Search
A secured loan typically has a higher maximum credit limit and uses assets you own as collateral.
Benefits:
-
Lower interest rate on credit secured by your home or other assets
-
Ongoing access to funds for larger purchases, debt consolidation, or home renovations
Security Required: Yes
An unsecured loan will tend to have a lower maximum credit limit as no assets are acting as collateral.
Benefits:
-
Get access to credit with a quick approval process
-
Ongoing access to funds for everyday purchases
Security Required: No
While they sound similar, they aren’t. A good starting point is to ask yourself why you need to borrow money. Is it to fund a one-time purchase, or to provide yourself with an ongoing financial buffer? You can't re-borrow from a loan, while a line of credit has a limit you can draw from, repay, and draw from again.
Our lending experts will review your financial situation as well as your short and long-term financial goals to help you find the best borrowing option for you.
Fixed-Rate
The fixed interest rate stays the same for the term chosen. It’s ideal if you’re looking for set payments, and want to know exactly when the loan will be paid off.
Variable Rate
Variable interest rate changes whenever our Prime Rate changes. It’s ideal if you’re not worried about changing interest rates, and want to benefit when interest rates decrease.
If interest rates decrease, more of your regular payment goes towards your principal, so you can pay off your loan faster.
If interest rates increase, more of your regular payment goes towards interest, and the amortization period will increase. Your regular payment may have to be adjusted periodically.