Loans
How Car Loans Work in Canada
A car is one of the highest-dollar purchases many Canadians ever make. If you haven’t saved up enough money to buy a car outright, you’ll need to finance it using a car loan. Understanding common car loan options before you start vehicle shopping is crucial to ensure you choose the best option for your needs […]
Sandra MacGregor
What Is a Personal Loan?
A personal loan allows you to borrow money from a bank, credit union or alternative lender. The loan accrues interest and has a set repayment schedule.
What Is a Car Title Loan?
A title loan is a way to turn the value of your vehicle into cash that can be used for other expenses. Before taking on a car title loan, it’s important to understand how these loans work, their advantages and disadvantages and what happens if you stop making payments. How do car title loans work? […]
Helen Burnett-Nichols
What Is a Payday Loan?
When facing an unexpected cash crunch, payday loans are an option that may provide temporary relief — but they are also one of the most expensive consumer loan types in Canada. Before taking out a payday loan, it’s vital to be aware of how they work, what they cost, and what other short-term borrowing options […]
How Do I Get a Personal Loan? Cost, Eligibility and Credit Score
Personal loans may not have the complicated qualification requirements of a mortgage or home equity line of credit, but there are still certain criteria you’ll need to meet to be approved. If you’re considering a personal loan to meet your financing or debt consolidation needs, make sure you understand the costs, eligibility requirements and minimum […]
Hannah Logan
Personal Loan vs. Line of Credit: How to Choose
The difference between a line of credit and a loan is that a loan is borrowed as a lump sum, while a line of credit can be used and repaid on an ongoing basis.
What is an Unsecured Personal Loan?
An unsecured personal loan doesn’t require collateral and typically has a faster approval process. However, it may come with higher interest rates.
Personal loan calculator
Compare two loan options side by side to estimate monthly payment and total cost
Should You Use a Personal Loan for Home Improvements?
Desperate for a bigger bathroom? Hungry for a kitchen that actually makes you want to cook dinner from scratch? Home improvements can increase the value of your home and your quality of life, but often come with price tags in the tens of thousands — more than many people have in their savings account. Twenty-seven […]
Nora Dunn
8 Do’s and Don’ts of Personal Loan Repayment
Credit card spending is back with a vengeance in Canada. For consumers with a credit card, average monthly credit card spend was almost $2,447 in the third quarter of 2022, according to Equifax Canada’s most recent consumer trends and insights report. That’s up by 17.3% when compared to the third quarter of 2021 and up […]
Personal Loan Rates in Canada: How to Calculate
Personal loan interest rates can be either fixed or variable. Your rate depends on factors like your income, credit score, term, type of loan and more.
Debt Consolidation Loan vs Personal Loan: How to Choose
When it comes to managing debt, less is more. Which is to say, making a single on-time payment each month is often easier than trying to keep track of many different payments. And depending on the interest rates you’re being charged, it may be cheaper too. The process through which several small debts become one […]
HELOC vs Personal Loan: How to Choose
A home equity line of credit, often referred to as a HELOC, and a personal loan are two financing options for Canadians who need extra cash. That’s about where the similarities end, however. HELOCs and personal loans are quite different in terms of qualification requirements, costs and repayment options. The option that’s right for you […]
Small Business Loan vs Personal Loan: How to Choose
Whether you’re hoping to launch your first small business, or looking to expand your existing small business, a loan can be a useful tool. But which kind of loan is the best tool for the job? Small business loans may offer advantages like lower interest rates and higher loan amounts, but a personal loan may […]
Personal Line of Credit vs Home Equity Loan: How to Choose
Personal lines of credit and home equity loans are both ways to borrow money. A line of credit borrows money from a financial institution, while a home equity line essentially allows you to borrow money from yourself. Knowing which one of these financing options is right for your situation will depend on your credit score […]