Solutions Banking borrowing options can help you pay for projects and purchases that are important to you.
Solutions Banking products and services are provided by National Bank of Canada, and are offered through certain advisors only. Other bank products and services are provided by National Bank of Canada under its own name, and are provided through other advisors. For further information, ask your advisor.
A loan is an amount of money you borrow from a financial institution and pay back in regular installments over a set time period, with interest.
Some loans are secured by an asset in case you can’t repay the loan as agreed. These loans often have a lower interest rate than loans with are unsecured.
You may wish to get a loan to pay for something that could otherwise take years to save for, such as an investment opportunity, renovating your home or cottage, buying a new car or boat, or handling an emergency expense.
Secured personal loans
- Ideal for your one-time borrowing needs, such as purchasing a vehicle or funding a vacation
- Competitive fixed or variable interest rates
- Secured by your Canada Life Mutual Fund or segregated fund policy which means lower interest rate
- Minimum loan amount is $5,000
Registered retirement savings plan (RRSP) loan
- Helps you take advantage of unused RRSP contribution room which may help you reduce your personal income taxes
- Minimum loan amount $1,000 (no maximum)
- Borrowing to invest (also known as leveraging) can help you grow your non-registered investment portfolio and build wealth.
- However, this tactic can also magnify your investment losses, so it may not suit every investor.
- Talk with your advisor before you borrow to invest.
Your advisor can help you manage your savings in an effective way and identify strategies for paying off debt as quickly as possible.
While borrowing to invest can be a powerful means to build wealth, the risks involved make it a strategy that is not suitable for everyone. Your financial security advisor can help you determine if borrowing to invest is a strategy that is right for you.