Becoming a Member
Who should get this loan?
Borrowers who want $12,500 or more to finance a personal project.
Features
| Interest rate |
See current rates.
|
| Amount available |
- Recommended for amounts over $12,500.
- Amount granted is determined by:
- your financial capacity;
- the amount of financing required;
- or the useful life of the financed product.
|
| Repayment |
- Loan payment frequency is flexible: weekly, bi-weekly or monthly.
- Payments will be withdrawn automatically from your account.
- No prepayment penalties: Pay off your loan whenever you want, in part or in full, without being charged extra fees.
|
| Loan term |
Your branch may agree to a longer term depending on your use of the loan (e.g., your unused RRSP contribution room) and, in some cases, on the collateral provided. |
| Possible uses |
- Buy furniture.
- Renovate your home.
- Purchase a computer.
- Pay your income tax.
- Make RRSP contributions.
- Cover health care expenses.
- Buy a new vehicle or pay for car repairs.
- Pay travel expenses.
|
| Other |
Get a paper or online monthly statement of account to follow rate fluctuations. |
Should I get a fixed or variable interest rate?
| PROFILE |
SUGGESTION |
| You are cautious and sensitive to rate fluctuations. |
Choose a fixed interest rate:
- Guaranteed for the duration of the term.
- Predictable.
- Easy to manage.
- Convertible to a variable-rate loan at any time without fee or penalty.
|
| You are daring and moderately sensitive to rate fluctuations. |
Choose a variable interest rate:
- Follows market fluctuations.
- Advantageous when rates are stable or falling.
- Generally lower interest rate than the current fixed rate.
- When rates drop, your payment amount remains the same but the duration of the loan may decrease.
- Convertible to a fixed-rate loan at any time without fee or penalty. The interest rate will be the current fixed rate at the time of conversion.
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Did you know?
When you take out loan insurance, the insurer repays the insured portion of your loan in the event of death. In the event of disability, Loan Insurance helps you meet your financial obligations by repaying the insured portion of your loan on your behalf.
1. In Ontario, the annual percentage rate (APR) is equal to the posted interest rate, assuming that there are no additional charges applicable to the loan. Should there be such charges, the APR might be different.
