PERSONAL LOANS INFORMATION

Please see information on Personal Loans below.

        

Personal Loans

Personal loans cover a wide range of loan types, offered by banks and independent lenders in Canada. You can find personal car loans, personal bad credit loans, personal loans for any purpose they are very flexible.

What is the Difference Between Fixed Rate and Variable?

Personal loans have either a fixed rate or variable interest rate. Here are the main differences:

  • Fixed Rate Personal Loans

A fixed rate personal loan has its interest rate 'locked' in for the term of the loan. This is a useful way to protect yourself against fluctuations in interest rates.

  • Variable Rate Personal Loans

Variable rate personal loans offer a flexible interest rate. Your monthly payments do not change but if the base interest rate goes down then more of your money goes to paying back the loan meaning you can pay it back more quickly. If the rate goes down, then you have the choice to change the rate to a fixed one for the remainder of the loan.

Where Can I Find a Personal Loan?

Personal loans are offered by most of Canada's banks and by a wide range of independent lending companies. There are loans to suit every need and generally carry flexible terms with regards to the frequency of payments and loan term.

Start by looking through our comparison pages to get an overall picture of what personal loans are offered and how much you could borrow.

Is my Credit History a Factor?

Your credit history is affected any time you apply for credit so by applying for a personal loan, your credit file will show this. Whether or not you receive approval for a personal loan depends largely on exactly what type and amount you are looking for.

Some personal loans are aimed at bad credit customers so you if you have a poor credit history then you are more likely to be accepted for them. Others especially those offered from mainstream banks are stricter and will turn down applicants that do not have a very good credit history. Make sure you find out what a lender is looking for while you are browsing for a loan; this will help you to avoid disappointment.

What are the Advantages of Personal Loans?

Personal loans are great for any need whether you want to pay for a vacation, carry out home improvement or pay for a new car, you can find a loan to suit you. Additionally, personal loans have such a wide variety of loan terms, amounts and types so there is a wide range to choose from.

You can usually choose between a fixed or variable rate and the frequency of your repayments. Many lenders cut interest costs if you make more frequent payments. Take your time when looking for a lender to get the best deal.

What are the Disadvantages of Personal Loans?

Before embarking on any type of loan, it is recommended to think about all of the factors involved in borrowing money. For one, remember that you will be required to pay back the loan will you be able to meet the repayments? What happens if you fall into financial difficulty? Will you end up in severe debts as a result of this loan? It is always wise to think ahead.

However, as long as you are sensible with regards to your affordability then a personal loan can give you a kick-start for a whole range of important payments such as a property or car purchase.

        


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