CA
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!
Eastern Loans: fast, easy, and secure loans!
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!
APR | Approximately 23% |
Loan Purpose | Personal |
Loan Amounts | Up to $1,000 |
Credit Needed | All credit types are considered |
Terms | 3, 6, or 12 installments over at least three month period (up to 5 months) |
Origination Fee | Not disclosed |
Late Fee | $48 |
Early Payoff Penalty | Not disclosed |
How does the Eastern Loans work and its benefits?
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.
You will be redirected to another website
By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
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.
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.
How to apply for Eastern Loans?
If you are interested in getting a fast loan, check out how to apply for Eastern Loans today!
About the author / Aline Augusto
Reviewed by / Aline Barbosa
Senior Editor
Trending Topics
Capital One Aspire Travel™ Platinum Mastercard® review
Check out this Capital One Aspire Travel™ Platinum Mastercard® review and learn how to earn unlimited rewards without paying an annual fee.
Keep ReadingHow to get a Libro Credit Union Home and Auto Insurance quote?
Read how the Libro Credit Union Home and Auto Insurance quote works and how you can access coverage while enjoying exclusive savings.
Keep ReadingMC1 Mastercard® credit card review
Check out the MC1 Mastercard® credit card review article and learn how to mix security and urban experiences to get the best from this card!
Keep ReadingYou may also like
Upstart Personal Loan review: how does it work and is it good?
Do you want to get a loan but don't meet the old traditional requirements? Check out our Upstart Personal Loan review. Up to $50K with fast funding.
Keep ReadingPNC Bank Mortgage review: how does it work and is it good?
If you dream of buying your own house but don't have much money to start, the PNC Bank Mortgage review can be a lifesaver. Read on to understand how this loan works and how you can start with a 3% down payment. Check it out!
Keep ReadingLow Income Home Energy Assistance Program: see how to apply
Discover more about the Low Income Home Energy Assistance Program and learn how to apply. Get access to energy assistance programs today!
Keep Reading