Personal loans in Quebec: the basics.
You may want to get a personal loan to help pay for a major purchase (such as a car), top up your RRSP, renovate your home, start a business, or consolidate your debt.
Personal loans usually have a fixed or a variable rate and must be paid back within a certain period of time (typically one to five years). Loan payments are made monthly, and the payment consists of the money owed along with interest.
Most people think of traditional lenders — such as banks and credit unions — when they consider getting a personal loan. However, the number of online personal loan companies has flourished in recent years. You can now apply and get approved for a loan without leaving your house.
Read on to learn about how to get a loan, the kinds of loans available, and when it makes sense to apply for one.