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What is an ETF? + MORE Jul 11th
If you want to think about it in really simple terms, an ETF is like a meal kit. How’s that? Well, if you’re someone who enjoys good food, but doesn’t necessarily consider yourself a good cook, you might pick up a meal kit, because it contains all of the pre-selected elements you need to prepa.... More »
How life insurance can protect from debt risks + MORE Apr 5th
Q: Our 19-year-old son has been accepted into an aviation program. The cost of the program is $100,000. Government Student Loan funding is not enough to cover the program cost, therefore we looked into a student line of credit. Unfortunately, a pilot was not listed as a profession that would ge.... More »
House rich: How to access the equity in your home + MORE Nov 21st
With the national average home price up a record 18.5% in August 2020 compared to the same time last year, more Canadians than ever have a significant portion of their wealth tied up in their homes.
Who are these “house rich” homeowners? They range widely—from retirees on a fixed income, to ba.... More »
How much money does the government contribute to an RESP? + MORE Feb 13th
Whether your child eventually goes off to university, enrolls in a college program or is interested in another type of schooling, there’s no way around it: post-secondary education is pricey. In Canada, the average undergraduate tuition fee for the 2022–23 school year was $6,834. Over four yea.... More »
Webull Canada Review 2024 Feb 20th
Webull has arrived in Canada recently. The buzzy stock trading platform, which has 11 million customers around the world, announced on January 2 that it was accepting applications for Canadian accounts. Should you use Webull?
Is Webull available in Canada?
Yes. Webull Corporation, a pop.... More »
The Difference Between a Secured and Unsecured Loan
– ratesupermarket.ca
The two most common types of loans are secured and unsecured loans. Whether you’re looking to borrow money for a new car or even a vacation, it’s best to understand your options before applying.
What is a secured loan?
Secured loans are generally more customizable and negotiable. They can have either have a fixed or variable interest rate and can last for a set or variable amount of time.
You can likely borrow a lot more at a lower interest rate with a secured loan, because you are generally required to put up some form of collateral for approval. A common example of a secured loan is a mortgage, in which your home is the collateral. If you are unable to make your mortgage payments, your house can be taken away, in what’s known as foreclosure.
And though your credit history will be considered, your current credit score doesn’t bare as much weight in the approval process. Secured loans can still be a great option for those who are having a hard time getting a loan due to their poor credit rating…