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).
Apply for a term loan.
Own your loan, step-by-step.
Personal loans, also called term or installment loans,
are used to finance major purchases over a pre-determined period of time.