Personal Loans in Toronto Ontario.
Personal Loans in Toronto Ontario
A personal loan is a fast and convenient way to borrow funds when the occasion arises. Typically, if you own real estate it is easier for you to obtain credit, in addition, with lower interest rates. However, if you are currently renting or living with family you are eligible to apply for a personal loan. This enables borrowing solutions regardless of the fact if you do or do not own real estate.
Reasons for a Personal Loan
- Home renovations
- Rent deposit
- Purchase deposit
- Unexpected expenses
- Debt consolidation
- Pay off higher-interest rate credit cards
- Automotive repairs
- Funeral expenses
- Wedding expenses
- Discharge your consumer proposal
- Build credit
- Mortgage arrears
- CRA income or HST arrears
Personal Loan Features
- Borrow between $5,000 – $35,000
- Very competitive annual percentage rate as low as 9.9%
- No penalty to repay your personal loan early
- 24 – 72 hour funding turnaround time
- Your personal loan will report to Equifax Canada
Difference Between a Personal Loan and a Mortgage
The main difference between a personal loan and a mortgage is that a personal loan is not secured against real estate. For this reason personal loans are considered to pose as a higher risk than a mortgage, and usually carry higher interest rates than mortgages do. You do not need to currently own real estate to apply for this person loan, in fact you can be renting or living with family. Unlike a mortgage, a personal loan doesn’t come with certain costs such as an appraisal or legal fees. Although unsecured loans usually have higher interest rates than mortgages, the fixed costs associated with mortgages such as an appraisal and legal fees add weight to the loan sizes. We will analyze both options for you based on cost and what is most suitable for your situation.
Feel free to contact us at anytime to learn more about personal loans in Toronto Ontario.