Personal loans can be used to finance purchases of a wide range of personal goods including automobiles; furniture and appliances; recreational equipment, rrsp and investments. Etc. Since interest rates on personal loans are usually lower than credit card interest rates, personal loans are beneficial in consolidating debts to lower monthly payments and interest costs. The interest rate charged on personal loans depends on a number of factors including the purpose of the loan; the security taken; the term length of the loan; the degree of risk and the amount of business that a client does with the financial institution.
Features include:
- Flexible term lengths
- Competitive fixed or variable interest rates
- Personally tailored payments can be weekly, biweekly, semi monthly, and monthly
- Consumer loans covering everything from RRSP purchases to vehicles
- Loans are open to pre-payment or payoff at any time without penalty
- Life and disability insurance available
