Loans & Lines of Credit

Whether you want to buy a new home or renovate your existing home, borrow to invest your money or to consolidate your debt, BCU Financial has the right borrowing options for your specific needs with attractive rates and repayment plans that will have your mortgage or loan paid off sooner.

A Personal Loan is a one-time lump sum loan for when you need to borrow a specific amount of money to make a large purchase such as buying a car, paying for a wedding, or taking that much-deserved vacation. You decide which interest option is right for you – a fixed or variable interest rate. The interest rate you choose will determine your loan amortization period and your loan re-payment schedule.

Fixed Interest Rate is an interest rate that stays the same for the duration of your loan. It’s a good choice if you like to follow a budget and are looking for set monthly payments. A fixed rate loan has a structured repayment schedule so you will know exactly how much you need to repay each month and when you loan will be paid in full.

Variable Interest Rate is an interest rate that goes up or down, whenever the BCU Financial Prime Rate changes. It’s a good choice if you’re not worried about changing interest rates, and want to benefit when interest rates decrease. If interest rates go down, more of your regular payment goes towards paying down your principal, so you can pay off your loan faster. If interest rates go up, more of your regular payment goes towards paying off the interest, so your monthly payments will increase.

Your First Loan

BCU Financial loan or mortgage applications are fairly straight forward, but you can make your approval process easier by coming prepared with all the necessary information. We need to asses you as a borrower and ensure you can make your payments on time. We will look at your assets, debts, income and credit history.

› Identification: You will need to bring photo identification with you, such as a driver’s licence. You will also need to provide your social insurance number.

› Credit History: You will need to have your credit history and credit rating available. You can order a copy of your credit history from Equifax Canada or TransUnion. This report contains information about every loan you’ve taken out in the last six years — whether you regularly pay on time, how much you owe, what your credit limit is on each account and a list of authorized credit grantors who have accessed your file.

› Proof of Income: You will need to provide pay stubs from your place of employment and a copy of your previous tax return. You will also need to provide your employer contact information.

› Assets and Debts: You should provide any investment assets you may have. You should also provide a list of debts, such as credit card balances, student loans and your renting history.

Need a new car, but don’t quite have the money saved-up to buy one? BCU Financial will help you find a lending solution that’s right for you. As a BCU Financial member, you will have access to our highly competitive interest rates with your choice of a fixed or variable rate loan. A BCU Financial Car Loan offers you a personalized repayment schedule, so you select the duration of your loan and a flexible payment option of weekly, bi-monthly or monthly payments.

If you want to make a large contribution to your RRSP before the yearly tax filing deadline but don’t have enough funds in your account to do it, then taking out a RRSP loan will help you reach your goal. RRSP loans will provide you with the necessary funds to catch up on the contributions you want to make so you could also take advantage of the large tax savings offered by the Canadian government.

Do you have multiple credit card bills, and other debt such as a student loan or a car loan? BCU Financial can help you organize your many payments into one convenient monthly payment which will have you paying less in interest then your other loan rates combined. BCU Financial will work with you to find the best possible interest rate available with an option to choose a weekly, bi-monthly or monthly repayment schedule.

A loan for your ongoing borrowing needs. You are approved for a pre-set limit and you borrow only the amount you need, when you need it. A line of credit may help with covering the cost of home improvement projects, or help you with family expenses such as medical and dental bills, a child’s education, or a senior family member’s care. You only pay interest on the amount you borrow and you can pay back any amount as long as you make the minimum monthly payment. Minimum payments may be a combination of interest and principal or interest only. Once you pay off your balance you can reuse the available credit without re-applying.

Plan for the unexpected with BCU Financial Overdraft Protection. You no longer need to worry when you write a check or swipe your debit card that you have enough money in your checking account to completely fund the transaction. If you have BCU Financial Overdraft Protection then you will have peace of mind because a pre-approved amount of money will be available to your account, so your cheque and debit transaction will clear everytime.

If you have at least 35% equity in your home, you could qualify for a Home Equity Line of Credit. It is a very flexible loan which can be used for what you want, such as home renovations, education expenses, investment opportunities or debt consolidation. Home equity is the difference between the value of your home and the unpaid balance of your home’s mortgage. Your home’s equity increases every time you pay down your mortgage and as the value of your home increases. By using your home as collateral, you may qualify for a lower interest rate and a larger credit limit.

If you need some help paying for the rising cost of obtaining a post-secondary education, then BCU Financial can help. The BCU Financial Student Line of Credit allows a university or college student to borrow to a maximum of $5,000 per year to cover the cost of tuition, books or living expenses. Unlike a personal loan, you pay only the interest on the amount you withdraw. To qualify, you must be enrolled in a full time program at an accredited college or university with Canadian citizenship or landed immigrant status.