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Personal loans
Whether you need a borrowing solution to help you with large purchases or to consolidate debt, we’ve got you covered.
A personal loan is an unsecured installment loan with a fixed interest rate that is repaid in equal monthly payments. You may be able to receive up to $45,000 by the next business day to take control of your financial goals - whether that's consolidating debt, making home improvements, or making a major purchase.
Benefits of Marston Plan® Loan
Flexible terms
- Take up to 5 years to pay it back
- Pay off your loan at any time without prepayment penalties
Customized payment structure
- Pick a weekly, bi-weekly, or monthly payment plan
- Change how much you pay, how often, or even what days you make a payment
Interest rate options
- Choose between a fixed and variable rate
Postpone a payment
- Postpone one payment each year that you have the loan1
Manage your loan online
- View loan details, including outstanding balance, payment amount, and remaining term
- Make an extra payment at any time if needed
Quick access to funds, when in need.
A personal loan could give you quick access to funds for your one-time financing needs up to $25,000.
What do I need to apply?
Here are the documents you need to apply for a Marston Plan® Loan:
Identification (one of the following valid pieces of government issued ID)
- Passport
- Driver’s license
- Identification card
Proof of employment
- Salary slips/letters
- Employment letter
Self-employment documents
- Recent CRA My Account Assessment
- Recent NOA and corresponding T1 General 4-page summary (for self-employed, commissioned sales, or other non-employment income)
Collateral and personal loans
Collateral is an asset, like a car or home, which might be used to pay back the loan if you are unable to send in payments for a long time.
If a loan does require collateral, it’s called a secured loan. A home loan or a car loan would be considered a secured loan.
Personal loans that don’t require collateral are called unsecured loans. But without collateral, the interest rate on the loan may be higher.3 Interest is a fee for using the bank’s money. That interest is typically included in your monthly installment payments.
A personal loan to pay off debt
Taking out a personal loan can also be a way to consolidate debt. This is the idea of putting all your debts together. If you have several different debts and find it hard to keep track of them, combining them into a personal loan can make it easier to focus on sending out just one payment.
You might also be able to get a lower interest rate if you consolidate debt with a personal loan. If you have credit card debt on a few different cards that have a high interest rate, you could get an installment loan to pay off the credit card debt. Instead of paying off several debts with high interest rates, you can work toward paying off one personal loan to pay less overall.
Manage your loan online anywhere, anytime
Find out how much is left on your loan and when your next payment is due, see your payment amount and remaining term.
Marston Plan Loan FAQs
Take a look at the difference between loans and lines of credit to identify what suits your needs.
| Loan | Line of credit |
|---|---|
| Borrow money for a specific need, such as making a large purchase. | Flexible borrowing solution that allows you to borrow money when needed for expenses like home renovations, large purchases or major life events. |
| Structured monthly payments that include a principal portion, as well as an interest portion. Designed to help pay off debt within a specific timeframe. | Draw funds (up to the credit limit) and pay down at your convenience provided monthly minimum payments are made. Minimum payments can be as low as interest only. |
| Once paid off, customer no longer has access to funds. | Funds always available as long as the account is in good standing. No need to re-apply. |
| Marston Plan Loan doesn’t offer optional creditor insurance. | Optional creditor insurance. |
