Guides
The explanations lenders do not write
Long-form answers to the questions that decide what borrowing actually costs: how underwriting works, why a rate differs, what happens when a payment is missed, and what the law requires.
52Guides published
89,733Words of explanation
Comparisons
Secured vs Unsecured Loans in Canada: The Rate-Risk Trade
Secured loans trade an asset for a lower rate; unsecured private loans cost more but risk less. How the trade works in Canada, and when pledging is a mistake.
New vs Used Car Loans in Canada: Rates and Terms Explained
Used vehicle loans usually cost more and run shorter than new car loans. Here's how collateral value and depreciation shape the rate and term you're offered.
Home Equity Loan vs HELOC: Which One Fits Your Goal?
A home equity loan gives you fixed instalments; a HELOC gives revolving access. Compare Canadian costs, risks and which secured option suits your goal.
Business Line of Credit vs Term Loan: Matching the Need
Match the financing structure to the need: how a business line of credit and a business loan differ, and why funding long assets with revolving credit fails.
Debt Consolidation vs Consumer Proposal: The Dividing Line
How to tell whether a debt consolidation loan or a consumer proposal is the right route, and what each one costs you in interest, time and credit in Canada.
Debt Management Plan vs Bankruptcy in Canada Explained
Compare a debt management plan and bankruptcy in Canada: what each does to your debts, assets and credit, who qualifies, and how to choose the right option.
Personal Loan vs Line of Credit: Which Fits You Best?
Closed-end certainty or revolving flexibility? Compare how a personal loan and a personal line of credit differ on cost, discipline and risk before you borrow.
Cost
Personal Loan Interest Rates Explained | Loanloon.ca
How personal loan rates are set in Canada, why two borrowers get different quotes, and how to compare APR against total cost, not just a headline rate.
Interest Rate vs APR in Canada: What You Actually Pay
APR bundles interest and fees, so it shows the true cost of borrowing better than the advertised rate. Here is how to compare loan offers in Canada today.
How to Find Your Mortgage Refinance Break-Even Month
Work out your mortgage refinance prepayment penalty, add legal and appraisal costs, then find the month your savings overtake the cost of refinancing.
Is Debt Consolidation Worth It in Canada? Cost Guide
Compare total cost, not monthly payment, when weighing debt consolidation. See how a line of credit and a loan differ, and what really decides the outcome.
Interest-Only Payments Hide a Balance That Never Falls
Interest-only payments keep the monthly cost low while the balance barely moves. See how the structure works and how to build repayment into your plan.
Pay Off a Personal Loan Faster: Penalties and Refinancing
Prepayment penalties explained, where extra payments save the most interest, and when refinancing a personal loan makes sense for most Canadian borrowers.
Personal Loan Fees: What to Pay, Fight, or Refuse in Canada
Which personal loan and cash advance fees in Canada are legitimate, which are negotiable, and which mean you should walk away — plus the rules that apply.
Cash Advance in Canada: What a Cash Advance Really Costs
A cash advance in Canada is not one product. Compare credit-card cash advances with payday-style advances, and see why interest starts charging immediately.
Cheapest Way to Borrow Money in Canada: Full Guide
Compare the structural cost of Canadian borrowing — secured loans, lines of credit, personal loans and payday loans — and why security and term set the price.
How Much Debt Is Too Much? Debt-Service and Cost Tests
Debt-to-income, GDS/TDS and total-cost measures show when borrowing is too heavy. Learn the tests lenders use in Canada and how to compare your options.
Credit
How to Improve Your Credit Score in Canada: What Works
What actually moves a Canadian credit score, how long proposals and bankruptcies stay on your report, and which popular quick fixes do not work in Canada.
Credit Report Errors: How to Dispute Them Free in Canada
Get your free Equifax and TransUnion credit reports, spot errors, and dispute them yourself at no cost — a plain Canadian step-by-step guide for borrowers.
Credit Utilisation Ratio: How It's Calculated in Canada
How a credit utilisation ratio is calculated per account and overall, how paying down balances changes it, and why it matters for a line of credit in Canada.
How Loan Applications Affect Your Credit Score in Canada
Hard vs soft credit checks, how rate shopping is grouped, and practical ways to keep a cluster of loan inquiries off your credit report and score in Canada.
Eligibility
How to Get a Personal Loan in Canada: Step-by-Step Guide
Learn the step-by-step process for a personal loan in Canada: what lenders actually verify, what to prepare, and how to compare offers online before applying.
How Much Can I Borrow in Canada? Why Income Sets the Cap
What determines how much you can borrow in Canada? Learn how income, debt-service ratios and lender rules shape personal loan amounts — not headline limits.
Debt-to-Income Ratios in Canada: GDS and TDS Explained
GDS and TDS show how much of your gross income goes to debt payments. Learn how Canadian lenders calculate both ratios and what ceiling they look for.
Co-Signer vs Guarantor in Canada: What Each One Signs
Co-signers and guarantors carry different legal obligations if a borrower defaults. Compare liability, credit impact and what lenders look for in Canada.
Bad Credit Loan Options in Canada: What Is Available
With a damaged credit file, options include secured loans, co-signers and alternative lenders. Here is what lenders look at, and which routes skip the score.
How to Get a Business Loan in Canada: What Lenders Want
A guide to business loans in Canada: what lenders underwrite, the documents to prepare, and why your time in business changes approval odds and pricing.
How Underwriters Assess Your Business Loan in Canada
Cash flow, debt service, customer concentration and security — what underwriters examine when you apply for a business loan in Canada, explained plainly.
Line of Credit for Bad Credit: Secured vs Unsecured
Secured and unsecured lines of credit for bad credit in Canada: how credit unions assess risk, what securing a loan costs, and what to check before you apply.
How Fast Can You Get a Loan in Canada? | Loanloon.ca
Learn why funding speed is a lender's decision, what actually slows a Canadian loan application down, and how quick online loans and instant approval work.
Products
How Car Loan Financing Works in Canada: Dealer vs Bank
Dealer financing versus bank vehicle loans, how vehicle age changes your rate, and what add-ons really cost — a plain guide to getting a car loan in Canada.
Should You Refinance Your Car Loan? The Break-Even Test
Run the break-even test before you refinance a car loan, spot the negative-equity trap, and see which fees decide whether switching actually saves money.
Negative Equity Car Loans in Canada: How to Get Out
Long terms and small down payments are the main causes of negative equity on a car loan. Here is how it builds up, what it costs you, and how to get out.
How a HELOC Works in Canada: Limits, Pricing, Payments
How a HELOC works in Canada: the 65% and 80% loan-to-value limits, why pricing floats with prime, and what interest-only monthly payments really cost you.
First-Time Home Buyer Loans in Canada: What to Know
Minimum down payments, default insurance and the key programs first-time buyers should check in Canada, explained clearly, with links to official sources.
Renovation Loan vs HELOC vs Refinance: A Canada Guide
A side-by-side look at home reno loans, HELOCs and mortgage refinances in Canada — how each is priced, secured, approved and repaid, and who each suits.
Small Business Financing Programs in Canada: A Guide
Federal and provincial business financing programs explained: how guaranteed lending reaches you through banks, credit unions and other lenders in Canada.
How Does a Line of Credit Work in Canada? | loanloon.ca
How a line of credit works in Canada: daily interest on the drawn balance, variable pricing, why limits get reduced, and how to apply for one, step by step.
Emergency Loans in Canada: Cheapest Order of Operations
Unexpected bill? See the cheapest order of operations for urgent loans in Canada, what fast loans really cost, and when formal debt relief is the answer.
Auto Loan Guide in Canada: Where the Real Cost Hides
How Canadian vehicle financing really works — from negotiating the price to lien registration, plus where dealer add-ons and interest hide in the total cost.
Secured Loans in Canada: Why Security Lowers the Cost
Secured loans cost less because the lender can seize an asset if you default. Learn what can be pledged, how lenders price risk, and when it's worth it.
Rules
Payday Loan Cost Cap in Canada: How the $14 Rule Works
Canada caps payday borrowing at $14 per $100. Here is how the 35% criminal rate, provincial caps and Quebec's ban actually apply to online payday loans.
Payday Loan Alternatives in Canada: Cheaper Routes First
Cheaper routes to try before a payday loan in Canada: due-date changes, instalment options, provincial assistance programs and what each really costs.
What Is the Criminal Rate of Interest? s. 347 Guide
Section 347 sets the criminal rate of interest at 35% per year. Learn how the calculation works, what it covers and why payday loans are treated differently.
Consumer Protection for Borrowers in Canada: Your Rights
Your disclosure and prepayment rights on personal loans in Canada, plus which regulator handles which lender — and how to escalate a complaint properly.
Filing a Lender Complaint: Ombudsman to Regulator in Canada
A plain-English guide to escalating a complaint about a lender in Canada: the lender, the ombudsman, then FCAC or your provincial regulator, and what to expect.
What Is the Canadian Mortgage Stress Test? B-20 Guide
Guideline B-20 sets the mortgage stress test for federally regulated lenders. See how the qualifying rate works and what it does to your borrowing power.
Consumer Proposal Explained: Filing, Creditors, Credit
How a consumer proposal is filed in Canada, what creditors must accept, how long it stays on your credit report, and how it affects your future borrowing.
How to Choose a Debt Relief Company: Warning Signs to Avoid
Warning signs of debt-settlement outfits, why they cost so much, and where free, licensed help actually exists in Canada — plus how to compare your options.
What Happens If You Default on a Loan: Collections & Credit
A missed payment triggers collections, credit damage, and for secured loans, asset seizure. Here is how each stage works in Canada and what the rules allow.
Understanding Your Loan Agreement in Canada: Key Clauses
Read your personal loan agreement before you sign. Prepayment, acceleration, security and default clauses in Canada, all explained plainly by loanloon.ca.
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