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HELOC Markham

Compare and Save With Loans Canada

Written by Lisa Rennie

Best HELOC Markham (Online) January 2021

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Intermediary)
Up to $50,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
LM Credit
$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
Lendle
up to $2,000 0% -
up to $2,000
PayBright
- 0+ 2 - 60
-
Moves Financial
$2,500 15.65% AIR 13 - 26
$2,500
Score-Up
$49.99 - $99.99 0% 12
$49.99 - $99.99
LendCare
- - Up to 60
-
X-bankers
$5,000+ - Up to 60
$5,000+
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
GoPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Instant Payday Canada
- 15% - 19% -
-
Flexiti Financial
- Up to 35% -
-
Financeit
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Diamond Financial Services
- - -
-
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Pylo Finance
$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 19.44% and 31.90% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Payday King
$100 - $1,000 546% APR 14 days
$100 - $1,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
My Canada Payday
Up to $1,500 15% - 19% 14 days
Up to $1,500
Mr. Payday
$100 - $1,500 15% - 17% 14 -31 days
$100 - $1,500
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Loan Express
- - 14 days
-
Meridian Credit Union
Up to $35,000 5.15%+ -
Up to $35,000
Loan Away
Up to $5,000 19.9% - 45.9% APR 6 - 36
Up to $5,000
Loan & Go
$250 -$1,250 29% 3 - 6
$250 -$1,250
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
LendDirect
Up to $15,000 19.99% APR Open-end
Up to $15,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
GoDay
$100 - $1,500 - 14 days
$100 - $1,500
iCash
Up to $1,500 15% - 23% -
Up to $1,500
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
FlexFi
$2,500 + - -
$2,500 +
Eastern Loans
$500 - $1,000 28% - 32%  3 -5
$500 - $1,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Cash 4 You
$1,000 -$15,000 46.93%  12 - 60
$1,000 -$15,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit Club
$100 - $1,500 90% - 390% APR 14 days
$100 - $1,500
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Amber Financial
$1,000 - $50,000 4.6% – 49.96% 3 - 60 
$1,000 - $50,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Ferratum
$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fast Access Financial
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Lending Mate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
Consumer Capital Canada
$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
Cashco Financial
Up to $7,000 - 6 – 60
Up to $7,000
UrLoan
$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
BC Loans
$500 – $750 23% - 34.4% 3 – 12
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
Mogo Finance
$300 – $35,000 5.9% to 47.72% 24 - 60
$300 – $35,000
CashMoney
$50 – $10,000 - Up to 62 days
$50 – $10,000
Borrowell
$1,000 - $35,000 5.99% to 29.19% 36 - 60
$1,000 - $35,000
Magical Credit
Up to $20,000 19.99% - 46.8% 6 - 60
Up to $20,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Intermediary)
Up to $50,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
Accelerated Payments
- - -
-
Loop
- -
Core Capital Group Inc
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
SNAP Financial Group
- - -
-
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Toronto Truck Loan Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lionhart Capital
$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Guardian Leasing
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
First West Credit Union
$500,000 - $10,000,000 - -
$500,000 - $10,000,000
PACE Credit Union
- Competitive -
-
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
DUCA Credit Union
- - -
-
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Desjardins
Up to $100,000 - -
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money Line Capital
$5,000+ 4.9% - 24.99% 18 - 48
$5,000+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Borrowell
$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Intermediary)
Up to $50,000
Advantagewon
- - -
-
Helium Loans
$500 - $50,000 - 24 - 60
$500 - $50,000
Go To Loans
$500 - $10,000 + 29.95% up to 48
$500 - $10,000
Alphera Financial Services
- - -
-
Go Auto
- - 12 - 96
-
Eden Park
- 11.9% - 22.9% Up to 84
-
Auto Loan Solutions
- 0% - 29.5% -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
Leisure Trailer Sales
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Coast Capital
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
$500 - $35,000 $29.99% – 46.96% 9 - 60
$500 - $35,000
Prefera Finance
Up to $30,000 - -
Up to $30,000
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
Dixie Auto Loans
- - -
-
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Intermediary)
Up to $50,000
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Fast Access Financial
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Intermediary)
Up to $50,000
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Think Financial
- - 36 - 60
-
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Northwood Mortgage
- 2.74% - 4.45% 12 - 120
-
Matrix Mortgage Global
- - -
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
Finser Mortgages
- 2.79% - 4.45% -
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Manzil
up to 4,000,000 3.49% - 5.49% 12 - 300
up to 4,000,000
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
Fisgard Asset Management
- -- -
-
First National Financial LP
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 4.99% - 5.59% 6 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Capital Direct
$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
Canadalend.com
- - -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Bridgewater Bank
- - -
-
Alpine Credits
- - -
-
Provider Services Rating
Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Intermediary)
Debt Consolidation Program, Debt Settlem...
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
Raymond Chabot
Bankruptcy, Consumer Proposal
Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

Just about everyone needs some financial assistance from time to time. While we might be diligent about paying our bills that come in every month, a large expense can creep up once in a while that might be too big for our bank accounts to cover.

Whether it’s a car purchase, a home renovation, or a vehicle repair, these types of expenses can be pretty costly, warranting the need for a loan to help cover.

While there are plenty of different loan products available for consumers, one particular unique loan type involves using your home as collateral (for more information about collateral, click here). If you own a home, you may be able to use the equity you’ve built up in it to secure a certain loan type known as a HELOC.

Read on to find out what a HELOC in Markham Ontario is, and whether or not it’s something that would be suitable for your situation.

Is getting a HELOC in Ontario something you’ve been thinking about? We have the info you need. 

What is a HELOC?

A HELOC stands for a “home equity line of credit.” It’s a type of revolving credit that you can access whenever the need for extra funds arises. No matter what the need for extra money is, having access to a HELOC right away can prove to be extremely helpful.

Similar to a home equity loan, a HELOC involves the use of home equity to fund the loan. Basically, you would be extracting some of your home’s equity to be used to cover whatever expense you may have.

Equity refers to the value of your home less any loan amount you still owe. So, if your home is valued at $600,000, for instance, and you still owe $250,000, your home equity would be $350,000.

A HELOC in Markham Ontario is often in “second” position because there is another loan on your home at the time that you apply. Your first mortgage takes precedence in the event that you default on the mortgage. If this happens, any proceeds from the sale of the home when it is repossessed would go toward paying off the original mortgage first. A mortgage that is second in line would then be paid off with whatever remains if there is any.

Since being in second position is a bit riskier than being in first, interest rates for these types of loans are usually higher than those for first mortgages.

Cost of Buying a House in CanadaWhat does it cost to buy a house in your city? Take a look at this infographic to learn.

Common Uses For HELOCs in Markham

You could literally use the funds obtained from a HELOC for any number of things. That said, some of the more common uses of a HELOC in Markham usually include:

  • Consolidating debt
  • Home renovations to increase the value of the house
  • Making a large purchase, such as a car or recreational vehicle
  • Paying for college or university tuition
  • Starting or expanding a business

To learn more about building equity, check out this article.

HELOC Vs. Home Equity Loan

Since both HELOCs and home equity loans are often referred to as second mortgages and involve the use of the equity in a home, aren’t they the same? If not, what’s the difference between the two?

A home equity loan is a type of installment loan whereby you would borrow a certain amount of money, then pay it back in installments over time. The entire loan amount will be charged interest, and each payment you make will be the same until the loan amount – plus interest – is fully repaid.

A HELOC in Markham Ontario is not an installment loan, but rather a type of revolving credit, as already mentioned. While you’re given a loan limit, you don’t have to withdraw the entire amount. Instead, you are free to withdraw any amount you wish, as long as you don’t go over the limit.

And rather than paying interest on the entire credit limit, you are only required to pay interest on the portion withdrawn. Then, once that amount is paid back, you are no longer required to pay interest until you withdraw again, which can be done over and over.

Think of a HELOC as a credit card, which both work in similar ways. You spend a certain amount, then pay it back with interest. In the near future, you can borrow again, pay it back, and repeat the process, as long as you pay off the HELOC balance by the due date.

Considering consolidating debt into your mortgage? Read this first.

When is it a Good Idea to Get a Second Mortgage?

There are many good reasons to tap into a HELOC. For starters, if you’re in an emergency situation that urgently requires extra funds, then a HELOC in Markham Ontario might make sense. For example, if you desperately need a car repair or medical procedure done, the taking out a loan might be a good idea.

Tapping into your home equity might also make sense if you’re thinking of renovating your home. Certain renovation projects can immediately add value to a property. So, in essence, borrowing money to fix up your house can actually help you put even more equity back in when all is said and done.

The True Cost of BorrowingTake a look at this infographic to learn all about the true cost of borrowing.

When is it a Bad Idea to Get a Second Mortgage?

It’s not always a good idea to take out a loan. Unless you’re in an absolutely dire situation, taking out a loan in certain circumstances isn’t always wise.

For example, if the money is not urgently needed and you’re only using the money to spend on frivolous things, then a HELOC might not make sense. For example, if you’re just applying for a HELOC in Markham to completely revamp your wardrobe and your income is not high enough to add another loan payment to the mix, then applying for a HELOC is probably not a good idea.

In Need of a Loan?

If you’re in a financial predicament and are looking to access additional funds, you may have considered a HELOC in Markham Ontario. If so, Loans Canada can help. We’ll point you in the right direction to a loan professional who can help you assess your financials and see if a HELOC is right for you. Call Loans Canada today!


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