Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Last call for mortgage approvals under the current rules….and an in-depth look at how these new rules will impact YOU in 2018.
– canadamortgagenews.ca
TIME IS ALMOST UP.. With just days to go before the new mortgage rules take effect on January 1st, we are seeing a flurry of mortgage applications. Panic buying and … Continue Reading Last call for mortgage approvals under the current rules….and an in-depth look at how these new rules will impact YOU in 2018.
Personal Loan Vs. Line of Credit: Which Should I Get?
– ratesupermarket.ca
In today’s ever-evolving market of loan products, it can sometimes feel like there are too many options to choose from – and each with its own complex fine print. Obtaining a line of credit or personal loan from a bank or lender has been a common way for Canadian consumers to get a cash injection for decades.
But what are the differences between the two? And when may someone be advised to apply for a personal loan over a line of credit, or vice versa?
Why should I get a line of credit?
A line of credit has many similar features to that of a credit card, allowing the consumer to borrow money up to a pre-set limit. The borrower can use the funds however they choose and can spend as little or as much of the allotted credit. Most lines of credit also offer interest-only payment agreements, allowing the borrower to pay back the principal balance at any time.
Personal lines of credit may be secured or unsecured, but borrowers are advised to apply for secured lines of credit when possible…
