • Minimum length of credit history: At least three months
  • Eastern Loans does not accept the following forms of income: disability assistance, college loans, welfare, Canadian pension plan, child tax benefit, and self-employment income. 

How To Apply for a Payday Loan with Eastern Loans? 

The company doesn’t have physical stores where you can go and apply for a loan. So, you can only apply for a loan with Eastern Loans online. In this section of our Eastern Loans review, we will walk you through the necessary steps. 

Step 1: 

Once you land on the Eastern Loans website (https://easternloans.com), click on the button in the upper right-hand corner, “Apply Now.”

Step 2: 

Fill out your personal information, employment information, and references. 

Step 3: 

Some of the details you will need to provide in the personal information section are First Name, Last Name, Birthday, Address, City, Postal Code, Province, Main Phone, Cell Phone, Email and Email Verification, and Social Insurance Number.

Step 4: 

In the employment info section, you should fill in the following fields: Employer (company name); Phone; Immediate Supervisor/HR Contact; Job Description; Approximate Hire Date; Pay Frequency; New Pay Deposit; Financial Institution; Following Pay Deposit; and How Did You Hear About Us?

Step 5: 

The last field that you need to fill out is the reference section. You should provide the full name and phone number and your relationship with the referee.

Step 6: 

Answer the question: Have you ever filed for bankruptcy or a consumer proposal, or are you planning on doing so in the near future? 

Step 7: 

Before clicking “Submit,” you should confirm the terms and conditions. 

Pros & Cons

Pros

  • Quick and easy application
  • Same-day approval
  • Lower interest rates than other online lenders
  • No need for collateral

Cons

  • Undisclosed surety fees decided by a third-party institution
  • Loans are limited to $1000

Privacy & Security Policy

Personal Identification Information is collected only if the users give voluntary approval to submit the information and let Eastern Loans use it. The user can refuse to give out their information at any point. 

Once a user lands on the website, Eastern Loans can obtain some non-personal information, such as browser name, the type of device, technical information about the user’s means of connection to the website, and so on. 

User Reviews & Feedback

Do you want to know what people are saying about Eastern Loans? 

We went through the most recent Eastern Loans customer reviews and feedback, and here’s what we found: 

  • Eastern Loans BBB reviews show only one complaint in the last three years. On this website, Eastern Loans ratings show an average of 3 out of 5 stars. 
  • On Trustpilot, there are 6 Eastern Loans lending reviews. About 17% of the reviews say that Eastern Loans’ services are excellent, with particular praise for the customer service team. However, up to 83% are Eastern Loans bad credit reviews, even though some appear not to be by actual customers.

Eastern Loans Credit Review: Alternatives

If you don’t qualify for a loan with Eastern Loans or you want to borrow a higher amount, there are other options available. 

Cash Money is one of them. The company provides loans between $500 to $10,000, and you can apply over the phone, in-store, or online. 

Another option is the online lender Mogo. The company offers various types of loans up to $35,000, and if you sign up for its services, you will get free credit reports every month.

Wrap up

Eastern Loan is an alternative online payday loan provider, available in almost every region in Canada. As we made clear in our Eastern Loans Canada review, it’s a great option if you’re looking for a quick approval and you need the money on the same day. Now, it’s up to you to decide if Eastern Loans is the right solution for you. 

FAQ

Is Eastern Loans legit?

Eastern Loans is a legitimate online payday lender, providing Canadians with fast loans. It operates in every province in Canada except for Quebec and Saskatchewan.

Is Eastern Loans safe?

Yes, Eastern Loans is a safe payday company with over seven years of experience. The application data that contains the customer’s personal information is secured by Norton secure. 

What Products and Services Does Eastern Loans Offer?

Eastern Loans provides online payday loans up to $1,000. Since 2014, the lender has issued more than 80,000 loans, as we pointed out in our Eastern Loans review. 

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