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| Instalment loan | Secured loan | Line of credit | |
|---|---|---|---|
| Rate range | 9.99 - 34.99% APR | 9.99 - 34.99% APR | 19.8 - 34.99% APR |
| Interest charged on | The full amount from day one | The full amount from day one | Only what you draw |
| Repayment | Fixed instalments, set end date | Fixed instalments, set end date | Revolving, minimum payment |
| Re-borrow without reapplying | No | No | Yes |
| Best when | You know the amount and want a payoff date | An asset can back the loan and cut the rate | Costs arrive over time and you cannot size them yet |
| Watch out for | Interest on funds you may not need | The asset is at risk if payments stop | No end date means a balance can persist for years |
An unsecured loan in Canada lets you borrow money without putting up collateral such as a home or vehicle. As long as you qualify, you can access funds and repay them over time with fixed or flexible payments. Unsecured loans are widely used across Canada for both personal and business needs.
Smarter Loans helps Canadians get approved for unsecured loans based on their overall financial profile, not just assets. These loans are commonly used to consolidate credit card debt, cover unexpected expenses, finance renovations, or support business costs like inventory, marketing, or expansion. Once approved, funds are typically deposited directly into your bank account.
✅ No collateral required ✅ Personal and business unsecured loan options ✅ Loan amounts for everyday needs or larger projects ✅ Fast online application and decisions ✅ Available across all Canadian provinces
