Bank loans represent both secured and unsecured loans that are to be repaid by the borrower with interest on or before a fixed maturity date. The loan payments may be made monthly, semi-monthly, bi-weekly or weekly, with loan maturity dates commonly ranging between one to five years. The amortization period may be one to five years for personal loans, and as long as 25 years for a residential mortgage.
Banks generally offer the lowest interest rates, and the interest rate will vary based on the borrower’s individual credit rating, credit and employment history, annual income and relationship with the bank. Common types of bank loans include:
- Mortgages, which are secured against a residence or other property
- Vehicle loans, which are secured against the vehicle
- Personal loans, which may be secured or unsecured
- Personal lines of credit, which may be secured or unsecured
- Overdraft protection, which is usually unsecured
Can’t pay back your bank loan?
To avoid legal action and get protection from the bank, contact us today. We will review your options and discuss a consumer proposal or personal bankruptcy debt restructuring plan that is best for you.
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