Popular articles about loans
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How to Get a Home Improvement Loan in Canada?
Home improvement projects can breathe new life into your home, but they can also come with a hefty price tag. That’s where home improvement loans can be a game-changer. Whether you want to renovate your kitchen, add an extra bathroom, or give your home a fresh coat of paint, a home improvement loan can provide […]
Thinking of Co-Signing a Car Loan in Canada? Here’s What You Should Know
A friend or family member needs help getting a car loan, and you’re thinking about co-signing? By doing so, you would be legally on the hook for the loan if they can’t pay up. This isn’t just a casual favour; it comes with real financial and legal strings attached. In this article, we’ll explore what […]
The 5 Best Sources of Low-Interest Loans in Canada
Looking for a low-interest loan in Canada? You’re in luck! In this article, we will explore the top 5 sources of low-interest loans in Canada. Whether you’re planning to buy a new car, renovate your home, or consolidate your debt, understanding low-interest loans and the factors to consider when choosing a loan can help you […]
Stop Searching for ‘Loan Sharks Near Me’: Here Are Safer Alternatives Available in Canada
No one is immune to financial struggles, and sometimes, we find ourselves in dark waters, where loan sharks are circling, presenting seemingly easy solutions to our problems, but instead, they drag us deeper into the abyss of debt and despair. Loan sharks charge annual interest of more than 60%, defined as a criminal rate in […]
The Ultimate Guide to Bad Credit Business Loans in Canada
Are you a Canadian business owner struggling to secure a loan due to bad personal or business credit? Don’t worry, you’re not alone. Many entrepreneurs find themselves in this predicament, and it can be frustrating. However, with the right knowledge and strategies, you can still access the funds you need to grow your business. In […]
Loan vs Line of Credit in Canada: Which One Is Right for You?
Are you considering borrowing money in Canada? If so, you may be wondering whether a loan or a line of credit is the right choice for you. Both options have their own advantages and disadvantages, so it’s important to understand the basics before making a decision. In this article, we’ll explore the key differences between […]
The Ultimate Guide to Installment Loans in Canada
In today’s fast-paced world, managing finances effectively is crucial. While many Canadians face unexpected expenses or need some extra cash for major purchases, traditional loans may not always be the best option. This is where installment loans come into play. In this comprehensive guide, we will explore everything you need to know about installment loans […]
The Ultimate Guide to Line of Credit Loans in Canada
If you’re in need of some extra cash, but don’t want to be tied down to a traditional loan, a line of credit loan could be the perfect solution for you. In this ultimate guide, we will cover everything you need to know about line of credit loans in Canada. How Does a Line of […]
The Ultimate Guide to Car Title Loans in Vancouver
Are you located in Vancouver, British Columbia, own a vehicle, and find yourself in need of extra cash? If so, a car title loan can be a viable option to consider. In this ultimate guide, we will delve into the ins and outs of car title loans in Vancouver, BC, giving you a comprehensive understanding […]
The Best B Lenders in Canada: A Guide to Borrowing Outside the Bank
Are the best B Lenders in Canada all they’re cracked up to be? When it comes to loans, big banks live rent-free in our head, they’re the first thing we think of when we need financing. However, standing just outside the spotlight are the B Lenders, waiting for their chance to shine. They’re more likely […]
Best Private Lenders for Personal Loans in Canada
It’s time to talk about private lenders. Nothing kills your vibe quite like an unexpected expense or a big purchase you can’t avoid. Then you have to apply for a personal loan from your bank and play phone tag for weeks, assuming you have good enough credit to qualify. If you don’t, well, you know […]
Payday Loans In Canada: What You Need To Know
Payday loans may seem like a saving grace when your emergency fund is down for the count. Unexpected expenses always seem to happen in rapid succession. But quick cash can turn into debt quicksand if you don’t understand how payday loans work in Canada. We’ll tell you everything you need to know about payday […]
Frequently asked questions about loans
How to calculate interest rate on a loan?
Most loans charge interest at a compounding rate. This means that instead of interest being accumulated on just the principal of the loan, it accumulates on both the principal and accumulated interest. To calculate compounded interest rate on personal loans, enter the variables into the various fields until the “Total interest” number on the right equalizes the total interest payments you will be expected to pay over the life of the loan. The rate at which that happens is your interest rate on the loan.