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