One of the major differences is that an unsecured loan does not require collateral. At Tribecca Finance, our unsecured loans are open and can be paid off at any time without a penalty. A secured personal loan in Canada requires an asset, like property, as security. Because of this, secured loans give you access to more money at lower interest rates. We also offer the flexibility of an open secured loan with no prepayment penalty. With a Tribecca secured personal loan, you can choose a longer repayment term, which will lower your monthly payments. A Tribecca lending specialist can help you decide which loan product works best for you.
You can also use a home equity loan or a second mortgage in Ontario to achieve your goals.