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Canadian Personal Loans Article
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Personal Loans: Borrow Responsibly and Spend Wisely
Loan & Credit FactsPersonal loans can be a great source of emergency income when the borrowers’ understand all of the loan terms and have the ability to repay the loans.
Personal loans are usually unsecured loans. This means that there is no collateral such as your house or your car that secures the loan for the lender. Personal loans are usually approved based on a person’s credit history and projected ability to repay the loan.
What Can I Do With a Personal Loan?
You can do almost anything with a personal loan. Unlike a mortgage loan which must be used to purchase property or a car loan which must be used to purchase your car, a personal loan offers you a lot of flexibility.
The following are some common ways in which people use personal loans:
• A Wedding or Special Event. Many people dream of the perfect wedding but are unsure how they will finance the event. Weddings are very expensive but are also once in a lifetime events that you want your guests to enjoy and remember forever. It can be difficult to have the necessary money to pay all of the vendors. So, a personal loan may be a useful way to finance the wedding of your dreams.
• To Consolidate Debt. If you qualify for a personal loan with a good interest rate, then you might consider consolidating all of your credit card debt into one personal loan. This will help you keep track of your finances and could even lower your monthly payments.
• A Vacation. There comes a time when everyone needs a vacation. It is good for our mental health and personal relationships. However, it can be difficult to have the money ready to pay for a vacation in full. So, it can be useful to take out a personal loan and repay it over time.
• An Emergency. Whether it is a health emergency or a necessary house repair, we all get hit with unexpected financial emergencies. A personal loan can help alleviate the stress and give you the necessary funds to address your emergency without worrying about how to pay for it.
Personal loans can be very useful in a variety of situations. It is important for potential borrowers to shop for the best interest rates, especially if they have bad credit or are considered high risk borrowers. Borrowers should take care to use personal loans responsibly and make payments on time.
When personal loans are used wisely, they can greatly improve the quality of a borrower’s life.
Canadian Personal Loans Specific links
Canadian Personal Loans News
RBC, Toronto-Dominion Post Higher Profits on Loans - BusinessWeek
 National Post | RBC, Toronto-Dominion Post Higher Profits on Loans BusinessWeek Royal Bank posted higher earnings from Canadian consumer banking on growth in deposits, mortgages and business loans, while Toronto-Dominion benefited from record profit at its US consumer-banking unit and a rise in auto lending, credit cards and ... RBC, TD Profits Climb, but Divergence Appears in US TD Bank Group Reports Second Quarter 2012 Results Royal Bank of Canada reports second quarter 2012 results |
Canadians households could withstand 40 per cent drop in house prices - Toronto Star
Canadians households could withstand 40 per cent drop in house prices Toronto Star Dana Flavelle Business Reporter Canadian households could withstand as much as a 40 per cent drop in house prices without defaulting on their loans, a report by the debt-rating agency DBRS says. The agency isn't saying Canadian house prices are at risk ... |
US deal helps push BMO profit past expectations - Reuters
 CBC.ca | US deal helps push BMO profit past expectations Reuters But commercial lending, which has been slow to recover from the financial crisis, should pick up, Frank Techar, BMO's head of Canadian personal and commercial banking, said on a conference call. "The March and April year-over-year loan growth rates ... Bank of Montreal Management Discusses Q2 2012 Results - Earnings Call Transcript BMO Financial Group posts 27% increase in Q2 profit, beats analyst estimates BMO results show nothing beats strong domestic franchise |
BAY STREET-Resilient Canadian banks may go unrewarded - Reuters
BAY STREET-Resilient Canadian banks may go unrewarded Reuters * Big lenders to report modest quarterly profit gains * Acquisitions, steadiness in loans to boost earnings * Trading revenue expected to hold back results * Bank of Montreal first to report on Wednesday * Greek debt crisis complicates outlook By ... |
EZCORP Promotes Mark Kuchenrither To Executive Vice President - MarketWatch (press release)
EZCORP Promotes Mark Kuchenrither To Executive Vice President MarketWatch (press release) Through more than 1200 company-operated pawn, buy/sell and personal financial services stores in the US, Mexico and Canada, we provide a variety of instant cash solutions, including pawn loans, consumer loans, and fee-based credit services to customers ... |