How many loans have you had so far? I’ve only had three if you count our mortgage.
Can you remember getting your first loan? I can remember my first one. It was a student loan for school. I was moving from my hometown of Brantford to Toronto to go to College for a jewelry course.
Just moving from my parents home to the big city was a huge experience let alone the hassle of trying to figure out all the information about student loans and how to fill out the paperwork properly.
Somehow I got through it all and I did manage to get a student loan to help me pay for my course and supplies.
The next loan that I ended up getting was many years later when we purchased our first car. Student loans and personal loans are very different in the way you apply for them, and interest rates. It was a new experience.
I’m actually not a very big fan of having to borrow money but as a home owner there’s pretty much no way to get out of having a loan at some point because even a mortgage for your house is a loan isn’t it? Luckily, now that we own a home it will be even easier to get a loan in the future. In fact we’ve been thinking of getting a loan, maybe this coming summer so that we can finish the renovations on our home. This time round we’ll look into secured loans as we can use our property to secure the loan and we’ll probably get a lower interest rate on the loan that way.
If you want to learn more about loans you can visit Select Loans. The site explains the different types of loans that are available, and even suggests some sites and companies to get quotes for loans too.
If you have poor or no credit history, or your credit record is not good, your loan may be approved, but the lending rate will knock your socks off. Be sure to read the fine print before you apply for any credit or credit card.
Yeah, my mortgage is still the biggest loan I’ve taken out. It’s also very cheap finance if you know how to use it properly. So where some people might think it’s a noose around your neck, I like to see it as opportunity money which even the likes of Donald Trump have used to their advantage.