As the name suggests, a personal loan is used for individual needs or wants of the borrower’s choosing. Unlike a mortgage or boat loan, it is not approved for a specific purpose. People take out personal loans to pay for vacations or weddings, for instance. Other reasons borrowers get them are to make home improvements, consolidate credit card debt, or if money is needed for a sudden emergency.
Little over a year ago, there was no leading voice in the “alternative” lending space in Canada; no industry association to advocate on its behalf or network to help establish and spread best practices. Fortunately, those resources are now available to the industry through the Canadian Lenders Association (CLA), an industry association dedicated…
Private loans come in all shapes and sizes and can be used for many purposes. They are termed private because the proceeds do not come from a government entity (common with student loans), or banks and credit unions (as do many business loans).
here are many types of personal loans available today which enable borrowers to choose from a wide variety of funding options. Choices include small loans from friends and family to larger loans to finance ventures such as education or starting a new business. Flexibility in lending, in addition to more financial products, makes it easy to find funds with payment terms to fit any budget.
Business owners of any kind who need money to start, improve, or expand their companies usually apply for secured business loans. This type of loan is similar to mortgages or automobile loans, for instance, because security collateral is required by the lender.
Boat loans provide the funds needed to purchase a new or used boat for water activities like fishing, water skiing, sailing, and sometimes, living.
Home renovation loans are ideal for the homeowner who has lived in a neighborhood they love in their perfect home for several years, but wants to improve or expand the house even more.
Title loans let individuals get cash in exchange for the lender holding title to the vehicle until it is repaid. And the cost for these loans is many times over the cost of the average installment loan.
In recent years digital financial tools have drastically changed the average Canadians’ relationship with their money, but such innovations pale by comparison to what may be coming next. A panel of FinTech experts representing startups, established players and traditional financial institutions recently convened at the Ryerson DMZ in downtown Toronto for a discussion about…
Countless business owners run into difficulties when they try to apply for business loans. They may be denied a loan from a bank due to bad credit, have a start-up company, or not enough revenue to justify a bank loan. Private business loans fall into a category of funding that comes from lenders other than banks or traditional financial institutions.