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Different Types OF Loans In Canada | Simplycash

The types of loans in Canada are so varied that it’s important to do some research before taking the plunge. To learn which types of loans would suit you and your specific needs, let’s take a look at some of the most common types of loans in Canada.

Types OF Loans1] Payday loansPayday loans are short-term, high-cost loans that are typically due by your next payday. States regulate payday lenders differently, which means your available loan amount, loan fees and the time you have to repay may vary based on where you live. And some states ban payday lending altogether.To repay the loan, you’ll typically need to write a post-dated check or authorize the lender to automatically withdraw the amount you borrowed, plus any interest or fees, from your bank account.

2] Payday alternative loansA payday alternative loan is a short-term loan offered by some federal credit unions. A PAL is designed to be more affordable than a payday loan. Payday alternative loan amounts range from $200 to $1,000, and they have longer repayment terms than payday loans — one to six months instead of the typical few weeks you get with a payday loan.

3] Short Term Loans

Are you buying a car, taking a vacation or buying an engagement ring? You want to enjoy life but might need a short term loan to reach your goals. Short term loans usually have terms from 12 to 24 months. Short term loans are typically given for amounts between $500 to $20,000 and are fairly easy to obtain from a number of lenders.

Depending on your circumstances, you might ask for the longest term possible to reduce your monthly payments. However, you may also want to consider taking a shorter term and paying down the loan faster, as this will help you build up your credit rating.

4] Cash Advances Loans

Cash loans, such as credit card advances, are easy to obtain. However, they are usually for smaller amounts, like a few hundred dollars. Be a savvy borrower: know that if you opt for a cash advance with your credit card, you’ll pay the interest starting the day you borrow, not the next month as with many other types of loans. And remember that credit card and cash advance interest rates are among the highest of all types of loans. It’s easy to forget to budget for the interest involved with a cash loan, so make sure you have the funds to pay down a cash loan before you borrow. It’s all too easy to get bogged in debt and interest payments if you’re prone to getting cash loans or credit card advances impulsively.

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