SECURED LOANS

Secured Personal Loans

Compare borrowing options backed by collateral, savings, a vehicle, or other eligible assets.

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RateBuddy secured loan insight

Compare secured loans with both rate and risk in mind

A secured loan may offer a better rate or approval path, but it can put collateral at risk if payments are missed. Compare the APR, term, collateral requirements, repayment flexibility, and lender conditions before applying.

Use the filters below to narrow secured loan matches by amount, credit profile, income range, lender, and must-have features.

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Secured Personal Loan Options

Compare secured borrowing options by collateral requirements, rate, term, repayment flexibility, and eligibility factors.

Get immediate pre-qualification and an estimated rate with no impact to your credit score.
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goPeer Secured Personal Loan
RateBuddy
Trustpilot
Est. APR
8.99% - 34.99%
Amount
$1k - $35k
Terms
36 - 60 Mo
Credit Fit
Fair (600+)
No Collateral Required
Online Application
Flexible Repayment Options
No Early Repayment Penalty
Weekly/Bi-weekly Payments
Lump-Sum Prepayments Allowed
Online Account Management
Soft Credit Check for Pre-approval
Min Income: $35k/yr
Funding Time: 5 Days
Borrow from real Canadians, not big banks — with a quick online pre-qualification that won’t impact your credit score.
No impact to your credit score
Rates, Fees & Terms
Rate Type Fixed
APR Range 8.99% - 34.99%
Loan Amounts $1,000 - $35,000
Available Terms 36 to 60 months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time 5 Days
Eligibility Requirements
Minimum Income $35,000/yr
Credit Score Required 600
Minimum Age 18 years old
Residency Status Foreign Worker (Work Permit)
Included Features
No Collateral Required Fast Approval Online Application Flexible Repayment Options No Early Repayment Penalty Weekly/Bi-weekly Payments Lump-Sum Prepayments Allowed Online Account Management Soft Credit Check for Pre-approval Skip the branch visits
Highlights & Pros
  • Check your rate without affecting your credit score. Pre-qualify with a soft credit check to view your estimated rate and eligibility before deciding whether to complete a full application.
  • Competitive peer-to-peer lending model. goPeer connects eligible borrowers with Canadian investors, offering a modern alternative to traditional bank and high-cost lending options.
  • No collateral required. Borrow from $1,000 to $35,000 through an unsecured personal loan without pledging your home, vehicle, or other assets.
  • No penalty for paying early. Make additional payments or repay the entire loan early without prepayment fees, giving you more control over interest costs.
  • Clear, fully online experience. Apply online, review your personalized offer and see the applicable rate and fees before accepting the loan.
Things to Consider
  • An origination fee applies. The one-time origination fee is included in the disclosed APR and deducted from the loan proceeds, so the amount deposited will be lower than the approved loan amount.
  • Eligibility standards may be stricter. Approval depends on factors such as credit history, income, existing debt and overall ability to repay, making goPeer better suited to borrowers with established credit.
  • Only two repayment terms are available. Loans currently come with either a three-year or five-year term, which provides less term flexibility than some lenders.

Representative Example: For example, the average borrowing cost paid on a $10,000 unsecured personal loan at an APR of 19.99%, with a 3-year term and weekly payments of $85.36 is $3,301.20.

Legal Disclaimer: Legal Disclaimer: *goPeer offers unsecured personal loans in Canada from $1,000 to $35,000, with 3- or 5-year terms and APRs ranging from 8.99% to 34.99%. Your actual rate, loan amount, and eligibility depend on your credit profile, income, debt-to-income ratio, province, and goPeer’s underwriting criteria. Minimum requirements include being 18+, a Canadian resident, having a Canadian bank account, a 600+ credit score, annual income of at least $35,000, debt-to-income ratio below 35%, no bankruptcy within the past 12 months, and at least 3 credit trades. Pre-qualification does not impact your credit score, but applying does not guarantee approval or funding. Fees may apply, including an origination fee included in the APR and applicable missed or unsuccessful payment fees. Once approved and accepted, loans are listed for investor funding, and funds are typically advanced within 1–4 business days after funding. Conditions apply.

BMO Home Equity Loan
Est. APR
Varies
Amount
From $10k
Terms
Up to 300 Mo
Credit Fit
All Credit Types
Secured Loan
Skip-a-Payment Option
No impact to your credit score
Rates, Fees & Terms
Rate Type Fixed
APR Range Varies
Loan Amounts $10,000 - No Limit
Available Terms N/A to 300 months
Application Fee Varies
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Varies by lender
Included Features
Secured Loan Skip-a-Payment Option
Highlights & Pros
  • Allows you to borrow up to 80% of your home's appraised value.
  • Ultra-long repayment terms available up to 25 years.
  • Includes BMO's signature payment deferral program (skip twice a year).
Things to Consider
  • Your home must be pledged as collateral.
  • High minimum borrowing threshold of $10,000.
Apply in as little as 60 seconds. Funds as early as the same day
featured
Loan Marketplace
Est. APR
8.99% - 35.00%
Amount
$500 - $60k
Terms
3 - 120 Mo
Credit Fit
All Credit Types
Online Application
Flexible Repayment Options
Bad Credit Considered
Instant Loan Matching
No Impact on Your Credit to See Offers
Funds As Soon As the Same Day
Funding Time: As soon as the same day
Search a Network of Canadian Lenders in Seconds to Find Your Best Loan Rates
Completing the application will not affect the consumer's credit score. Options available to every applicant - alternative lenders, debt management, credit counselling services, and more
Apply in as little as 60 seconds. Funds as early as the same day
No impact to your credit score
Search a Network of Canadian Lenders in Seconds to Find Your Best Loan Rates
Rates, Fees & Terms
Rate Type Fixed
APR Range 8.99% - 35.00%
Loan Amounts $500 - $60,000
Available Terms 3 to 120 months
Application Fee No application fee
Origination Fee Varies
Admin/Flat Fee Varies
Funding Time As soon as the same day
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age 18 years old
Residency Status Canadian Citizens or Permanent Residents
Applicants earning less than $1,000 per month may be unlikely to receive loan offers, although alternative offers may still be available.
Included Features
Online Application Flexible Repayment Options Bad Credit Considered Instant Loan Matching No Impact on Your Credit to See Offers Funds As Soon As the Same Day
Highlights & Pros
  • One streamlined application: LoanConnect helps borrowers explore personalized options from a network of Canadian lenders without completing separate applications for each lender.
  • Options across different credit profiles: The marketplace works with borrowers across a broad range of credit situations, making it a practical starting point for Canadians who may not know which lender fits their circumstances.
  • No impact on credit to check options: Borrowers can submit the initial LoanConnect application and explore potential offers without affecting their credit score.
  • Broad loan amounts and terms: Available personal loans range from $500 to $60,000, with repayment terms from 3 to 120 months, providing flexibility for different borrowing needs.
  • Fast matching experience: Potential offers may be presented in as little as 60 seconds, and approved funding may be available as soon as the same day.
  • Free marketplace service: LoanConnect does not charge applicants an application fee, making it convenient to explore availab
Things to Consider
  • LoanConnect is a marketplace, not the lender: Final approval, loan agreements, fees and funding are handled by the participating lender selected by the applicant.
  • The lowest rate is not available to everyone: Personal-loan APRs currently range from 8.99% to 35%. The rate offered depends on factors such as the applicant’s credit profile, financial circumstances and province.
  • Lender fees may vary: Some participating lenders may charge origination, administration or other applicable fees. Applicants should carefully review the complete loan agreement before accepting an offer.
  • Offers and funding are not guaranteed: Matching can be fast, but approval, the number of available offers and funding time depend on lender criteria and applicant eligibility.
  • Additional lender assessment may be required: Although checking options through LoanConnect does not affect the applicant’s credit score, a selected lender may conduct its own credit and identity assessment before providing final approval.

Legal Disclaimer: Loan details and eligibility: Loan amounts range from $500 to $60,000, with available terms from 3 to 120 months and annual percentage rates (APRs) ranging from 8.99% to 35%. LoanConnect is free to use and does not charge an application fee. Origination fees, if applicable, vary by lender, and applicants should carefully review all loan agreements before accepting an offer. Approved funds may be available as soon as the same day; however, funding times are not guaranteed and may vary by lender and applicant circumstances. Applicants must be Canadian citizens or permanent residents. Applicants earning less than $1,000 per month may be unlikely to receive a loan offer, although alternative offers may still be available. Approval, rates, terms, fees, and funding depend on the participating lender and the applicant’s eligibility.

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Calculate Your Secured Payment

By using an asset as collateral, you unlock lower interest rates and higher borrowing limits. Use our calculator to ensure your new monthly payment fits comfortably into your budget.

  • See exactly what you'll pay each month
  • Reveal the total interest savings of a secured rate
  • Find the perfect term length for your budget
1. Loan Details
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Estimated Monthly Payment
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Total Loan Amount
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Repayment Timeline
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Total Interest Cost
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Secured Loan Guide

Secured personal loans in Canada, explained simply

A secured personal loan is a loan backed by collateral. That means the lender uses an asset as added protection in case the loan is not repaid as agreed.

This type of borrowing can sometimes help with approval strength or pricing, but the trade-off is real: if the payments fail, the asset linked to the loan may be at risk.

What matters most

  • What asset is being used as collateral
  • Whether the pricing is meaningfully better than unsecured options
  • How realistic the payment is every month
  • Whether the collateral risk is worth the trade-off
How It Works

How a secured personal loan usually works

A secured loan works much like a regular personal loan, but with one major difference: the lender has a claim against a specific asset if the borrower does not meet the repayment terms.

You offer collateral

The borrower agrees that an asset supports the loan, which may help reduce lender risk compared with an unsecured product.

The lender sets terms

Approval, rate, amount, and term may depend on both your borrower profile and the nature of the collateral involved.

You repay on schedule

If repayments go well, the loan ends like other loans. If they do not, the lender may have rights against the asset depending on the agreement.

Simple rule: a secured loan can be cheaper or easier to get, but it is never “safer” unless the repayment plan is genuinely solid.
Collateral Basics

What can count as collateral?

Secured loans can be backed by different types of assets depending on the lender and the product. The key point is not just what the asset is, but how comfortable you are placing that asset at risk.

Vehicle-backed collateral

Some secured loans use a vehicle as part of the lending structure. This can improve approval strength, but losing access to the vehicle can have major day-to-day consequences.

Savings-backed or deposit-backed collateral

In some cases, cash or savings held with a financial institution may support a secured borrowing arrangement.

Other asset-backed structures

Some lenders may support other secured models, but the borrower should always understand exactly what rights the lender has if the agreement goes wrong.

Better question than “What can I pledge?” is “What can I afford to put at risk if my situation changes?”
Approval & Cost Factors

What lenders may review, and what borrowers should compare

A secured loan decision is often based on both the borrower and the collateral. That means pricing and approval may reflect your income, debt, credit profile, and the strength or type of the asset involved.

Income and affordability

Even with collateral, lenders still want to see that the payment appears manageable and that repayment is realistic.

Credit and debt pressure

Credit profile can still matter. Collateral may improve the structure, but it does not automatically remove affordability concerns.

Full cost of the loan

Compare the rate, fees, term, payment, and any conditions tied to the collateral rather than focusing on approval speed alone.

Good comparison habit: ask whether the secured structure is giving you a meaningfully better outcome, not just a different one.
Compare Options

Secured personal loan vs unsecured personal loan

These products may look similar on the surface, but they carry different trade-offs. A secured loan may improve approval or pricing, while an unsecured loan avoids direct collateral risk.

Feature Secured Personal Loan Unsecured Personal Loan
Collateral Requires an asset or security support No direct collateral required
Potential pricing May be better in some situations May cost more depending on risk profile
Main risk Asset may be at risk if payments fail No pledged asset, but borrower still faces legal and credit consequences
Best fit Borrowers comfortable with collateral trade-offs Borrowers who want simpler structure without tying an asset to the loan
A secured loan is not automatically better. It is only better when the improvement in approval or pricing is worth the additional collateral risk.
If Declined

If you get declined, here is what to do next

A decline does not always mean borrowing is impossible. It often means the current loan request, structure, or timing needs to be adjusted.

1
Review what may have hurt the application

Check credit profile, debt pressure, income stability, and whether the requested amount may have been too high for the current application.

2
Reduce the loan amount if needed

A smaller amount can improve affordability and may open the door to more realistic options.

3
Compare a different loan type

Sometimes the issue is not just approval, but product mismatch. Another structure may fit better than the original one you tried.

4
Avoid panic-borrowing

A decline can push people toward high-cost borrowing too quickly. Slow down and compare carefully before choosing a more expensive fallback.

Best next step after a decline: adjust the plan first, then re-compare options instead of rushing into the fastest offer available.
Collateral Risks

What to watch before using an asset to support a loan

The biggest risk with secured borrowing is not just interest cost. It is what happens if your income changes, the payment becomes harder to manage, or the collateral becomes more important to your daily life than expected.

Asset-related warning signs

  • You are pledging an asset you cannot realistically afford to lose
  • You do not fully understand the lender’s rights if the loan goes into default
  • The loan only feels affordable if everything goes perfectly
  • You are taking collateral risk for only a very small pricing improvement

Cost and structure warning signs

  • You are focused only on getting approved
  • You are borrowing more than you need because the approval looks easier
  • You have not checked fees, optional products, or early-payment rules
  • The agreement still feels unclear after reading it carefully
Best safeguard: if the asset matters a lot to your daily life, your risk test should be even stricter before using it to support borrowing.
Popular Questions

Secured personal loan FAQs

Clear answers to common questions borrowers ask when comparing secured personal loans in Canada.

A secured personal loan is a loan backed by collateral, meaning the lender has added protection through an asset linked to the borrowing.

Sometimes, yes. Because the lender has collateral protection, secured borrowing may offer better pricing in some cases.

The lender may have rights against the collateral depending on the loan agreement, which is why the asset-related risk needs to be understood before signing.

No. It may be better only when the improvement in approval strength or pricing is worth the extra collateral risk.

Review the amount, rate, fees, term, payment, collateral terms, and what the lender can do if the loan is not repaid as agreed.

No. The major difference is that a secured loan uses collateral, while an unsecured personal loan does not require a pledged asset.

Compare secured loan options with collateral in mind.

Review secured personal loan options that may use a vehicle, savings, or another eligible asset as collateral, then compare rate, term, repayment fit, and collateral risk before applying.

  • Compare secured loan lenders
  • Review collateral and repayment requirements
  • Compare before starting an application
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