Personal & Business Unsecured Line of Credit Toronto

Lenders, both mainstream and private, have qualification criteria before they can advance you the money. The most important of these are:

Credit score: A high credit score tells a lender that you are more likely to repay your loan and vice versa. A low credit score attracts a higher interest rate because you are more “risky”.
For a business unsecured line of credit, you must demonstrate that the business is healthy and is able to meet its obligations.

Your income (most lenders require a minimum household income of between $35,000 and $50,000)
Your current debt levels with other financial institutions

Unsecured Line of Credit (Personal and Business) Toronto
As the term suggests, an unsecured line of credit allows you to borrow money up to a pre-set limit without requiring you to offer collateral. Once a lender advances the money to you, you can use as little or as much as you like (up to the limit). The line of credit could be for personal or business use. Some lenders offer optional insurance for your unsecured line of credit.
Unsecured Line of Credit (Personal and Business) Toronto
To access money from your line of credit, you can use the ATM, write a cheque drawn on the line of credit, use online or mobile banking to pay a bill, or use online or mobile banking to transfer cash to your chequing account. To pay back the line of credit, you will get a monthly statement showing the amount you owe on your line of credit and you will make a minimum payment each month covering at least the monthly interest. However, only paying off the interest means you will never pay off the debt and you should, therefore, pay a bit more.
Unsecured Line of Credit (Personal and Business) Toronto
One of the greatest benefits of this line of credit is that you will only pay interest on the money borrowed. However, you may have to pay such fees as registration fees and annual administrative fees. You expect to pay higher interest with an unsecured line of credit compared to secured ones given that the lender is taking a risk with you (since you are not providing collateral).

Featured Rates

Fixed

Lender
Rate
Term

Toronto-Dominion
1.94%
5 years
Scotiabank
1.99%
5 years
CMLS
1.84%
5 years
RFA
1.64%
5 years
First National Bank
1.74%
3 years
DUCA
1.99%
5 year
B2B
2.64%
5 years
Meridian
1.6%
5 years
RMG Mortgage
1.84%
5 years
Manulife Bank
1.89%
5 years

Variable

Lender
Rate

Home Trust
4.49%
5 years
Mcap
1.95%
5 years

Other

Type
Rate

Secured line of credit
2.95%
Private mortgages
5.99%

Questions?

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The most common type of an unsecured line of credit is credit cards. Note that if you fail to pay off your unsecured debt, the lender may sue you or hire a debt collector to recover their money. We compare the offerings of different lenders to determine the interest rates and other terms that best suit you, keeping in mind lenders typically issue lower credit limits for unsecured lines of credit, require shorter payback terms (bigger monthly payments), and ask for personal guarantees. Different lenders have different annual and/or monthly fees – we negotiate with lenders to ensure you pay very few fees, if any. Getting a good deal is usually tasking and hiring us saves you time and effort.

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I used Nick to renew my mortgage. He found me a better deal than my bank could offer and I intend to use him again the next time I need to renew. Nick did all the work, he made it easy and simple for me. He really knows his stuff!
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Working with Masoud was a great experience. We learned about mortgage options that were new to us as we were first-time buyers. Knowledgeable and helpful with no pressure, we were able to make an informed decision that worked out very well for our needs.
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I can't recommend Masoud enough if you need a mortgage, a renewal, or even help getting to that point. He is extremely knowledgeable and resourceful and works incredibly hard for his clients! He’s done our first mortgage in 2014, refinance in 2028 and now our second mortgage this winter.

Unsecured Line of Credit Toronto

Unsecured Line of Credit (Personal and Business) Toronto

Unsecured Line of Credit (Personal and Business) Toronto

Unsecured Line of Credit (Personal and Business) Toronto