Make certain the agreement is understood by you. Ask the lending company about whatever you don’t understand.

Make certain the agreement is understood by you. Ask the lending company about whatever you don’t understand.

If your wanting to sign your own loan contract, be sure you comprehend the conditions and terms.

Federally regulated loan providers like banks need certainly to provide you with the after information once you sign up for a personal bank loan:

  • quantity of the mortgage
  • Interest rate and whether it’s variable or fixed
  • term
  • re re payment amount
  • other costs and solution costs
  • optional solutions you accepted

Other loan providers, like some credit unions and alternative lenders, are under provincial or territorial regulation and might not be needed to provide these records.