The opinions noted below are of Loans Canada and not of the Toronto Star.
A personal loan is an unsecured loan, meaning there is no collateral involved as seen with a mortgage or a car loan. These types of loans are typically on the small side but can range anywhere from $1,000 to $50,000 or more. Larger personal loans may require better credit and often come with stricter requirements. But, this doesn’t mean that consumers with lower credit may not be eligible. The personal loan options outside of traditional financial institutions are varied and cater to a wide variety of borrowers.Â
We’ve identified four personal loan options to help Canadian borrowers make the best decision for their unique financial needs.Â
How To Choose The Best Personal LoanÂ
- When researching, it’s important to consider these factors:
- The overall cost, including interest rates, fees, penalty charges and…
