Personal loan
Fixed-amount credit repaid on a schedule. Verify the annual rate, every fee, total repayment, security and late-payment consequences.
Educational guide · no universal offer
Types of loans in Canada
The right form of credit depends on the need, total cost, repayment schedule and rules in your province. Rates, amounts, fees and eligibility remain unknown until a current product-specific source confirms them.
Four credit families to distinguish
Instalment loan
Scheduled payments over a defined term. The category name does not guarantee a lower cost or particular eligibility.
Line of credit
Revolving credit whose cost commonly depends on the balance used and time outstanding. Verify whether the rate can change and whether security is required.
Short-term credit
Credit with a near repayment date that may be subject to specific provincial rules. Confirm licensing, permitted cost and the agreement through current official sources.
Compare equivalent documents
Do not compare an advertisement with a contract. Use the same amount, term and evidence date.
- Confirm the provider’s legal identity and the licence or status applicable in your province.
- Request the current written disclosure for the exact product.
- Compare the annual rate, every fee, total repayment and all dates.
- Check late-payment consequences, collection, privacy and the complaint process.
- Treat every value without a current source as unknown.
Frequently asked questions
Which type of loan costs the least?
No category is always cheapest. Compare total cost and conditions in current disclosures for the same amount and term.
Does Credizen publish average rates or amounts?
Not when they lack a current product-specific source. A historical average is not an offer.
Do the same rules apply across Canada?
No. The framework depends on the provider type, product and province. Check the relevant federal and provincial sources.
What should I verify before applying?
Verify the entity, applicable licence, total cost, every fee, dates, late-payment consequences, privacy and complaint process.
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