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  • Personal loan interest rates will vary depending on the loan request and the loan applicant.
  • Personal loan interest rates are based on many factors such as if the loan is secured (asset pledged against the loan) or unsecured, the credit history of the applicant, the amount of the loan and the purpose of the loan, among others.
  • The interest rate on a personal loan can be either fixed or variable.
  • If the interest rate is fixed, it will not change for the term of the loan.
  • If the interest is variable, it can fluctuate, up or down, during the term of the loan.
  • The term of the loan is the length of time that you choose to pay the loan in full.
  • The term of the loan will determine the amount of your loan payments.
  • A shorter term means higher loan payments but lower interest costs.
  • A longer term means lower loan payments but higher interest costs.
  • Loan terms typically range from 1 to 7 years.
  • Personal loans can be repaid in part or in full any time without penalty.
  • Repaying your loan as quickly as possible saves you interest costs.

The following information will be required when applying for a loan:

  • Personal information (name, address, phone, email, birth date, marital status, social insurance number, etc.)
  • Financial information (details of what you own and what you owe, individualy and jointly)
  • Employment information (employer, occupation, salary, length of time worked, etc.)
  • Details regarding the purpose of the loan

Other information may be requested in order to evaluate your loan request.
If the loan is joint, all loan applicants will need to provide the required information.

  • A loan provides you with the approved amount of funds upfront and requires you to make regularly scheduled payments over a defined period of time until the loan is paid in full.
  • A line of credit provides you with a pre-approved borrowing limit that is attached to your chequing account and is available to you at all times. You borrow against your line of credit by making withdrawals from your account (in-branch, cheque, debit, ATM, etc.) and you repay the line of credit by making deposits to your account. You are charged interest only when you utilize the line of credit.