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Personal Loans

Wise decisions lead to wise borrowing

A three-step guide to borrowing wisely:

Start by matching the loan to your needs. Then ensure that the payments are within your means. Finally, look for a wide range of borrowing options plus personal assistance to help you choose the most appropriate. Which happens to be our approach to making personal loans. Check out the loan options shown below.

FirstOntario: Your Lender of Choice

Fixed Rate Loan - Surprises can be fun, but not where your loan payments are concerned. Our Fixed Rate choice is a no-surprise loan with the same payments through the term of the loan, no matter how interest rates fluctuate.

Variable Rate Loan - This is the loan option if you expect to make prepayments to your balance within the term, enabling you to repay the loan sooner than originally planned.

Car Loan - To be blunt: Auto dealers are very good at offering 0% loans, but buyers who choose them are not so good at managing their money. The only way to truly negotiate a rock-bottom price on a car is with cash in hand, which you’ll have with a pre-authorized car loan from FirstOntario. It may also qualify you for a cash rebate.

If you’re in the market for a new car or truck, talk to us first. We’ll help provide the clout you need to get the very best price, finance it at a competitive rate, and offer you the choice of monthly, bi-weekly or weekly payment options.

Student Loan - Higher education is a great long-term investment for everyone – the student, the community and Canada. That’s why we pay special attention to student loans, with extra features like a special Student Loan interest rate on loans up to $7500 per year (to a maximum of $30,000) plus the option of making interest-only payments each month and even defer payments from time to time. Payment can be postponed as long as six months after graduation. 

RRSP Loan - Does it really pay to borrow money in order to save money? Sure does, when you’re contributing to an RRSP with a loan from FirstOntario. Here’s how it works: We loan you the cash to make your RRSP contribution, you deduct the amount from your taxable income, and if your contribution generates a tax refund you use the refund to pay back much of the loan.

How much? Well, if you’re in a 50% marginal tax bracket and you borrow $8,000 to place in your registered plan, your refund could be $4000 , which you apply to your loan balance. Presto - you just increased your retirement nest egg by $8000 with a $4000 loan.
 It’s a retirement savings tactic worth discussing with us at a FirstOntario branch.

Consolidation Loan - If a cloud of high-interest debt from credit card debt hangs over you, blow it away and brighten your world. Trade all those expenses for one monthly payment on a FirstOntario Consolidation Loan at an interest rate that’s probably much lower than the one you’re paying now. You’ll save money, banish annoying collection calls, and protect your valued credit rating.

Investment Loans - Borrowing money to leverage an investment can generate exceptional returns, but it’s wise to have a knowledgeable partner along with you. We’ll provide the funds to make the investment and, through our affiliate Credential Securities Inc. and Credential Asset Management, we’ll purchase the stocks, bonds or mutual funds for your portfolio.

Other Loans - There are almost as many good reasons to borrow money as there are FirstOntario Members. So we provide almost as many kinds of loans, each with the usual FirstOntario payment options and at competitive rates. If your reason for borrowing hasn’t been covered here, visit a FirstOntario branch and discuss it with us.


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Personal Loans