Borrow without pledging collateral
Unsecured personal loans in Canada
An unsecured personal loan does not require you to pledge a vehicle, home or other asset as security. GoodLoan lets eligible Manitoba and Ontario residents apply online for a fixed amount with scheduled installment payments.
$100–$20,000
General request range. The amount offered may be lower.
Up to 48 months (4 years)
Annual interest: 5%–30%. APR: 31%. Subject to eligibility and approval.
Flexible schedules
Weekly, bi-weekly or monthly where offered.
What is an unsecured personal loan?
An unsecured personal loan provides an approved borrower with a set principal amount. The borrower then repays that amount, plus applicable interest, through scheduled payments over an agreed term. Because the loan is unsecured, GoodLoan does not register a lien against your home or take your vehicle as collateral for this product.
However, “unsecured” does not mean risk-free or obligation-free. You still enter a binding loan agreement. GoodLoan reviews verified income, current debts, expenses, identity information and repayment capacity before making a decision. Available credit information may also form part of the review.
When an unsecured loan may be useful
Unexpected expenses
Cover an eligible urgent expense with a defined payment schedule instead of an open-ended balance.
Debt consolidation
Combine eligible debts when the new loan improves the overall cost or makes payments easier to manage.
Home or vehicle costs
Pay an eligible repair without using your home or vehicle as security for the personal loan.
Unsecured versus secured personal loans
A secured loan requires collateral. If the borrower defaults, the lender may have rights against that asset. In contrast, an unsecured lender relies more heavily on the applicant’s financial information and ability to repay. As a result, unsecured credit may carry a higher rate than secured financing available to the same borrower.
Before choosing, compare the APR, total repayment, term, consequences of missed payments and whether you are comfortable pledging an asset. A lower advertised payment alone does not show which option costs less.
Who may qualify?
- Age of majority in Manitoba or Ontario
- Supported Canadian residency or permit status
- Verifiable and sufficiently stable income
- An active Canadian bank account
- A current residential address
- Enough room in the budget for the proposed payment
How the GoodLoan online application works
Choose a reasonable amount
Request only what you need and consider whether the scheduled payment fits your regular budget.
Provide your information
Complete the application with accurate identity, address, employment, income, expense and debt details.
Complete verification
GoodLoan may request identity checks, income documents, bank statements and authorized credit information.
Review any offer
If approved, read the principal, interest rate, APR, payment schedule, total cost, fees and borrower rights before signing.
Submitting information does not guarantee approval, a particular amount or rate, or funding. Verification and underwriting requirements apply.
Compare the payment and total borrowing cost
A smaller scheduled payment may look easier to manage. However, a longer term can increase the total interest paid. Therefore, compare the annual interest rate, annual percentage rate (APR), number of payments, payment amount, total cost of borrowing and total repayment.
GoodLoan does not charge an application fee under its current product design. In addition, early full or partial repayment is intended without a prepayment penalty. Review the final agreement because it controls the actual terms.
Frequently asked questions
Do unsecured personal loans require collateral?
No. GoodLoan’s unsecured personal loan does not require a home, vehicle or other asset as collateral.
Can I apply online?
Yes. Eligible Manitoba and Ontario residents may submit an online application, subject to availability and verification.
Does unsecured mean guaranteed approval?
No. GoodLoan reviews identity, income, obligations, affordability and other underwriting information before deciding.
Can I repay an unsecured GoodLoan early?
GoodLoan’s current product design permits early full or partial repayment without a prepayment penalty. Review the final agreement.
Review the cost before you apply
Estimate a payment, review GoodLoan’s current rates and decide whether the loan fits your budget.
GoodLoan currently serves eligible applicants in Manitoba and Ontario, subject to product availability, verification, underwriting and applicable law. Website information does not replace the final loan agreement and disclosure.