SECURED LOANS

Secured Personal Loans

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

Collateral may improve approval odds or borrowing limits
Compare secured-loan cost and collateral risk together
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RateBuddy secured loan insight
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.

Fairstone Bank
Fairstone Secured Personal Loan
Est. APR
19.99%
Loan Amount
$5k - $60k
Loan Terms
36 - 120 Mo
Recommended Score
All Credit Types
Secured Loan
Branch Support Available
Funding: 3 Days
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR 19.99%
Loan Amounts $5,000 - $60,000
Available Terms 36 to 120 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time 3 Days
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Online Application Flexible Repayment Options Branch Support Available
Highlights & Pros
  • Lower interest rates than unsecured alternatives
  • Accessible to near-prime borrowers
  • Over 250 physical branches across Canada for in-person support
Things to Consider
  • Requires home equity as collateral
  • Rates are still higher than traditional prime bank loans

Representative Example: $10,000 loan amount at 19.99% interest on a 120-month loan term. Bi-weekly payments of $87.

Capital Direct
Capital Direct Home Equity Loan
Est. APR
10.92%
Loan Amount
$10k - $1500k
Loan Terms
12 - 36 Mo
Recommended Score
All Credit Types
Secured Loan
Fast Approval
Bad Credit Considered
Rate Match Guarantee
Fast Closing
Funding: 3 Days
$500 Best Rate Guarantee
Trusted & secure — no obligation
$500 Best Rate Guarantee
Rates, Fees & Terms
Rate Type Fixed
Typical APR 10.92%
Loan Amounts $10,000 - $1,500,000
Available Terms 12 to 36 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time 3 Days
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Fast Approval Bad Credit Considered Rate Match Guarantee Fast Closing
Highlights & Pros
  • Industry-leading amortization options up to 40 years for lower monthly payments
  • Specialized in financing high-ROI home improvements like kitchen and bath renovations
Things to Consider
  • Short 1-3 year terms may require frequent renewal or refinancing

Legal Disclaimer: Mortgage Broker Licence Numbers: ON 10549; BC X026311MMB; AB MW-9811291; NS 10769862.

Scotiabank
Scotiabank RV Loan
Est. APR
Varies
Loan Amount
Up to $200k
Loan Terms
Varies
Recommended Score
All Credit Types
Secured Loan
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - $200,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Loan Insurance Available
Alpine Credits
Alpine Credits Home Renovation Loan
Est. APR
Varies
Loan Amount
Up to $500k
Loan Terms
Varies
Recommended Score
All Credit Types
Secured Loan
Fast Approval
Flexible Repayment Options
Funding: 7 Days
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - $500,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time 7 Days
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Fast Approval Flexible Repayment Options
LendDirect
LendDirect Secured Loan
Est. APR
24.99%
Loan Amount
$500 - $25k
Loan Terms
Varies
Recommended Score
All Credit Types
Secured Loan
Credit Bureau Reporting
Branch Support Available
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR 24.99%
Loan Amounts $500 - $25,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Online Application No Early Repayment Penalty Weekly/Bi-weekly Payments Credit Bureau Reporting Branch Support Available
Highlights & Pros
  • Allows for higher borrowing limits (up to $25,000) than their unsecured product
  • Keep driving your vehicle while using its equity to secure financing
  • Fixed repayment schedule with "Same payments every time" for easier budgeting
Things to Consider
  • Requires collateral/security to be approved
  • Borrower is responsible for additional security search and lien fees
  • APR can still reach up to 34.99% despite being a secured loan
  • Cannot be completed online; requires an in-person branch visit with your vehicle on site
  • Requires ownership documentation and proof of insurance for the vehicle
  • Requires "Vehicle on Site" for physical inspection during the application process
  • Must provide ownership documentation and proof of insurance
  • Requires providing vehicle VIN, plate number, and current mileage for verification
  • Requires a chequing account and steady source of income

Legal Disclaimer: Secured loans require vehicle on-site. Vehicles must be 20 model years or newer and < 250,000km. Security search and lien fees apply.

BMO Bank of Montreal
BMO Home Equity Loan
Est. APR
Varies
Loan Amount
From $10k
Loan Terms
Up to 300 Mo
Recommended Score
All Credit Types
Secured Loan
Skip-a-Payment Option
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $10,000 - No Limit
Available Terms N/A to 300 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
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.
Alpine Credits
Alpine Credits Home Equity Loan
Est. APR
Varies
Loan Amount
Up to $500k
Loan Terms
Varies
Recommended Score
All Credit Types
Secured Loan
Fast Approval
Flexible Repayment Options
Funding: 7 Days
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - $500,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time 7 Days
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Fast Approval Flexible Repayment Options
Alpine Credits
Alpine Credits Newcomer Loan
Est. APR
Varies
Loan Amount
Up to $500k
Loan Terms
Varies
Recommended Score
All Credit Types
Secured Loan
Fast Approval
Online Application
Bad Credit Considered
Funding: 7 Days
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - $500,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time 7 Days
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Fast Approval Online Application Bad Credit Considered
Scotiabank
Scotiabank Marine and Boat Loan
Est. APR
Varies
Loan Amount
Varies
Loan Terms
Up to 240 Mo
Recommended Score
All Credit Types
Secured Loan
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms N/A to 240 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Loan Insurance Available
Highlights & Pros
  • Extremely long repayment terms up to 20 years available to keep monthly boat payments low.

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
$
%
Estimated Monthly Payment
$0
Total Loan Amount
$0
Repayment Timeline
0 Years
Total Interest Cost
+$0
Total Cost of Borrowing
$0
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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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