Reviews

Eastern Loans review: what you need to know before applying

If you need fast money to cover an unexpected expense, you have come to the right place. Today, we are going to do an Eastern Loans review!

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by Aline Augusto

Published on 03/04/2022

Eastern Loans: fast, easy, and secure loans!

Learn more about Eastern Loans. Source: The Mister Finance.
Learn more about Eastern Loans. Source: The Mister Finance.

Keep reading this Eastern Loans review to learn all about it! Usually, when you need a small amount of money, you need it fast. Typically, this kind of loan is personal and used to cover an unexpected expense, most of the times emergencies.

Eastern Loans is known as an alternative for online Canada loans since you can repay it in 3, 6, or 12 installments from 3 to 5 months.

Also, this lender claims to work with complete transparency. So, there are no hidden fees whatsoever.

And probably this is true since it has more than 80,000 satisfied customers and the business has been running since 2014.

Check out the summary table below, and keep reading to find out more about it!

APRApproximately 23%
Loan PurposePersonal
Loan AmountsUp to $1,000
Credit NeededAll credit types are considered
Terms3, 6, or 12 installments over at least three month period (up to 5 months)
Origination FeeNot disclosed
Late Fee$48
Early Payoff PenaltyNot disclosed
Eastern Loans

How to apply for Eastern Loans?

Check out how to borrow up to $1,000 quickly through Eastern Loans!

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How does the Eastern Loans work and its benefits?

Keep reading our Eastern Loans review. Source: Canva.
Keep reading our Eastern Loans review. Source: Canva.

Eastern Loans features a secure, easy, and fast online way for you to borrow money. It offers amounts of up to $1,000 with a short term ranging from 3 to 5 months.

You can choose the option to repay your unsecured personal loan with weekly or bi-weekly payments.

The annual interest rate is approximately 23%, which is low if compared to other online lenders. And if unpaid, a 1.74% monthly rate will be applied.

On the other hand, you can save on interest if you accelerate the reimbursement with larger payments.

The application process is online and pretty simple. You can apply in less than 5 minutes, and if approved, the funds will be deposited into your account on the same day.

Although fees and penalties are not fully disclosed, a $48 late payment penalty will be charged, according to the website.

Furthermore, even though the loans are limited to $1,000, there is no need for collateral.

Pros

  • It features a quick and easy application, with an online and secure form;
  • It charges lower interest rates compared to other lenders;
  • You can be approved on the same day and receive the funds on the same day, too;
  • It offers repayment options with terms ranging from 3 to 5 months;
  • There is no need for collateral.

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Cons

  • It doesn’t disclose the fees and costs completely;
  • Loans are limited to $1,000.

What credit score do you need for Eastern Loans?

All credit types are considered. But, note the eligibility requirements right below before moving forward. You:

  • must be a Canadian Citizen or a Permanent resident at the age of majority;
  • need to have a steady job (3 months minimum) earning at least $1200 /month;
  • must have a low ratio of NSF and a low ratio of payday loans;
  • need a bank account to receive your loan by direct deposit. 

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How to apply for Eastern Loans?

If you are interested in getting a fast loan, check out how to apply for Eastern Loans today!

Eastern Loans

How to apply for Eastern Loans?

Check out how to borrow up to $1,000 quickly through Eastern Loans!

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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