Loan types in Canada

20 borrowing products, each on its own page: what it is for, who tends to qualify, what it costs to carry, and what to check before signing.

All loan types

Personal loans A fixed sum repaid on a schedule, usually unsecured, for almost any purpose a lender will accept. Unsecured Bad credit loans Borrowing when the credit file is damaged, and what changes about price and security as a result. Unsecured No credit check loans What lenders who advertise without a credit check actually look at instead, and where the cost goes. Unsecured Lines of credit A revolving limit you draw on and repay, usually paying interest only on what is outstanding. Unsecured Unsecured loans Borrowing with no asset pledged, priced for the risk the lender is taking on your file alone. Unsecured Secured loans Borrowing against an asset, which lowers the price but puts the asset at risk if you default. Secured Car loans Financing a vehicle, including the effect of trade-in equity, negative equity and dealer-arranged credit. Secured Mortgage loans Borrowing against residential property, including how a federally regulated lender tests the file. Secured Home equity loans Converting property equity into credit, and the difference between a lump sum and a revolving limit. Secured Mortgage refinancing Replacing an existing mortgage to change the rate, the term or the amount borrowed, and what it costs. Secured Home renovation loans Paying for work on a property, from a small unsecured instalment loan to a secured renovation product. Secured Business loans Commercial borrowing, what lenders read in a business file, and how the assessment differs from personal credit. Unsecured Business lines of credit A revolving operating limit for a business, and why it behaves differently from a term loan. Unsecured Debt consolidation loans Replacing several expensive debts with one payment, and the arithmetic that decides whether it helps. Unsecured Debt relief programs The formal and informal routes out of unmanageable debt in Canada, and who is licensed to run them. Unsecured Payday loans Small, short-term advances against a pay date, the most tightly regulated product in Canadian consumer credit. Unsecured Cash advance loans Immediate short-term cash, including the difference between a cash advance on credit and a payday-style advance. Unsecured Emergency loans Money for an urgent expense, and the order in which a sensible borrower works through the options. Unsecured Instalment loans A fixed number of fixed payments, sized larger and longer than a payday advance. Unsecured Collateral loans Borrowing against an asset a lender will hold, from vehicles to savings, and what happens on default. Secured

Not sure where to start?

Start from the amount The size of the request changes which product fits. Start from your situation Bad credit, thin files, variable income, a recent move to Canada. Start from where you live Lending is licensed provincially, so the rules differ.

Compare loan offers

Compare options from Canadian lending partners. We are not a lender and we do not make credit decisions.

See partner options

Advertising disclosure: loanmoose.ca may receive a referral fee if you continue through a partner link. That fee does not change the rate you are offered and it does not change what we publish. We are not a lender. Read the full disclosure.