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Secured – Unsecured Loans: View Your Loan – Line of Credit Options – CIBC #best #loan #rate


#on line loans
#

Secured vs. Unsecured Loans

If you’re considering applying for a loan or line of credit to help with a major purchase, you have a choice between secured and unsecured lending options. Secured loans and lines of credit are secured against your assets, resulting in higher borrowing amount and lower interest rates. Unsecured loans allow for faster approvals since collateral is not required.

When to consider unsecured loans and lines of credit

The main advantage of an unsecured loan is faster approvals and less paperwork. Unsecured loans are generally harder to obtain because a better credit score is required, since your loan would not be secured by any assets or collateral.

While unsecured loans might be obtained more quickly, it’s important to remember you’ll likely pay a higher interest rate. The four most common reasons why clients choose unsecured loans are for buying a car, home renovations, medical bills and education costs, and debt consolidation.

Car loans take less time to process than a secured loan, and interest rates are very competitive

Taking out an unsecured personal loan for home renovation projects is ideal, because you can access funds quickly to complete projects with predictable costs

For ongoing expenses such as paying tuition or covering the cost of medical bills, you may be interested in an unsecured personal line of credit

If you have outstanding debts, consolidating them with a personal loan can help. With interest rates that are lower than credit cards, this solution can help you manage your monthly payments.

When to consider secured loans and lines of credit

The primary advantage of a secured loan or line of credit is that you can generally gain access to more money, because you’re backed by the security of your assets.

Since secured lending products require collateral, the approval process can be longer as the collateral must be processed and verified. This initial due diligence can be worth the extra effort since you’ll benefit from lower interest rates. Large home renovations and debt consolidation are two instances in which you may elect to use a secured loan or line of credit.

Unlike smaller renovations, you may want to go through the process of obtaining a secured lending product when you’re looking at more extensive changes to your home. A secured line of credit would give you access to a larger credit limit with a lower interest rate, that you could access on an ongoing basis for large projects.

If you have outstanding debts, a personal loan secured by your current assets (like property or a line of credit) can help you consolidate debts into one loan. With lower interest rates than most credit cards, a personal loan can help you manage your monthly payments. A secured line of credit also offers convenient access to low-interest funds to help consolidate and pay down existing debts.

Apply for a loan or line of credit with CIBC

No matter what your borrowing needs are, CIBC has secured and unsecured loans and lines of credit that can help you meet your financial obligations. You can apply for a loan or line of credit online, or speak with a CIBC advisor at 1-866-525-8622 if you have questions, or would like to learn more about possible lending options.


Student Loan Consolidation: Learn What to Expect – CIBC #payday #loan #no #credit #check


#school loan consolidation
#

Understanding Student Loan Consolidation

Following graduation from college or university, you may be one of the thousands of students facing loan repayment. Up to 60 percent of the cost of your education may have come from federal student loans administered by the Canada Student Loan Program. If you needed more financial assistance, you may have explored provincial or territorial loans. Finally, you may have accumulated private loans and lines of credit offered by banks to help you meet the costs of your education.

It’s paramount that you know where your loans came from so that you can be prepared to repay them in a timely fashion. You may receive correspondence from the government regarding student loan consolidation, and it’s also important that you understand that process and what it means to you.

Which student loans are consolidated?

The possibility of Student loan consolidation depends on the province or territory in which you live. If you took out both federal and provincial loans, they will automatically consolidate if you live in:

  • New Brunswick
  • Newfoundland and Labrador
  • Ontario
  • Saskatchewan

These provinces allow you to apply for both loans with one application, and after graduation, they consolidate the student loans via the Integrated Student Loans program. You’ll pay only one loan to satisfy both debts.

There are some provinces and territories that only offer one type of loan, either federal or provincial/territorial, so you’ll only have one loan to repay anyway. These include:

  • Nunavut
  • The Northwest Territories
  • Quebec
  • Yukon

In all remaining provinces, you could apply for both federal and provincial loans with one application, but these student loans will not be consolidated upon graduation. That means you’ll have to be sure to repay each loan separately. This is the case if you live in:

  • Alberta
  • British Columbia
  • Manitoba
  • Nova Scotia
  • Prince Edward Island

When do I start repaying my student consolidation loans?

You have a grace period following graduation before you have to start repaying your government loans whether they are consolidated or not. This grace period lasts six months. In that timeframe, you’ll receive paperwork regarding your loans so you know how much you owe, how much interest you’re paying and where to send payments. Take note that interest starts accumulating upon graduation.

Can I consolidate private student loans?

In a manner of speaking, you can consolidate private student loans held with a bank. For example, if you took out a loan or line of credit from another institution but found that CIBC had a more competitive interest rate, you could apply for the Education Line of Credit to satisfy those debts. To determine whether you’d be eligible for this, you’ll want to speak to a CIBC advisor at 1-866-525-8622 .


Home Equity Calculator: The CIBC Home Equity Loan Calculator #loans #nz


#home equity loan calculator
#

Try our other tools

This calculator will add a file, known as a local shared object or a Flash cookie, to your computer. This file contains configuration information, as well as information you enter and the calculator results you are presented. CIBC does not use the information in local shared objects for analytical or other purposes. You can remove all local shared objects created by CIBC Flash tools from your computer using instructions found here .

1 For illustration purposes only. The results of the Home Equity Calculator are based on information you provide. Applicants must meet CIBC lending criteria.

2 To qualify for a CIBC Home Power Plan Line of Credit, you must have more than 35% equity in your home. Minimum Line of Credit amount is $10,000.

3 Home Power mortgage: Access up to 80% of the appraised value of your home, or of your non owner-occupied rental properties of up to four units. Minimum Home Power Mortgage amount is $10,000.

4 Applicants must meet CIBC Lending criteria.

/ Trademarks of CIBC.

* Interac is a Reg. TM of Interac Inc.; CIBC auth. User.


Debt Consolidation: Get Tips on How to Pay Debt Off – CIBC #quick #personal #loans


#consolidating debt
#

Learn How Debt Consolidation Works

Even if you don’t have a stack of credit card bills with high interest rates, you may have school loans, car loans or high-interest loans. There are ways to manage your debt so you can pay less in interest, minimize monthly payments and eventually eliminate these loans altogether. Consider these three ways to reduce your debt.

1. Look for lower interest rates

A lower interest rate allows for a higher portion of your payments to go towards paying off the principal of the loan, so you can pay off the debt faster. Here are a few ways to get a lower rate:

  • Request a lowered interest rate from your credit card provider
  • Open a lower interest credit card, and make a balance transfer
  • Move balances off of cards with especially high interest rates, and onto cards that can minimize these charges

2. Consolidate debt with loans or lines of credit.

Not only will debt consolidation help you better organize your monthly payments, but it should also allow you to pay less in interest than all your previous rates combined. Here are just a few ways you can combine and manage your debt:

  • Apply for a debt consolidation loan, and then pay just the single monthly payment on your new loan
  • Open a line of credit rather than taking out another loan, then repay the line of credit as you use it

3. Refine your debt paying strategy.

Once you’ve consolidated your debts into as few loans or payments as possible, you may still have to prioritize the debts you can afford to pay first. There are two schools of thought on this.

Pay off your highest interest loans first

Some financial experts will advise you to tackle the highest-rate debt first because interest is accruing at a brisk pace. If the loan balances on your high-interest debts are within your reach to pay, this can be a good strategy. However, the debt with the highest interest rate may also be the largest loan or debt you have, meaning it will take longer to pay it off and make a dent in your overall debt load.

Pay smaller loans first

Eliminating several smaller loans and debts first may be a better solution. You’ll reduce your overall debt load, and get the satisfaction of having some initial success.

CIBC has a borrowing solution for you.

CIBC Personal Loans and Lines of Credit enable you to borrow with flexibility at competitive interest rates. Talk to a CIBC advisor today at 1-866-525-8622. You can get your questions answered and learn about CIBC’s lending products. Or, start your loan application online now.


Personal Loans – Lines of Credit: The Difference Between Bank Loans – Lines – CIBC #compare #car #loans


#loans on line
#

Comparing Personal Loans and Lines of Credit

There are a number of reasons why you may need to borrow money. Whether you’re looking to renovate your home, consolidate your debt or simply want to take that much deserved vacation, it’s important to find the right borrowing option.

What is a personal loan?

If you are interested in making a large, one-time purchase with the option of a fixed or variable interest rate, a personal loan may be the right option for you. Features of a personal loan include:

Type of disbursement. Lump sum

Interest rates. Fixed or variable

Loan amount. You have to borrow at least $3,000 with a personal loan. The maximum you can borrow will depend on your credit score and other factors.

Repayment options. Choose from weekly, bi-weekly, semi-monthly and monthly payments. Your payments will be a combination of principal and interest.

Secured or unsecured. Secured loans are backed by your collateral either by property or investments, resulting in a higher borrowing amount and lower interest rate, whereas with unsecured loans they typically have a faster approval process. Learn more about secured and unsecured personal loans .

What is a personal line of credit?

If your borrowing needs vary, and you want to make on-going purchases, a personal line of credit is probably a better fit. Features of a personal lines of credit include:

Type of disbursement. A personal line of credit is reusable. Once you are approved for it, you can access any portion of the credit line at any time.

Interest rates. Variable

Line of credit amount. Borrow as low as $5,000

Repayment Options. You pay interest on the amount you use, not the entire credit limit as you do with a personal loan. No matter how much you borrow, all of it plus interest must be repaid by the end of the term.

Secured or unsecured. Personal lines of credit can be secured or unsecured. Securing your line of credit by property or investments typically results in a lower interest rate and higher credit limit.

Where can I learn more about bank loans for specific purposes?

While this basic information holds true for most loans and lines of credit, there can be some variation depending on what the loan is used for. For example, there are special lending products for education, home and car needs. Learn more about these bank loans and lines of credit here:

Apply for a personal loan or line of credit with CIBC

After you’ve decided which option is right for you and your financial situation, contact CIBC to receive more information. You can call a CIBC advisor at 1-866-525-8622. or start your loan application online.


Home Equity Calculator: The CIBC Home Equity Loan Calculator #cheap #payday #loans


#home equity loan calculator
#

Try our other tools

This calculator will add a file, known as a local shared object or a Flash cookie, to your computer. This file contains configuration information, as well as information you enter and the calculator results you are presented. CIBC does not use the information in local shared objects for analytical or other purposes. You can remove all local shared objects created by CIBC Flash tools from your computer using instructions found here .

1 For illustration purposes only. The results of the Home Equity Calculator are based on information you provide. Applicants must meet CIBC lending criteria.

2 To qualify for a CIBC Home Power Plan Line of Credit, you must have more than 35% equity in your home. Minimum Line of Credit amount is $10,000.

3 Home Power mortgage: Access up to 80% of the appraised value of your home, or of your non owner-occupied rental properties of up to four units. Minimum Home Power Mortgage amount is $10,000.

4 Applicants must meet CIBC Lending criteria.

/ Trademarks of CIBC.

* Interac is a Reg. TM of Interac Inc.; CIBC auth. User.


Debt Consolidation: Get Tips on How to Pay Debt Off – CIBC #apply #for #a #loan #online


#consolidating debt
#

Learn How Debt Consolidation Works

Even if you don’t have a stack of credit card bills with high interest rates, you may have school loans, car loans or high-interest loans. There are ways to manage your debt so you can pay less in interest, minimize monthly payments and eventually eliminate these loans altogether. Consider these three ways to reduce your debt.

1. Look for lower interest rates

A lower interest rate allows for a higher portion of your payments to go towards paying off the principal of the loan, so you can pay off the debt faster. Here are a few ways to get a lower rate:

  • Request a lowered interest rate from your credit card provider
  • Open a lower interest credit card, and make a balance transfer
  • Move balances off of cards with especially high interest rates, and onto cards that can minimize these charges

2. Consolidate debt with loans or lines of credit.

Not only will debt consolidation help you better organize your monthly payments, but it should also allow you to pay less in interest than all your previous rates combined. Here are just a few ways you can combine and manage your debt:

  • Apply for a debt consolidation loan, and then pay just the single monthly payment on your new loan
  • Open a line of credit rather than taking out another loan, then repay the line of credit as you use it

3. Refine your debt paying strategy.

Once you’ve consolidated your debts into as few loans or payments as possible, you may still have to prioritize the debts you can afford to pay first. There are two schools of thought on this.

Pay off your highest interest loans first

Some financial experts will advise you to tackle the highest-rate debt first because interest is accruing at a brisk pace. If the loan balances on your high-interest debts are within your reach to pay, this can be a good strategy. However, the debt with the highest interest rate may also be the largest loan or debt you have, meaning it will take longer to pay it off and make a dent in your overall debt load.

Pay smaller loans first

Eliminating several smaller loans and debts first may be a better solution. You’ll reduce your overall debt load, and get the satisfaction of having some initial success.

CIBC has a borrowing solution for you.

CIBC Personal Loans and Lines of Credit enable you to borrow with flexibility at competitive interest rates. Talk to a CIBC advisor today at 1-866-525-8622. You can get your questions answered and learn about CIBC’s lending products. Or, start your loan application online now.


Secured – Unsecured Loans: View Your Loan – Line of Credit Options – CIBC #commercial #loan


#on line loans
#

Secured vs. Unsecured Loans

If you’re considering applying for a loan or line of credit to help with a major purchase, you have a choice between secured and unsecured lending options. Secured loans and lines of credit are secured against your assets, resulting in higher borrowing amount and lower interest rates. Unsecured loans allow for faster approvals since collateral is not required.

When to consider unsecured loans and lines of credit

The main advantage of an unsecured loan is faster approvals and less paperwork. Unsecured loans are generally harder to obtain because a better credit score is required, since your loan would not be secured by any assets or collateral.

While unsecured loans might be obtained more quickly, it’s important to remember you’ll likely pay a higher interest rate. The four most common reasons why clients choose unsecured loans are for buying a car, home renovations, medical bills and education costs, and debt consolidation.

Car loans take less time to process than a secured loan, and interest rates are very competitive

Taking out an unsecured personal loan for home renovation projects is ideal, because you can access funds quickly to complete projects with predictable costs

For ongoing expenses such as paying tuition or covering the cost of medical bills, you may be interested in an unsecured personal line of credit

If you have outstanding debts, consolidating them with a personal loan can help. With interest rates that are lower than credit cards, this solution can help you manage your monthly payments.

When to consider secured loans and lines of credit

The primary advantage of a secured loan or line of credit is that you can generally gain access to more money, because you’re backed by the security of your assets.

Since secured lending products require collateral, the approval process can be longer as the collateral must be processed and verified. This initial due diligence can be worth the extra effort since you’ll benefit from lower interest rates. Large home renovations and debt consolidation are two instances in which you may elect to use a secured loan or line of credit.

Unlike smaller renovations, you may want to go through the process of obtaining a secured lending product when you’re looking at more extensive changes to your home. A secured line of credit would give you access to a larger credit limit with a lower interest rate, that you could access on an ongoing basis for large projects.

If you have outstanding debts, a personal loan secured by your current assets (like property or a line of credit) can help you consolidate debts into one loan. With lower interest rates than most credit cards, a personal loan can help you manage your monthly payments. A secured line of credit also offers convenient access to low-interest funds to help consolidate and pay down existing debts.

Apply for a loan or line of credit with CIBC

No matter what your borrowing needs are, CIBC has secured and unsecured loans and lines of credit that can help you meet your financial obligations. You can apply for a loan or line of credit online, or speak with a CIBC advisor at 1-866-525-8622 if you have questions, or would like to learn more about possible lending options.


Personal Loans – Lines of Credit: The Difference Between Bank Loans – Lines – CIBC #financial #loans


#loans on line
#

Comparing Personal Loans and Lines of Credit

There are a number of reasons why you may need to borrow money. Whether you’re looking to renovate your home, consolidate your debt or simply want to take that much deserved vacation, it’s important to find the right borrowing option.

What is a personal loan?

If you are interested in making a large, one-time purchase with the option of a fixed or variable interest rate, a personal loan may be the right option for you. Features of a personal loan include:

Type of disbursement. Lump sum

Interest rates. Fixed or variable

Loan amount. You have to borrow at least $3,000 with a personal loan. The maximum you can borrow will depend on your credit score and other factors.

Repayment options. Choose from weekly, bi-weekly, semi-monthly and monthly payments. Your payments will be a combination of principal and interest.

Secured or unsecured. Secured loans are backed by your collateral either by property or investments, resulting in a higher borrowing amount and lower interest rate, whereas with unsecured loans they typically have a faster approval process. Learn more about secured and unsecured personal loans .

What is a personal line of credit?

If your borrowing needs vary, and you want to make on-going purchases, a personal line of credit is probably a better fit. Features of a personal lines of credit include:

Type of disbursement. A personal line of credit is reusable. Once you are approved for it, you can access any portion of the credit line at any time.

Interest rates. Variable

Line of credit amount. Borrow as low as $5,000

Repayment Options. You pay interest on the amount you use, not the entire credit limit as you do with a personal loan. No matter how much you borrow, all of it plus interest must be repaid by the end of the term.

Secured or unsecured. Personal lines of credit can be secured or unsecured. Securing your line of credit by property or investments typically results in a lower interest rate and higher credit limit.

Where can I learn more about bank loans for specific purposes?

While this basic information holds true for most loans and lines of credit, there can be some variation depending on what the loan is used for. For example, there are special lending products for education, home and car needs. Learn more about these bank loans and lines of credit here:

Apply for a personal loan or line of credit with CIBC

After you’ve decided which option is right for you and your financial situation, contact CIBC to receive more information. You can call a CIBC advisor at 1-866-525-8622. or start your loan application online.


Student Loan Consolidation: Learn What to Expect – CIBC #203k #loan


#school loan consolidation
#

Understanding Student Loan Consolidation

Following graduation from college or university, you may be one of the thousands of students facing loan repayment. Up to 60 percent of the cost of your education may have come from federal student loans administered by the Canada Student Loan Program. If you needed more financial assistance, you may have explored provincial or territorial loans. Finally, you may have accumulated private loans and lines of credit offered by banks to help you meet the costs of your education.

It’s paramount that you know where your loans came from so that you can be prepared to repay them in a timely fashion. You may receive correspondence from the government regarding student loan consolidation, and it’s also important that you understand that process and what it means to you.

Which student loans are consolidated?

The possibility of Student loan consolidation depends on the province or territory in which you live. If you took out both federal and provincial loans, they will automatically consolidate if you live in:

  • New Brunswick
  • Newfoundland and Labrador
  • Ontario
  • Saskatchewan

These provinces allow you to apply for both loans with one application, and after graduation, they consolidate the student loans via the Integrated Student Loans program. You’ll pay only one loan to satisfy both debts.

There are some provinces and territories that only offer one type of loan, either federal or provincial/territorial, so you’ll only have one loan to repay anyway. These include:

  • Nunavut
  • The Northwest Territories
  • Quebec
  • Yukon

In all remaining provinces, you could apply for both federal and provincial loans with one application, but these student loans will not be consolidated upon graduation. That means you’ll have to be sure to repay each loan separately. This is the case if you live in:

  • Alberta
  • British Columbia
  • Manitoba
  • Nova Scotia
  • Prince Edward Island

When do I start repaying my student consolidation loans?

You have a grace period following graduation before you have to start repaying your government loans whether they are consolidated or not. This grace period lasts six months. In that timeframe, you’ll receive paperwork regarding your loans so you know how much you owe, how much interest you’re paying and where to send payments. Take note that interest starts accumulating upon graduation.

Can I consolidate private student loans?

In a manner of speaking, you can consolidate private student loans held with a bank. For example, if you took out a loan or line of credit from another institution but found that CIBC had a more competitive interest rate, you could apply for the Education Line of Credit to satisfy those debts. To determine whether you’d be eligible for this, you’ll want to speak to a CIBC advisor at 1-866-525-8622 .