Please see information on Unsecured Loans below.


Unsecured Loans

What is an unsecured loan?

An unsecured loan is as loan that is not secured, in other words protected, by an asset such as a house. An unsecured loan can be used for any purpose a family holiday, car or just a rainy day. Something to remember when you take out an unsecured loans is the lender is taking on a lot more risk when supplying you with an unsecured loan so it is likely that they will charge a higher interest rate.

How much is an unsecured loan?

Usually, an unsecured loan is not a large volume loan. An unsecured loan can range from $250 - $10,000 depending on various factors, such as your income and credit history.

Who offers unsecured loans?

Unsecured loans are not offered by banks in Canada. If you need an unsecured loan you can easily find a private source locally or online.

Who can apply for an unsecured loan?

It can be tough to qualify for an unsecured loan. You must be over the age of 18, employed and a Canadian resident to qualify for any unsecured loan.

What are the risks?

If you do not make your repayments on time you can incur additional charges and you must be aware of the interest rate before you apply. The riskier the loan the more expensive it will be.


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