Personal Loans
Personal loans are a type of loan in which a borrower gets a fixed dollar amount and agrees to repay that amount plus interest over a fixed period of time. When looking for a personal loan, it is important for you to know what you are getting into, such as what fees may be involved. Take the time to look into your options and to read any loan agreement carefully before signing it.
Questions to ask before getting a personal loan
- Do you need to spend this money now, or could the purchase or expense wait until you have saved up for it?
- What types of fees are charged?
- Will the interest rate change and, if so, will you still be able to afford the loan payments?
- What would happen if you missed a payment?
- How would this debt affect your budget? Will you be able to make the required payments on this loan or on the other debts you have?
All about personal loans
- Personal Loans: Your Rights and Responsibilities – what you need to know before you get one
Related Resources
- Budget Calculator
Plan your budget to help achieve your financial goals - Mortgage Calculator Tool
What type of mortgage is right for you? - Mortgage Qualifier Tool
Do you qualify for a mortgage?
- How can I get more information on student loans?
- If I co-sign a loan, am I responsible for the debt if the primary borrower can't repay the loan, even if my relationship with the primary borrower has changed?
- Can my financial institution make me take out insurance when I apply for a loan or a mortgage?
- How was the interest rate on my loan calculated?
- What's the difference between coercive tied selling and beneficial tied selling?
- What information must my financial institution give me when it grants me a loan?
About FCAC
For Consumers
- Banking
- Budgeting and Money Management
- Credit Cards
- Payment Options and Money Transfers
- Mortgages
- Credit and Loans
- Savings and Investments
- Insurance
- Fraud
- Your Rights and Responsibilities
For the Industry
Educational Programs
For Partners
For the Media
Resources
- Tools and Calculators
- Publications
- How to Lodge a Complaint
- Frequently Asked Questions
- Multimedia
- more resources...
Transparency
Footer
