Personal loans, also called term or installment loans,
are used to finance major purchases over a pre-determined period of time.
Own your loan, step-by-step.
Apply for a term loan.
Money you borrow through a personal (term) loan is deposited directly into your chequing account, all at once, and must be repaid within a certain time frame (called the loan's 'term').
They're used to make specific purchases purchases, like a computer or mattress.
You and your lender will agree on how often you'll make principal and interest payments and how long until you pay the loan back (its term).