Understanding interest rates A simple definition of “interest rate” is the cost of borrowing money. When interest is charged on a loan, it means you’ll have to pay back more than you borrowed. But interest rates also apply to your savings — which are, in effect, a loan you’re ex...
Interac e-transfers (which are a form of e-transfer) can be used to send money to anyone in Canada. They are more common than wire transfers when sending money domestically because of their convenience (you only need a person’s email address or mobile number). Depending on the type of ...
For example, when interest rates rise, the market expects higher returns on their bond investments. This pushes the prices of bonds down, while its yield to maturity (coupon interest plus capital gain upon maturity) rises. If a bond is trading below its par value, it’s called a discount ...
GICs present very little risk and often have higher interest rates than savings accounts. The downside of a GIC is that you usually have to keep your money locked in for a set period of time ( from three months to as long as 10 years). It’s best not to go with a GIC unless you...
In general, a credit score of at least 660 gives you the best chance of approval, but it's hard to know the exact score an issuer will require when you apply for a credit card.
Some lenders may give you the option of providing an asset as collateral to secure your loan, which could result in a lower interest rate. Unsecured loans are easier to get but typically have higher interest rates. Alternatives to personal loans If your application isn’t approved, or you’re...
A benefit of these types of second mortgages is that lenders will loan you money at lower rates than credit cards or unsecured personal loans. What you do with that money is up to you, but home equity is one way to finance home renovations, purchase an investment property or pay for ...