Looking for a financial solution to manage large expenses or consolidate high-interest debt? Then, you’ve probably come across the option of Secured personal loans.
The main attractiveness of Secured personal loans lies in the reduction of risk for the lender. That’s why it is so important to consider this alternative if your goal is to access capital at a fair price, especially to deal with unexpected expenses or execute a debt consolidation plan.
The promise of this article is to offer an explanatory and direct guide. Based strictly on market data, which details what a secured loan is, how it applies, what calculation tools are available. Knowing then, what are the main options for Secured personal loans offered by large financial institutions and digital platforms.
Review of Secured Personal Loans Alternatives
1. Scotiabank (Secured Personal Loans)
Scotiabank’s Scotia Plan® Loan stands out for its payment flexibility, allowing the customer to choose between weekly, bi-weekly, or monthly payments.
The customer can pay off the loan early without penalty and even has the option to defer one payment per year, which adds a margin of security to the budget.
This flexibility is highly valued in a product that can be considered a Secured personal loan if a qualified asset is presented.
As a rule, typical loan amounts range from CA$ 5,000 to CA$ 75,000, with a maximum term of up to five years.
Regarding the interest rate range, for customers with good credit history, it is approximately 6% to 10% per year, with the possibility of choosing between fixed or variable rates.
2. BMO
BMO’s Personal Loan is intended to cover large expenses or debt consolidation projects.In fact, this is one of the easy personal loans.
Firstly, BMO allows the customer to borrow only the amount necessary for their situation.
Moreover, repayment terms can vary from one to seven years, offering a reasonable payment window.
An important feature is the permission for the customer to make extra payments and pay off the debt without the imposition of penalties.
It is noted that loans typically range from CA$ 2,000 to CA$ 35,000, with terms between one and five years. The interest rate (APR) for this product is in the range of 8.99% to 22.99%.
3. TD Bank (Secured Personal Loans)
TD Bank’s Personal Loan is a versatile solution for dealing with unexpected events or consolidating debt.
As a rule, TD allows the customer to make payments over a period ranging from one to seven years.
Similar to other large institutions, the bank allows the loan to be fully paid off at any time, without extra fees being charged for this action.
Available loan amounts range from CA$ 2,000 to CA$ 50,000, within the term of one to seven years. As a rule, the annual interest rate (APR) is, on average, in the range of 8.99% to 23.99%, a competitive spectrum that requires a good credit score to access the lower limit.
4. CIBC
CIBC offers a Personal Loan with remarkably flexible terms, extending from one to ten years, which gives the customer a long financial planning horizon.
The customer has the freedom to choose the payment frequency that best suits their budget, whether monthly, weekly, or another option.
Furthermore, the institution also allows the loan to be paid off without penalty and the payment schedule to be changed, if necessary.
The maximum amount for standard loans is up to CA$ 50,000.
For customers who demonstrate strong credit, interest rates (APR) tend to be more favorable, revolving around 9% to 10%.
5. Royal Bank of Canada
RBC’s Personal Loan is structured with terms ranging from one to five years.
One of the main characteristics of the product is payment flexibility, allowing the customer to choose between monthly, bi-weekly, or weekly frequency.
Initially, RBC does not apply penalties for early payment. Additionally, the customer has the option to choose between a fixed or variable interest rate and can even change from one to the other at no cost.
Although the maximum amount is not openly disclosed, RBC informs that the minimum amount for its personal loans is CA$ 5,000.
6. Fairstone (Secured Personal Loans)
The Fairstone Secured Personal Loan is a product that, by definition, requires collateral, typically home equity.
This requirement is what allows the customer to access lower interest rates and obtain more substantial amounts.
The loan is focused on debt consolidation, carrying out home renovations, or facing financial emergencies.
It is noted that amounts range from CA$ 5,000 to CA$ 60,000, with long terms extending from 36 to 120 months.
7. goPeer Personal Loan
goPeer operates as a peer-to-peer (P2P) platform, where individual investors finance the loans.
This can result in a fast approval process and, attractively, does not charge a penalty for early payment.
Loan amounts range from CA$ 1,000 to CA$ 35,000, with terms defined between 36 and 60 months.
The interest rate (APR) range for goPeer loans is 8.99% to 34.99%, reflecting the diversity of risk profiles the platform serves.
8. Spring Financial Personal Loan (Secured Personal Loans)
Spring Financial is a Canadian fintech that specializes in offering credit to customers with limited history or who have faced credit problems in the past.
The platform allows debt consolidation with a simplified digital approval process. Available amounts are from CA$ 300 to CA$ 35,000, with terms ranging from 12 to 60 months.
The interest rate (APR) range for this product is 9.99% to 34.95%, indicating that it is an accessible option even for those who may have difficulty obtaining low rates at major banks.
9. Mogo Personal Loan
Mogo is an online platform that offers personal loans with a credit analysis usually completed in a few minutes.
Undoubtedly, this is a convenient solution for consolidating debt or financing large purchases, offering a completely digital experience.
Loan amounts range from CA$ 500 to CA$ 35,000, with terms of 6 to 60 months.
Mogo’s interest rate (APR) range is 9.90% to 46.96%. This indicates that although it is fast and accessible, rates can be considerably high depending on the applicant’s risk profile.
10. Fig Financial Personal Loan
Fig Financial is another fintech that facilitates loans completely online.
Offering credit analysis with quick decisions and a flexible repayment system.
Available amounts range from CA$ 2,000 to CA$ 35,000, with terms of 24 to 84 months.
Fig’s interest rate (APR) range is 8.99% to 29.49%, placing it at a competitive level in the digital credit market. Especially by offering payment terms that extend up to seven years.
Comparative Table of Secured Personal Loans
| Provider / Product | Typical Amounts | Common Terms | Interest Rate Range (APR) |
| Scotia Plan® Loan (Scotiabank) | CA$ 5,000 to CA$ 75,000 | Up to 5 years | 6% to 10% (good credit) |
| Personal Loan (BMO) | CA$ 2,000 to CA$ 35,000 | 1 to 5 years (up to 7 in lines) | 8.99% to 22.99% |
| Personal Loan (TD Bank) | CA$ 2,000 to CA$ 50,000 | 1 to 7 years | 8.99% to 23.99% |
| Personal Loan (CIBC) | Up to CA$ 50,000 | 1 to 10 years | 9% to 10% (strong credit) |
| Personal Loan (RBC) | Minimum CA$ 5,000 | 1 to 5 years | 9% to 13% |
| Fairstone Secured Personal Loan | CA$ 5,000 to CA$ 60,000 | 36 to 120 months | Not disclosed (lower than unsecured) |
| goPeer Personal Loan | CA$ 1,000 to CA$ 35,000 | 36 to 60 months | 8.99% to 34.99% |
| Spring Financial Personal Loan | CA$ 300 to CA$ 35,000 | 12 to 60 months | 9.99% to 34.95% |
| Mogo Personal Loan | CA$ 500 to CA$ 35,000 | 6 to 60 months | 9.90% to 46.96% |
| Fig Financial Personal Loan | CA$ 2,000 to CA$ 35,000 | 24 to 84 months | 8.99% to 29.49% |
| Easyfinancial Loan | CA$ 500 to CA$ 100,000 | 9 to 120 months | 9.90% to 46.96% |
Conclusion
Secured personal loans, are tools that, by using an asset as collateral, offer competitive interest rates and long terms.
They are particularly effective for consolidating high-interest debt. Online calculators and the various market options, ranging from large banks to specialized fintechs, allow the consumer to plan with precision.
The decision to take out a secured loan must be based on a cold analysis of your repayment capacity and a rigorous comparison of rate and term conditions.
The predictability of a fixed rate and the discipline of a single payment can be the key to restructuring your finances.
Do not make a decision in the dark. Compare all Secured personal loans options and, before signing any contract, consider consulting a financial specialist to validate your planning and ensure the most advantageous choice for your future.