Personal loans in Ontario: the basics.
Whether you’re planning for a big expense — like a wedding or a renovation — or looking to consolidate existing debt, taking out a personal loan is a way to get the funds you need but don’t already have in your bank account.
A personal loan is one way to borrow money and pay it back in instalments, usually over six months to five years. The total cost of a personal loan, which typically ranges from $100 to $50,000, is the amount that was initially borrowed plus the applicable interest and any additional fees or service charges.
Here’s everything you need to know about your options, and which personal loans may not be quite as good as they seem: