Fairstone, easyfinancial and Spring Financial: what you would really repay
Quick summary
All three lenders state rates up to about 35% a year, which is the legal limit. At that rate a $5,000 loan repaid over 60 months costs about $10,645 in total, more than double what you borrowed. A shorter loan costs far less. Try your own offer in the cost box below, and see cheaper steps to try first in low credit score options with or without a job.
Checked November 10, 2026. Main source: Spring Financial: Interest rates (page modified February 11, 2026, read November 10, 2026). See all 6 sources.
Key facts
- Legal limit
- 35% a year (the criminal interest rate)
- Source: FCAC payday loans page
- Spring Financial
- Personal loans $500 to $35,000, 9.99% to 35.00% APR, 6 to 84 months
- Source: Spring Financial, modified February 11, 2026
- Fairstone
- Unsecured $500 to $25,000 at 29.99% to 34.99% (Newfoundland and Labrador and Manitoba)
- Source: Fairstone page, no date
- easyfinancial
- Unsecured $500 to $20,000, 29.99% to 35%, 9 to 84 months
- Source: easyfinancial, no date
What each lender says on its own page
We list only what the page states. A blank means the page did not say.
| Spring Financial | Fairstone | easyfinancial | |
|---|---|---|---|
| Loan sizes | $500 to $35,000 | Unsecured $500 to $25,000. Secured $5,000 to $50,000 | Unsecured $500 to $20,000. Secured $15,000 to $150,000 |
| Rates | 9.99% to 35.00% APR | Unsecured 29.99% to 34.99%. Secured 19.99% to 25.99% | Unsecured 29.99% to 35%. Secured 9.99% to 25.99% |
| Terms | 6 to 84 months | Secured 36 to 120 months. Unsecured not stated | Unsecured 9 to 84 months. Secured 72 to 240 months |
| Fees named | Sign-up or broker fees not stated | $45 per returned payment (Newfoundland and Labrador, Manitoba). Secured loans: administration, appraisal, title and legal fees, amounts not given | $50 per returned payment. Up to $10.99 to send funds by transfer. A 6 month interest penalty on some secured loans paid early |
| Paying early | Not stated | Early payoff not stated. Unsecured loans can be cancelled within 14 days of signing | No penalty on unsecured loans |
| Optional insurance | Not stated | Not mentioned | Loan Protection Plans, optional, for an extra premium |
| Reports to credit bureaus | Not stated on this page. A Spring blog post says it reports to Equifax and TransUnion | Not mentioned | Says a missed payment is reported. Does not say that on-time payments are |
Sources: Spring Financial: Interest rates (page modified February 11, 2026, read November 10, 2026); Fairstone: Personal loans (no date shown, last confirmed November 10, 2026); easyfinancial: The fine print (no date shown, last confirmed November 10, 2026); easyfinancial: How it works (no date shown, last confirmed November 10, 2026). Rates and terms differ by province and by person, so use the range as a guide, not a quote. Fairstone shows the unsecured rate for residents of Newfoundland and Labrador and Manitoba only, so ask for yours.
What a loan costs in total at these rates
A monthly payment can look small. The total is what matters. These are our calculations with equal monthly payments and interest worked out monthly, so they are estimates. They show what the stated rates do to a loan, and are not offers from any lender.
| You borrow | Rate | Length | Monthly payment | You repay in total | Interest |
|---|---|---|---|---|---|
| $5,000 | 9.99% | 36 months | $161 | $5,807 | $807 |
| $5,000 | 21% | 36 months | $188 | $6,782 | $1,782 |
| $5,000 | 29.99% | 36 months | $212 | $7,640 | $2,640 |
| $5,000 | 34.99% | 36 months | $226 | $8,141 | $3,141 |
| $5,000 | 29.99% | 60 months | $162 | $9,704 | $4,704 |
| $5,000 | 34.99% | 60 months | $177 | $10,645 | $5,645 |
| $10,000 | 29.99% | 60 months | $323 | $19,408 | $9,408 |
| $10,000 | 34.99% | 84 months | $320 | $26,899 | $16,899 |
The Canadian Bankers Association says interest on bank alternatives such as a line of credit ranges from just over prime to about 21%. That is the 21% row. The 9.99% row is the lowest rate Spring and easyfinancial state. Who qualifies for which rate is up to the lender.
Put your own offer in the box
Type the amount, the length and the rate on your offer. Add any flat fee. The box shows the monthly payment, the total you repay and the interest. Nothing you type is saved or sent.
You borrow $5,000 and repay $10,645 in total.
That is $177.42 a month. The interest alone is $5,645.
Every $1 you borrow costs $2.13 to repay. The cost of borrowing is $5,645.
Nothing you type here is saved or sent. These are estimates. Your lender's contract is the final word, and it may add fees or insurance.
What to notice before you sign
- A longer term lowers the payment and raises the total. Compare the 36 and 60 month rows above.
- The rate may not be the whole cost. Ask for every fee in writing, including fees to receive the money, returned payment fees and any insurance.
- Optional insurance adds to the payment. Ask whether it is included in the amount you are quoted, and how to say no.
- Ask whether on-time payments are reported to Equifax and TransUnion. If they are not, the loan may not help your score even if you never miss a payment.
- Ask if you can pay early without a penalty, and how much you would save.
- The legal limit is 35% a year, per the FCAC. A lender can charge up to it, and the rate you are offered can be at or near it.
Source: Financial Consumer Agency of Canada: Payday loans (modified October 14, 2025, read November 3, 2026).
Cheaper steps to try first
Not everyone has these choices. If you do, they usually cost less. If you do not, the loan above may still be the way through, and the cost box shows what it means.
- A bank or credit union line of credit, overdraft or small loan. The CBA says these range from just over prime to about 21%.
- A secured card or a credit builder, to start rebuilding. See the credit builder comparison.
- Free credit counselling, which can look at the whole debt and not only the next payment.
Source: Canadian Bankers Association: Banks and alternatives to payday loans (no effective date shown, read November 10, 2026).
Questions people ask
Is a rate near 35% legal?
Yes. The legal limit on interest is 35% a year, which the FCAC calls the criminal interest rate. A rate inside that limit is legal and still expensive. We did not check any lender's licence, so check your province's consumer protection office if you want to confirm a lender.
What is the highest rate a lender can charge in Canada?
35% a year for most loans, per the FCAC. Regulated payday loans in the provinces that have rules follow the provincial limit instead.
How much does a $5,000 loan cost at 34.99%?
Over 36 months about $8,141 in total, and over 60 months about $10,645. These are our estimates, using equal monthly payments.
Do these loans help my credit score?
It depends on whether the lender reports on-time payments to the bureaus. easyfinancial says it reports a missed payment, and the pages we read do not say the same for on-time ones. Ask the lender in writing.
Is there a cheaper way to borrow with a low score?
Often, but it depends on your income and history. A credit union, a secured loan or a secured card may cost less. See our low credit score guide.