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Secured personal loans in Ontario

Whether you need $10,000 or $500,000, Alpine Credits can offer the best alternative for secured personal loans in Ontario.

A happy couple shaking hands with a financial advisor or agent.

Whether you need $10,000 or $500,000, Alpine Credits can offer the best alternative for secured personal loans in Ontario. 

Personal loans can play a significant role in your financial journey. They can help you achieve your important aspirations, such as home renovations, further education, or loan consolidation.   

Reasons to apply for a secured personal loan in Ontario 

Although the specific reason for getting a personal loan differs for each person, the loans are reliable financial solutions for several reasons.  

  • Comparatively lower interest rates—most credit cards have a rate of 19.99%, but secured personal loans are less than that on average. 
  • Significant funding—compared to other types of personal loans and credit cards, secured ones allow you to borrow more. 
  • One lump sum—this allows for flexibility. You can use it for different purposes, especially more significant purchases. 
  • Near instant financing—several secured lending options provide you with funding quicker than traditional financial institutions.  
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Getting a personal loan from Alpine Credits 

Homeowners in Canada have a unique financial advantage through their home equity. By collaborating with Alpine Credits, we can help you gain access to that value as a loan to help you achieve some of your goals. 

With Alpine Credits, you can hear back about your application within a few days. As long as you own at least 25% of your home, you are eligible for a loan worth up to 75% of your home equity. You can contact us free of obligation and with the assurance that homeowners are approved regardless of income status, age, or credit history.  

After owning your home for years, you can unlock its potential to achieve your financial goals. The more of your home you’ve paid, the bigger your loan could be.

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What are personal loans? 

As an increasingly common financing option in Canada, personal loans provide access to financing for purchases that would be challenging to pay immediately from your savings. Medical expenses and post-secondary tuition are some examples of where you may need additional financing. 

Personal loans offer more flexibility than traditional loans and credit cards because they aren’t limited to a specific purpose. Whether the expense is planned or not, personal loans are a reliable source of financial support during such events.  

Types of personal loans

You can find two types of personal loans depending on whether you have collateral. In the context of loans, collateral are assets that borrowers provide to lenders to assure them that the loan will be repaid.  

The traditional type of loan that people have in mind is most likely an unsecured personal. An unsecured loan means you do not have to provide collateral, so lenders have higher qualification standards, like having a low debt-to-income ratio and a good credit score.

The main characteristic of secured personal loans is that they are supported by collateral. Common examples of collateral include your property or a car; having them as support means a secured loan has relatively lower interest.

A type of secured personal loan can be found from the value of your home equity. Alpine Credits provides home equity financing solutions, an alternative option to personal loans, but is just as simple, if not more. Home equity loans are secured against your property, resulting in lower interest rates and flexible eligibility criteria.

How secured personal loans work 

Both secured and unsecured loans work similarly, but the value of secured loans may be higher than unsecured ones. Regardless of the loan type, you can expect the application and repayment process to be almost identical. 

Before the lender provides the money, you will develop a repayment plan with them. The most common one is repaying in monthly installments. The month after you receive the money, you’ll have to start repaying the loan with interest.  

When you get approved with personal loan providers, you can use the money as soon as you receive it. Since personal loans are versatile, you can use them for any expense you need to meet.

Getting a home equity loan as a personal loan

Home equity loans are a practical alternative to regular personal loans. Instead of getting approved based on your financial history, home equity loans only consider the amount of equity you have in your property.

Benefits of home equity loans as personal loans 

Home equity loans are another form of personal loans and offer extra advantages that regular loans do not.  

  • Reasonable qualification criteria—getting approved for a home equity loan does not require credit scores, proof of income, and employment status, unlike traditional lenders. Getting a home equity loan only requires having sufficient equity in your property.  
  • Quick access to funding—unlike traditional loans, the application process doesn’t take more than a week. Especially with Alpine Credits, you’ll know your application status within a day, and your money can be deposited within a week.  
  • Sufficient financing—housing in Canada has high value, so getting a loan from your equity can become a considerable amount. Personal loans in Canada usually have a maximum of $50,000, but home equity loans can be more than that and have fewer requirements. 
  • Loan consolidation—finding a personal loan to consolidate all your outstanding balances can be challenging. Home equity loans can be more than enough to satisfy your credit balances and have comparatively lower interest rates. 
  • Eligibility for some tax benefits—if you use a home equity loan for investments or income generation, the interest may be deductible under certain circumstances. You may be able to receive a tax refund.

Where personal loans in Ontario can help 

Some common purposes of a home equity or personal loan are the following. 

  • Tuition fees—whether for yourself or a family member, personal loans can provide additional financial support to your RESP funds or student loans.  
  • Home renovations—making major changes to your home is a considerable investment, and one way to purchase the materials or hire general contractors is to take a personal loan. They are usually enough to fund even complete remodelling.  
  • Retirement income support—a substantial amount of funding can come from a personal loan, whether to meet an immediate expense or to increase your retirement income.  
  • New vehicles—with the versatility of a personal loan, they can assist in purchasing any type of vehicle. You can buy a car or boat you’ve had in mind for a while.   
  • Loan consolidation—to simplify your financial management, you can take a personal loan to repay the charges on multiple credit cards. Afterwards, you only have to manage one loan payment, and you can save on the interest.  

How to apply for a home equity loan 

  1. Apply online—the application process is simple, where you’ll answer a few questions to determine how much you qualify for. Your credit score will not be affected, and there is no obligation.  
  2. Get approved—as long as you have provided all the required information and have shown that you own at least 25% of your home, you are eligible for approval.  
  3. Receive deposit—Alpine Credits will deposit the funds directly into your bank account once approved. You are free to use the money for any purpose you need. 
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Qualifications for personal loans 

Traditional banks and lenders require that several standards be met. To get approved for a loan, you need to provide your financial history, credit score, and income status. Not everyone can meet their requirements, so alternative lenders like Alpine Credits provide a financing solution with more straightforward criteria.  

  • Proof of homeownership and home insurance—you can provide the property deed to demonstrate that you are the owner and request a certificate of insurance from your issuer to show that you are properly insured. 
  • Valid identification—your passport, driver’s license, or other government-issued identification are classified as valid forms. The name on the document must match the name on the deed. 
  • Mortgage payment history—to qualify for a home equity loan, you need to have paid at least 25% of the property’s value. The mortgage history will show how much of the mortgage is left to be paid. 
  • Home appraisal—determining the value of your home is usually done with a third-party service. You will receive an appraisal document showing your property’s value, and you or the lender can calculate your home equity.   

Compared to other online personal loans in Ontario, home equity loans from Alpine Credits have a quick turnaround time, making financial support more accessible to homeowners across the province. High credit scores and substantial income are not required, and alternative personal loan options in Ontario are available through your home equity.  

Payments and interest on personal loans 

As you’re exploring financing options, remember to consider the total cost of the loan. All loans come with interest and additional fees, so your budget should account for them. Online calculators can help you streamline and organize your financial management by showing you the total loan payment, interest, and additional costs.  

By determining all these details about your loan, you can budget accordingly. Home equity loans are valuable financial tools but should still be used within your limits. Be sure to confirm your financial health and organize a repayment plan according to it.

Home equity loans: the financial solution for homeowners 

Although using your credit card and applying for loans from traditional lenders is a common way to fund some of your aspirations, they can have high-interest rates or challenging eligibility criteria. An alternative to some of these challenges is to apply for a home equity loan from Alpine Credits. 

Alpine Credits has been helping Canadian homeowners access their home equity through a loan for over 50 years. You have the potential for more funding with comparatively lower interest rates.  

You can apply now online or contact a Financial Solutions Specialist to walk you through the process while answering any questions you have. If you own your own property, you have a unique financing advantage that would help you achieve your financial goals sooner.   

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Find loan options in your area

Click on the links below to get started, and see the mortgage options available to you, in the provinces we serve across Canada!

Frequently asked questions

Traditional and alternative lenders offer personal loans in Ontario. Each lender will have a different set of criteria and may ask for different information before approving a loan. In general, you can expect that the process involves searching for a lender, applying at one that meets your needs, and receiving the money.  

The length to repay a personal loan depends on the size of the loan. The term ranges from six months to five years, and the amount can be from $5000 to $500,000. 

You can use a personal loan for practically every purpose. If you need to renovate your space, pay for medical bills, or consolidate your outstanding balances, personal loans are because they aren’t tied to a specific use.  

Lenders in Ontario will set their individual requirements, but the expectations are similar whether you’re in Ontario or elsewhere in Canada. You need to be at least 18 years old and be Canadian. Depending on the lender, you may have to provide proof of income, employment status, and credit score.

Traditional lenders like banks and credit unions will have the highest expectations of getting approved for a $5000 personal loan. Alternative lenders like Alpine Credits can give you access to $5000 as long as you own your home.

Alpine Credits can provide one of the best financial solutions that acts like a personal loan: home equity loans. As long as you are a homeowner with significant equity in your property, you are eligible for a loan up to 75% of your equity value. The requirements are not as strict, and the process moves more quickly.  

Consider applying for a home equity loan as a personal loan from Alpine Credits. Home equity loans have some advantages over unsecured personal loans, and Alpine Credits has been helping Canadian homeowners tap into their home equity for over 50 years.  

A bad credit personal loan can be in the form of secured loans or home equity loans. They only require borrowers to provide an asset as collateral rather than your credit history.