Unsecured Loans

Unsecured loans are available in Canada. An unsecured loan is a loan which does not have to be secured with an asset. Unsecured loans are available from banks and a wide range of financial institutions. However, in order to obtain an unsecured loan from a bank it is necessary to have a good credit rating. If you do not have a good credit rating you may have to obtain your loan from a financial institution which will charge a higher rate of interest in comparison to your bank. It is very important that unsecured loans are paid back in time to ensure that you avoid penalty charges and fees which can be very expensive. Before you apply for an unsecured loan it is also essential that you read the terms and conditions in detail to ensure that you fully understand your financial obligations regarding the payments for your loan.

Search Report: Personal Loans  Unsecured Loans  Secured Loans

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COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

TERMS

TERMS

Terms and conditions of loan

SUITABLE

SUITABLE

Applicants the loan is suitable for

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

SECURED LOAN

SECURED LOAN

Loans secured with an asset

UNSECURED LOAN

UNSECURED LOAN

Loans which are not secured with an asset

MORE INFO

Mogo
Mogo

Lender5.9% - 47.88%$100 - $35,0007 Days5 YearsTerms

Terms

See website for details

Suitable

Suitable

Full spectrum lender for 500+ credit score

Restrictions

Restrictions

Age of majority in ON, BC, Alta, only eligibility rules to sign up for a Mogo Account

NoYesMogo
MogoMoney is a unique line of loans designed to help Canadians get out of high interest debt. With a range of rates starting at 5.9%, Canadians with both good and not-so-great credit can apply. In three minutes, you could be pre-approved for a loan amount/interest rate and receive a FREE credit score. Unlike other lenders, Mogo has an innovative Level Up program that rewards your on-time payments with lower rates over time. Because the terms are fixed, you’d be paying drastically less interest overall compared to credit cards—even if you’re approved for a higher rate with Mogo. If for whatever reason you’re not satisfied with the loan, the 100-day money-back guarantee has you covered. To qualify you must have a credit score of at 500, earn $20,000 gross per annum, and be employed for 30 days. Saves customers up 93% compared to other credit products. DETAIL INFORMATION >>Services

Services

Online sign up/check your rate


Advantages

Advantages

1. Sign up a free Mogo account in 3 minutes, see your rate/loan offer with no impact to your credit
2. Free credit score
3. Full spectrum lender
4. $100 - $35,000
5. Terms up to 5 years


Disadvantages

Disadvantages

Only available in BC, AB, ON

CitiFinancial
CitiFinancial

Lender26.99%-36.99%$300 - $20,00012 Months60 MonthsTerms

Terms

You have some established credit history.

Suitable

Suitable

If you are looking for a loan amount of $300-$20,000

Restrictions

Restrictions

You are a resident of Canada, but do not reside in Nunavut

YesYesCitiFinancial
With 200,000 customers in Canada and two million in North America, CitiFinancial is the world's leading financial services provider. The application process for a personal loan is fast and secure. If you are approved, you could get up to $20,000 by tomorrow! Apply today and get the money needed to achieve your goals! Citi Financial is part of one of the largest banking groups in the world so if you decide that Citi is company for you you can feel safe in the knowledge that you are dealing with a bank with a great reputation. DETAIL INFORMATION >>Services

Services

Fixed interest rates for entire loan term


Advantages

Advantages


Get the money you need, when you need it. With CitiFinancial, you can rely on:
 
1. One-on-one, local service from a knowledgeable loan specialist at your local branch.
2. Fixed rates and manageable, fixed payments for the life of your loan
3. Loan options that suit your needs and budget
4. Flexible payment options: choose your due date and pay online or in person
5. Secure, 24/7 Online Account Management to make online payments, update account information and view payment history
6. Pay off your personal loan any time with no prepayment penalty or fees.
7. Change your mind and cancel your personal loan within 14 days with no charges and no questions.
8. CitiFinancial is a community-focused lender. We take pride in making a different in the communities where we live and work.
 


Disadvantages

Disadvantages

1. Collateral may be required depending on borrower's credit profile
2. Interest rates are based on various factors, which include your income, credit score and payment history.

Dollars Direct
Dollars Direct

Lender599.64%Up to $1,5008 days62 daysTerms

Terms

You must be employed, have an active bank account and be at least 18 years old

Suitable

Suitable

DollarsDirect.ca should be used in financial emergencies

Restrictions

Restrictions

DollarsDirect personal loan services are available in Alberta, Calgary, Edmonton, British Columbia, Vancouver, Ontario, Toronto Ottawa, Saskatchewan

NoYesDollars Direct
DollarsDirect provides you with a fast, convenient and reliable small personal loan service. Their personal loans can help you in financial emergencies. Dollars Direct offer loans for people with bad credit. The interest on these loans can be high but your credit rating can be poor and you may still be able to obtain credit. Make sure that you read the terms and conditions of these loans thoroughly in order to ensure that you know what you are getting into. To save 25% on your initial loan fee at DollarsDirect.ca, use discount code CJ2015. DETAIL INFORMATION >>Services

Services

1. Apply online
2. You may qualify up to $500 for your first loan from DollarsDirect
3. Returning customers can receive up to $1,500


Advantages

Advantages

1. Apply in minutes online 24 hour a day, 7 days a week.
2. Easy to qualify.
3. Perfect credit is not required.
4. Cash as soon as today deposited directly into your account.


Disadvantages

Disadvantages

1. Loan amount may vary based on funding criteria
2. For a loan of $1,500 the total cost of borrowing would be $315. The total amount you would repay would be $1,815.

My Canada Payday
My Canada Payday

Lender599.64%$100 – $15003 Days42 DaysTerms

Terms

You must be over 18

Suitable

Suitable

For those in need of a short term cash solution

Restrictions

Restrictions

1. Must be 18 years or older.
2. Ontario and British Columbia only.
3. No disability loans paid. You must be employed.

NoYesMy Canada Payday
My Canada Payday is Canada's Premier Online Payday Lender. Their quick and secure online application will have money in your account without even leaving your home ! My Canada Paydays staff are very helpful and their loan application process is extremely quick and easy. Ontario and British Columbia only. My Canada Payday are a lender who can offer loans for people with bad credit. Consider your options before you decide to borrow and make sure that this lender is the one for you. If you have any questions direct them to My Canada Payday. DETAIL INFORMATION >>Services

Services

Online Payday Loan Application


Advantages

Advantages

1.Totally Online Application Process – You can apply 24 hours a day, 7 days a week!
2.No Faxing Required.
3.Everything is done securely and safely via your PC.
4.Cash deposited direct to your bank account, or sent via EMT.
5.Safe, Convenient and Secure


Disadvantages

Disadvantages

1.Must be paid via Direct Deposit or Cheque only.
2.No cash allowed.
3.You must live in B.C. Or Ontario at time of review.
4. No disability loans paid. You must be employed.

Grouplend
Grouplend

Lender6.3%$1000 - $3000036 Month (Open Loan with no pre-payment penalties)36 MonthsTerms

Terms

See website for Terms and Conditions

Suitable

Suitable

Grouplend loans are primarily used to consolidate credit card debt, make a major purchase, or complete a home improvement project. Anyone who is looking to receive faster, more convenient, and cheaper service than the banks is a suitable borrower for Grouplend!

Restrictions

Restrictions

In order to receive a quote, you must be 19 years of age, a citizen or permanent resident of Canada, live in one of the eligible provinces, have 12 months of credit history within Canada, a minimum gross annual employment income of $30,000, and a minimum 690 FICO score.

NoYesGrouplend
Grouplend is Canadas first peer-to-peer lending company, and offers Canadians a better way to borrow; faster, more convenient, and cheaper than the banks, or any other Canadian financing providers. We offer refreshingly simple loans; no origination fees, no early payment penalties, rates starting from 6.3% and the most convenient application process available in Canada. Our applications take only a few minutes, and funding will be in your bank account within 24 hours of acceptance. None! We don't charge you a fee for originating your loan. We also don't charge fees for paying off your loan early. However, we do charge a $50 fee if we ever attempt to process a monthly payment and we are unable to because the funds aren’t available in your account. DETAIL INFORMATION >>Services

Services

1. Obtaining a quote from Grouplend takes only a few minutes (and will not affect your credit score).
2. Loans range from $1,000 - $30,000


Advantages

Advantages

1. Our application does not affect your credit score
2. Instant Personalized Quotes
3. Funding in 24 Hours from acceptance
4. No Origination Fees
5. No Early Payment Penalties
6. Rates starting from 6.3%
7. Borrow up to $30,000


Disadvantages

Disadvantages

1. This product is only available to people making an employment income of $30,000
2. Not available in SK or QC.

Borrowell
Borrowell

Lender5.6%$1000 - $3500036 Month (Open Loan with no pre-payment penalties)60 MonthsTerms

Terms

See website for Terms and Conditions

Suitable

Suitable

Borrowell personal loans can be used to pay off credit card debt, make a major purchase, home improvement, pay for a wedding, or fund other projects.

Restrictions

Restrictions

In order to qualify for a loan, you must:
1. Be a Canadian citizen or resident
2. Have reached the age of majority in the province where you reside
3. Have a valid account with a Canadian bank or other financial institution
4. Have a valid email address
5. Have a minimum credit history of 12 months
6. minimum credit score of 660

NoYesBorrowell
Borrowell is an innovative Canadian online lender that offers fast, fair, and friendly personal loans. We help responsible Canadians with good credit eliminate their credit card debt today and sleep better tonight. We offer 3 or 5 year loans for up to $35,000. Our online form takes only a minute. If you qualify, you’ll instantly get an obligation-free quote. You also get an interest rate tailed just for you, starting from 5.6% APR. Borrowell has no hidden fees and offers fixed rates. Your scheduled payments are the same every month and won’t go up. Repay in full with no prepayment penalties. DETAIL INFORMATION >>Services

Services

1. Checking your rate with Borrowell takes a minute and will not affect your credit score
2. Money in your bank account in under 48 hours
3. Loans range from $1,000 - $35,000, rates from 5.6% APR, 3 of 5 year term options


Advantages

Advantages

1. Checking your rate does not affect your credit score
2. Instant loan offer
3. Funding within 48 Hours from acceptance
4. 3 or 5 year term options – choose how long you would like to pay back!
5. No Early Payment Penalties 6. Rates starting from 5.6 APR% 7. Borrow up to $35,000


Disadvantages

Disadvantages

1. This product is only available to people with a credit score above 660
2. Not available in SK or QC.

If you wish to speak to someone: Contact Us

Compare Unsecured Loans

It is easy to apply for unsecured loans

An application for an unsecured loan is primarily based on your personal credit rating, financial status and the amount borrowed, and you are not required to offer your home as security for the loan. You are of course legally bound to pay back the loan as agreed. Unsecured loans are also known as personal loans. The top three reasons people take out an unsecured loan is to consolidate debts into one possibly less expensive loan, to make adjustments on the house or to purchase a car. When deciding whether or not to offer you an unsecured loan, the lender will look at your personal credit history and assess how much of a risk is involved in lending you money. The rate of interest you are offered will reflect that level of risk.

Your credit history is likely to be checked when you apply for unsecured loans

Loans known as unsecured loans are so called because you do not have to offer an asset as collateral for the security of the loan. Overall this means that unsecured loans also known as personal loans carry less risk in comparison to secured loans. If you are applying for an unsecured loan whether or not you are accepted will largely be judged upon your credit history. You will need a good credit history to ensure that you are eligible for most unsecured loans. However, there are also a number of companies who can lend to you even if you have bad credit.

Considering an unsecured loan

An unsecured loan can be used for just about anything. This flexibility or freedom can really mean a lot to someone who has been struggling to make ends meet, has a big bill coming up, or needs help with a medical expense or something similar. Other types of funding may say that the money can only be applied or used towards specific things. Using an unsecured loan means that a person can pay off debtors, work on repairs for a house, or use the funds in any way they please. To pay back an unsecured loan, one can pay in small increments on a weekly or monthly basis or can pay the whole sum back at one time. It is important to stay on top of the payments so that the loan is repaid and this type of funding can be obtained in the future, if needed. Payments can be made via mail or can be made online, too.

Things to watch out for when applying for an unsecured loan

The interest charged on your loan will depend on the amount that you borrow, the term and duration of the loan and your individual circumstances. Generally the more you borrow, the lower the rate of interest. If you have a relatively good credit rating, you are more likely to be eligible for the best unsecured loans and interest rates offered by providers. This is because you are less of a risk and more likely to be able to repay your monthly repayments.