We’ve put together Canada’s data on personal and unsecured loans. Consumer reviews, editor reviews, lenders rates, and everything else you need to get the optimal rate and terms. Rates can be as low as 3%-6% with a high credit rating. The top reason is generally to consolidate other high interest debts. When your credit card is hitting you at almost 20%, rolling into a personal loan at half that rates becomes a money saver.
The best rates are generally found at your current bank, or a local credit union. Of course that may not always be the case, rates depend on your credit score and job. Read our thousands of consumer reviews to find a lender.
Lender Reviews:
| Lender | Rating |
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Scotiabank User Ratings: read reviews [rwp_box_criteria id=”0″ post=”8″] |
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Royal Bank User Ratings: read reviews [rwp_box_criteria id=”0″ post=”12″] |
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CIBC User Ratings: read reviews [rwp_box_criteria id=”0″ post=”10″] |
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TD Canada User Ratings: read reviews
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HSBC User Reviews: read reviews
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Mogo Money User Reviews: read reviews
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Borrowell User Reviews: read reviews
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Can you explain all of these banking terms to me?
Of course, here is our simple glossary with the common loan terms you will see from lenders.
- Amount loaned — The amount you will be borrowing
- Annual Interest Rate — The amount of interest that will be charged per annum.
- Annual Percentage Rate (APR) — This differs from the annual interest rate because it must include all fees and service charges imposed on the loan.
- Term — the life of the loan, in years.
- Date of Advance — this is the date that the banks will start charging you interest.
- Payments — how much your monthly payments will be, and when the payments are due to the bank.
- Amortization Period — how long it will take if all payments are made on time to pay off the loan.
- Other Fees — any other fees that may be charged, including an insufficient funds fee.
If the loan is variable, the same information must be provided, but one additional item must be given. Specifically, how the rate is determined.