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Unsecured Loans in Canada
What is an Unsecured Loan?
Unsecured loans are loans that are approved for borrowers based on their creditworthiness, meaning that they don’t need to provide any collateral or security for the loan. They are offered to Canadians with all types of credit history, regardless if they have a good or bad credit score.
Lenders that offer unsecured loans also have minimal requirements. That's why you'll notice that many companies only approve loans of small value, ranging from a couple of hundred dollars to a couple of thousand dollars.
Unsecured borrowing is one of the most common types of loans acquired by Canadians today. And there are a couple of reasons why.
Unsecured loans are extremely easy to apply for. If you need to borrow money without security, you can apply for a loan with banks, credit unions, or even direct lenders. In most cases, money lenders are a better choice for applying for a cash loan if you have a poor credit score.
Many online lenders will approve your application even if you have poor credit. While most reputable short-term lending companies do run a credit check, they do it to validate the information provided during the application.
Unsecured loans in Canada can be split into different types. Here are three different ways they are categorized as:
1. A revolving loan has a credit limit that can be spent, repaid, and spent again. Examples of revolving these loans include credit cards and personal lines of credit.
2. A term loan is when the borrower repays in equal installment amounts until the loan is completely paid off. A term loan is usually linked with secured borrowing; however, some lenders offer this in the form of unsecured loans.
3. A consolidation loan is when the borrower moves all of his debt under one loan (to pay off credit cards or other obligations) from a bank. This would be considered an unsecured term loan.
2. A term loan is when the borrower repays in equal installment amounts until the loan is completely paid off. A term loan is usually linked with secured borrowing; however, some lenders offer this in the form of unsecured loans.
3. A consolidation loan is when the borrower moves all of his debt under one loan (to pay off credit cards or other obligations) from a bank. This would be considered an unsecured term loan.
So how do unsecured loans work? Just like any other type of loan, lenders look at your monthly income and other simple requirements to assess your eligibility for the loan. If you meet all requirements, you may be approved for a loan for as little as $100 up to $5,000, depending on the lender you choose.
Secured vs. Unsecured Loans
All types of loans or borrowing fall under two main categories: secured vs. unsecured loans.
The main difference between these two types of borrowing options is the use of collateral. But what do we mean by collateral? In lending terms, collateral is anything of value that the borrower pledges as security to the lender, to secure repayment of the loan.
When lenders issue a loan that is secured, they do so based on collateral. This means, if the lender is unable to pay back the loan, the lender can sell the guarantee to get their money back. Because the lender is using security, they don't look at the borrower's credit score or creditworthiness.
However, if we compare unsecured loans, as indicated above, lenders don't ask for a guarantee from the borrower. Instead, they look at other factors and heavily base their processing decision on the borrower's credit score.
When to Consider Taking on an Unsecured Loan?
When you need access to cash quickly, you should opt for an unsecured loan through money lenders online. There are certain advantages of unsecured loans, such as faster approval rate and less paperwork. Unsecured personal loans usually are easier to get approved because many lenders don't require any form of asset.
Also, many lenders don't require borrowers to have high credit scores and give out personal loans to individuals who may have low or poor credit.
Although this type of loan may be obtained fast, it's important to remember that the borrowing costs are very different from a secured loan. Because there's lots of uncertainty about whether the borrower can pay back the money loan, lenders are taking more risk lending them money without taking into consideration any form of security or assurance.
Comparing Secured vs. Unsecured Loans
There are clear differences between these two types of borrowing options — the table below compare unsecured vs. secured loans:
| Secured Loan | Unsecured Loan | |
|---|---|---|
| Borrowing Amount | Are generally higher, think upwards of $10,000 | Are smaller in value, ranging from $100 to $5,000 |
| Needs collateral? | Yes | No |
| Processing times | It takes longer to process because the information and collateral need to be verified. | It can be processed on the same day with direct lenders, normally done online. |
| Types of loans | Mortgage, line of credit, auto loans | Payday loans, credit cards, student loans |
What Is Better a Secured Loan or Unsecured Loan?
If you're wondering what is better — secured or unsecured loans — you should look at your current situation and assess what kind type of borrowing makes more sense. You may apply for an unsecured loan when you are in urgent need of cash but can't use any of your assets as collateral.
Also, if you have a poor credit score applying for an unsecured loan makes more sense. Applicants don't need to have a high credit rating to apply for an unsecured short term loan because they are given out in smaller values, typically starting at $100.
Types of Unsecured Loans
To better understand unsecured borrowing, it's important to distinguish between the most common types of unsecured loans.
Small personal loans are one of the most popular types of unsecured loans. In this category, borrowers who need cash urgently can apply for a small loan with a traditional or private direct lender to cover their expenses. This type of loan can also be identified as unsecured loans without a guarantor, which means that borrowers can apply for a loan without having someone cosign and take responsibility for paying back the loan.
The opposite of this classification is unsecured guarantor loans, where you have to provide someone to cosign with you on the loan at the time of application. Certain unsecured lenders require you to have a cosigner, someone to take responsibility for and pay back the loan, in case you aren't able to.
Credit cards are another common type of unsecured loan, which is a revolving account that allows Canadians to borrow money. Credit cards are an integral part of building your credit score and maintaining creditworthiness.
Personal installment loans are also short term loans that let you borrow money and pay back gradually over time. This type of loan works for those who are taking out a higher loan amount and may need some time to pay it off, instead of repaying it in one go. It also makes sense to seek out this type of loan if you have limited income and don't want to stretch your monthly expenses further.
Student loans are another category of unsecured loans. While most Canadians apply for a student assistance program, specific individuals may need to pay their tuition fees themselves, such as mature students or those who are upgrading their skills from private institutions.
And lastly, there's an option of an unsecured line of credit. This is a form of revolving credit, which allows the borrower to draw funds up to a limit. It's similar to a personal credit card because it will enable you to borrow funds as needed, without having to take the full amount in one lump-sum payment. This type of loan should be reserved for more significant expenses, although it can be difficult to acquire one from the bank.
Out of these, the most sought out are small personal loans. Although traditional lenders such as banks and credit unions offer this type of loan, many Canadians turn to private lenders to apply for these small loans due to the ease of application and instant approval.
Quick Unsecured Loans
Online lenders allow Canadians to borrow up to $1,500 with quick, unsecured loans. Because of the high demand, many online direct lending companies are popping up in Canada.
You can either visit a storefront or apply online using a secure application. Direct lenders have become more popular recently because they provide convenience and easy access to fast loans to borrowers.
There are certain advantages to applying for fast unsecured loans:
You don't need to provide an asset, such as your car, to apply for an instant unsecured loan. Certain lenders take a look at your income instead of your credit report to give you a fast loan.
Quick unsecured loans are flexible, so you can use your loan for any reason, and don't have to specify it to the lender, unlike secure loans where the lender will only give out a loan for certain things such as purchasing a home.
Usually, these loans have a fast application process. You can apply for an e-Transfer loan 24/7 from anywhere using their online application system. All you need is access to the internet and enter a few personal identification details.
When you need quick cash, unsecured borrowing is the best option. There are a couple of common ways to use fast unsecured loans.
You can use them to pay for bills and monthly expenses until your next paycheck. If you are short on cash until your next payday, these fast loans can help you manage cash flow issues.
Owning a significant asset, such as a car or home, comes with its own set of risks. One of the biggest ones is encountering a sudden expense. If you don't have any savings set aside for emergency expenses or bills, yet need to make an urgent home or car repair, you can apply for an unsecured cash loan.
Whether new or old, things can break down quickly. If you find the need to repair your home or car due to an unforeseen circumstance, in this situation, quick loans can be a lifesaver.
Also, quick unsecured loans may help you deal with medical emergencies. For example, physiotherapy or dental treatments need to be paid by individuals directly in Canada. If you don't have insurance to cover these kinds of procedures, you are required to pay for them. In these cases, you can take out an express loan to pay for these kinds of expenses.
No one plans to be in a tight financial situation, so when Canadians find themselves in need of help, they turn to direct lenders to find short-term solutions to fix their problems.
Apply for a Small Unsecured Loan
iCASH offers small unsecured loans to Canadians who need cash right away.
Here's a quick breakdown on how to get a small loan with us:
Online Application:
Sign-up for an account with iCASH. It only takes a couple of seconds. Most direct private lenders have available an online application process. You only need to have access to a reliable internet connection.
Once you create an account, you'll be asked to provide certain details. With minimum requirements and paperwork, you can get your hands on a fast and easy loan within 10-15 minutes.
Instant Decision:
After submitting your application, your application is reviewed by our automated software, and a credit check is performed. We don't offer small loans with no credit check. However, our process is fast, so that you can receive an approval decision in minutes.
Funding:
Once you get approved, you will need to sign your loan agreement and send it back to us. Within minutes, your funds will be sent via e-transfer.
Repayment:
iCASH offers multiple repayment options either in the form of a single lump sum or up to three installments, depending on the province you reside in. To repay your loan, you will need to provide us with the authorization to withdraw the funds directly from your bank account on your due date.
When applying for a small, unsecured loan through us, you can get your funds within minutes. It's fast, easy, and secure!
We also provide unsecured loans in these provinces of Canada
in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, Prince Edward Island.
Apply for an Unsecured Loan in Canada!
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Complete your loan application. You'll receive an instant approval, so you can put your finances back on track. Fast, easy and reliable loans from a trusted licensed direct lender.
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Your funds will be sent via e-transfer in 2 minutes or less. Our transfers mean your money is available anytime you need it. Safe, urgent loans online with same day funding.
Minimum repayment period 61 days. Maximum repayment period 62 days. Maximum APR is 109,50%. For a $300 loan, the maximum total cost of borrowing is of $354. Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $19 per 100, Ontario $15 per 100, PEI $15 per 100. 372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCASH only offers online services. Please note that we cannot accept customers or conduct any transactions from this location.
Unsecured Loans FAQs
How do I qualify for an unsecured loan online?
To qualify for an unsecured loan online, you must meet the following minimum criteria:
● Be at least 19 years old.
● Be Canadian citizen and reside in the provinces where our services are available: Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island.
● Have been receiving the same source of income for the past three months.
● Have a net income of at least $800/month deposited in your bank account.
● Have a Canadian bank account that has been open for at least three months and has access to online banking.
● Have a valid mobile phone number, address, and email address.
● Be at least 19 years old.
● Be Canadian citizen and reside in the provinces where our services are available: Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island.
● Have been receiving the same source of income for the past three months.
● Have a net income of at least $800/month deposited in your bank account.
● Have a Canadian bank account that has been open for at least three months and has access to online banking.
● Have a valid mobile phone number, address, and email address.
Are unsecured loans a good idea?
It depends on your situation and how much money you need to borrow. Secured loans are generally tied with collateral, and are given out in large values. Alternatively, unsecured loans don't require any security and are given out in smaller amounts. If you need money fast, an unsecured loan is a better option for you.
Where can I get an unsecured loan for bad credit?
You can apply for an unsecured loan for bad credit with iCASH. We don't turn anyone away from borrowing money regardless of their credit score.
Borrowers can apply through our safe online app, and access short term loans 24/7 whenever they want.
Borrowers can apply through our safe online app, and access short term loans 24/7 whenever they want.
What are the best unsecured loans?
Short term loans are some examples of the best unsecured loans made available to Canadians through direct online lenders. They are generally easy to attain and simple to pay back, which is what makes them good options.
How do unsecured loans work?
Unsecured loans allow people to borrow money without the need for a guarantor. That means you don't need to provide assets for security or have someone cosign your loan for you.
They are usually issued for small amounts and have faster approvals than secured loans. Because there is no asset to back up this type of loan, lenders rely solely on your financial capacity for repayment.
They are usually issued for small amounts and have faster approvals than secured loans. Because there is no asset to back up this type of loan, lenders rely solely on your financial capacity for repayment.
What are the advantages of unsecured loans?
The main advantage of an unsecured loan is that you don't need to put up any of your assets as collateral for the loan. Therefore, even if you don't own a property, you can still be eligible for a money loan.
Also, since lenders don't need to evaluate and verify your asset, the approval process is usually fast. Depending on the company you decide to borrow money from, you can receive the loan funds on the same day of being approved.
Another good thing about unsecured loans is that they are available to borrowers 24/7. Many lenders are now offering their services online and giving accessibility to borrowers to apply for a loan from practically anywhere from their phone, tablet laptop, or computer! This is great in case of emergencies, and borrowers can apply and get a loan approved within minutes while they are experiencing an urgent situation.
Also, since lenders don't need to evaluate and verify your asset, the approval process is usually fast. Depending on the company you decide to borrow money from, you can receive the loan funds on the same day of being approved.
Another good thing about unsecured loans is that they are available to borrowers 24/7. Many lenders are now offering their services online and giving accessibility to borrowers to apply for a loan from practically anywhere from their phone, tablet laptop, or computer! This is great in case of emergencies, and borrowers can apply and get a loan approved within minutes while they are experiencing an urgent situation.
20%
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Get up to 20% in Cashback!*
iCASH offers a unique Cashback program to reward its customers in Canada. You can get back up to 20% of the cost of borrowing paid once your loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real Money!*
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Traditional Payday Lenders | Lenders with brokerage fee | |
|---|---|---|---|
| Licensed | |||
| Flexible repayment plans | |||
| Offers cashback program for more savings* | |||
| Paperless | |||
| Free membership benefits | |||
| No hidden charges | |||
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