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Loans without collateral · British Columbia
Personal and business loans, no property needed
Not every need calls for a mortgage. If you don't own property, or don't want to use it, I can help you find a personal or business loan based on your credit and income.
Service in English, Punjabi and Hindi · ਪੰਜਾਬੀ · हिन्दी
What it is
Loans without collateral
An unsecured loan isn't tied to your home, car or other assets. The lender approves it based on your credit, your income and, for a business, your sales and time in business.
Because there's no property behind it, rates are higher and amounts are smaller than a mortgage. If you own a home with equity, I'll also show you whether a mortgage, line of credit or second mortgage would cost you less.
Personal
Personal loans
- Debt consolidation: one fixed payment instead of several credit cards.
- Big expenses: a wedding, education, a move or medical costs.
- Building credit: a loan you pay on time can help your credit score.
Business
Business loans
- Working capital to cover slow months, payroll or inventory.
- Growth: a new location, more staff, or a big contract.
- Business lines of credit you draw on only when you need them.
- Truckers and contractors: funding while you wait to be paid.
Lenders usually ask for business bank statements, your time in business, yearly sales and your personal credit. Some ask for a personal guarantee even when no property is pledged.
The honest part
What to know before you borrow
- Rates on unsecured loans are higher than on mortgages and depend on your credit.
- Check the total cost of the loan, not only the payment.
- Ask about fees and whether you can pay the loan off early without a penalty.
- I don't arrange payday loans.
Personal and business loans are not mortgages. They come from partner lenders, are subject to their approval, and are not covered by my BCFSA mortgage licence. I'll tell you upfront if I am paid a fee by the lender.
Questions
Frequently asked questions
Can I get a loan without collateral?
Yes. Unsecured personal and business loans are approved based on your credit and income instead of property. Amounts are smaller and rates are higher than secured loans.
How much can I borrow?
It depends on your credit, income and existing debts, or for a business, its sales and time in business. I'll give you a realistic range after a short call.
Will applying hurt my credit?
A lender's full application usually includes a credit check. I'll talk through your situation first so we only apply where you have a good chance.
Is a loan or a mortgage better for me?
If you own a home with equity, borrowing against it usually costs less than an unsecured loan. I'll compare both so you can choose.
Do you help new businesses?
Many lenders want at least some time in business and steady sales. If it's too early, I'll tell you what lenders will want to see and when to come back.
Need a loan?
Tell me what you need and I'll compare options, including whether a mortgage would cost you less. Service in English, Punjabi and Hindi.