When considering an online business loan in Brampton, it's important to know the difference between secured and unsecured loans so you can choose the best option for your business.
A secured loan requires you to pledge an asset—such as equipment, inventory, or other property—as collateral. If you default on the loan, the lender has the right to seize and sell the asset to recover the outstanding balance.
Benefits of secured loans:
Explore our eligible equipment for secured business loans and see if your assets qualify.
An unsecured loan is not tied to any specific collateral. Approval is based primarily on your business’s credit history, financials, and overall creditworthiness. If you default, the lender can’t automatically seize your assets, but they may pursue legal action to recover the funds.
Benefits of unsecured loans:
Learn more about our business loan options for startups if you’re unsure which path is right for you.
Have more questions? Visit our FAQ or contact our experts for tailored guidance on your next business loan.