Types of Loans in Canada

The COVID-19 pandemic brought life as we know it to a standstill, with many individuals suffering both personal and financial losses. As the world slowly regains its footing of normalcy, you might have realized that you want to pursue your dreams of opening a business or building a house. One way to achieve this is by taking out a loan, especially if money is tight.

A loan is a certain amount of money borrowed from a financial institution like an online lender, credit union, or bank that is paid back with interest upon a predetermined date. According to statistics, the interest rate on loans in Canada has dropped in the past few years, meaning now’s the right time to avail of one if required. There are different types of loans you can apply for in the country, so keep reading as we break down several of them:

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