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| Instalment loan | Secured loan | Line of credit | |
|---|---|---|---|
| Rate range | 5.98 - 46.96% APR | 8.99 - 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 |
| Term | Monthly payment | Total interest |
|---|---|---|
| 2 years | $541 | $2,987 |
| 3 years | $405 | $4,595 |
| 5 years | $302 | $8,132 |
You borrow against income and credit standing rather than against property. Nothing can be repossessed if the loan defaults, because nothing was pledged.
That is the entire distinction, and it has three consequences.
Approval depends more on income. With no collateral to fall back on, the lender's only recourse is your ability to pay.
Rates are higher than secured lending. Priced for the absence of recourse. In Canada the gap is compressed by the 35% federal cap.
Approved amounts are smaller. Unsecured limits track income. Secured limits track the asset.
The overwhelming majority of personal lending in Canada is unsecured, including nearly everything on our platform.
Not often, and the trade should be deliberate.
Secured borrowing makes sense when the amount needed is beyond what unsecured approval reaches, the rate difference is material, and the asset is not essential to daily life. It is a poor trade when the asset is your vehicle and you need it for work, or your home and the borrowing is for something short-lived.
A default on unsecured debt damages credit. A default on secured debt costs you the asset as well.
Income and its regularity. 38 lenders publish a minimum monthly income, most commonly $1,500 per month.
Debt-to-income. Most lenders want total monthly debt payments under roughly 40 percent of gross income.
Credit standing, but less absolutely than expected. 35 of 45 lenders approve below 560. 5 do not publish a minimum credit band.
Amount against income. The binding constraint at instalment scale, where the average request is $6,061.
A loan with no collateral attached, assessed on income and credit standing rather than on an asset.
They depend more on income. 35 lenders in our network approve below a 560 credit band, so credit alone is rarely the sole obstacle.
Generally yes, though the 35% federal cap compresses the difference in Canada.
No asset is seized, but the debt remains owed, collection follows, and the credit damage is significant and lasting.
