Eric was the son of Jobst II of Hoya and Anna of Gleichen.
As a younger son, Eric was initially destined for an ecclesiastical career.
After introducing the Reformation in his territories, he issued in 1573 a Lutheran Church Order for his counties Hoya, Rietberg and Bruchhausen and the Lordships of Esens, Stedesdorf and Wittmund.
At the same time, his brother Otto VIII married Armgard's mother, Agnes of Rietberg (born in Bentheim-Steinfurt).
After Eric's death Armgard married Count Simon VI of Lippe.