Secured loans in Ontario

How a secured loan is priced and assessed in Ontario depends on the product and on the provincial rules that sit over it.

Secured loans are one of the Ontario product pages on this site, and the description below applies to a contract signed with a lender licensed in Ontario.

What a secured loan involves

Secured loans: Borrowing against an asset, which lowers the price but puts the asset at risk if you default.

A secured loan gives the lender a claim on a named asset, which can lower the price and puts that asset at risk if payments stop.

The lender values the asset before setting the amount, and the amount rarely exceeds that value.

Default puts the asset at risk, which is the trade a borrower makes for the lower price.

How Ontario regulates it

A payday advance in Ontario falls under a provincial licensing regime, and the cost of borrowing is capped at $14 per $100 advanced according to the federal Payday Lending Regulations (SOR/2024-114).

Consumer lending in Ontario is licensed provincially or territorially, and the Financial Consumer Agency of Canada publishes the list of provincial and territorial regulators where the current position appears.

Bradford West Gwillimbury is listed among the 527 Ontario places here, with 42,880 residents in the 2021 Census.

Toronto, at 2,794,356 residents in the 2021 Census, is the largest of the 527 Ontario places covered here. That applies to a secured loan as to any other consumer product in Ontario.

How a decision is reached

Employment or business records support the income figure used for a secured loan.

Banking history is read alongside the credit file when a secured loan is assessed in Ontario.

Where income is variable, a lender reviewing a secured loan may ask for a longer record of deposits.

Other borrowing

A secured loan is often compared with the products below, each licensed the same way.

• Emergency loans: Money for an urgent expense, and the order in which a sensible borrower works through the options.
• Bad credit loans: Borrowing when the credit file is damaged, and what changes about price and security as a result.
• Secured loans: Borrowing against an asset, which lowers the price but puts the asset at risk if you default.

For a secured loan in Ontario, the surrounding places range from Toronto at 2,794,356 residents to smaller communities across the province.

A secured loan in Ontario is described here with the same structure used for every other product page.

The provincial figures for Ontario apply to a secured loan wherever the borrower lives, from Toronto outward.

Anyone reading about a secured loan in Ontario can compare the same product page for every other province.

Where a figure for Ontario could not be verified, the page names the publisher rather than printing a number.

Bradford West Gwillimbury is one of the 527 Ontario places on the site, and a secured loan there follows the same provincial rules.

Nothing on the Ontario secured loan page is estimated; the payday position comes from the federal Payday Lending Regulations (SOR/2024-114).

The 527 covered Ontario places are all inside the same provincial framework for a secured loan.

The record for a secured loan in Ontario carries the provincial position and the product description together.

Bradford West Gwillimbury, at 42,880 residents in the 2021 Census, is one of the 527 covered Ontario places where a secured loan could be arranged.

For Ontario, the payday position and the product terms for a secured loan come from separate published sources.

The Ontario pages place a secured loan alongside 527 covered communities, including Bradford West Gwillimbury at 42,880 residents.

loanmoose.ca is not a lender and does not make credit decisions. The lowest rates are only available to the most qualified applicants.

Population and land area figures come from Statistics Canada's 2021 Census of Population; regulatory statements are attributed to the federal Payday Lending Regulations (SOR/2024-114).

Everything on this page describes how the product works; none of it is advice, and none of it is an offer of credit.