Different Types of Loans In Canada

There are seven common types of loans in Canada,
Mortgage Loans Issued for big purchases like cars, houses,
apartments, or business requirements Can be paid in five to twenty-five years
Major banks offer mortgage loans Short-Term Loans
Short-term loans are taken For purchasing products or services up to
$10,000 Can be paid in 12 to 24 months
Improve Credit rating Cash Loan and Advances
Cash loans include credit card advances. Easiest to apply
Range from $100 to $1000. Secured Loans
Secured loans have low interest rates. Require collateral meaning lands, houses,
or cars in order to qualify Unsecured Loan
Unsecured loans have Higher interest rates
Do not require any form of collateral Payday Loans
Payday loans solve Small financial problems
Interest rates get higher in case of delay in payments
Personal information is required Consolidation Loans
Consolidation loans put your entire debt payments into one payment. The interest rate is lower
Affordable to pay in a long-term. Choose your type of loan wisely

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