Banking/Alternative Financial Institutions

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Can I borrow from my bank?

Information about the different types of loans that are available from your bank or financial institution.

Payday loans

Short term, high-interest loans

Installment loans

High-interest loans, usually from $500-$15,000

Car title loans

High-interest loans that are secured against a vehicle. The vehicle can be repossessed if the loan repayment terms aren’t adhered to.

Rent-to-own loans

Items such as furniture, electronics, and home appliances, are rented in exchange for regular payments, with the option to purchase. Often the cost of borrowing is higher than buying the item outright.

Find out more:

Ontario Securities Commission – questions to ask before you borrow | Canadian Centre for Financial Literacy – information about bank and credit union services