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LINES OF CREDIT & LOANS

Find the right borrowing solution for you


Sometimes, the best way to reach your financial goals is to borrow money. Whether you want to make a major purchase, renovate your home, buy a new car, borrow to invest or consolidate your debt, we can help you choose the borrowing solution that's right for you.

Personal loan and line of credit rates vary based on application. To see how a personal loan or a line of credit can work for your specific needs, apply online or call us at 1-888-597-6083 to get started.

 

BORROWING OPTIONS

PERSONAL LOAN

For whatever life throws at you. Get the money you need up front and choose the repayment option that fits your lifestyle and your budget. Your monthly payments are predictable and stay the same over the term of the loan.

Key Features & Benefits

  • Loan amount: $5,000 to $5,000,000
  • Loan term: 1 to 5 years, with an option of up to 15 year amortization, depending on the loan
  • Choose between an unsecured loan (based on your income and credit rating) OR a secured loan (based on your assets). When a loan or LOC is secured, you can usually qualify for a larger amount and get a better interest rate.
  • Quick approval, with pre-approval option
  • Flexible payment options
  • No prepayment penalties



RRSP LOANS

If you have unused RRSP contribution room from previous years or are looking for funds to make this year's contribution, an RRSP loan can help you in making sure you don't miss out on the tax savings while growing your RRSP investments.

Key Features & Benefits

  • Loan amount max: $50,000
  • Loan term: 1 to 5 years, with an option of up to 15 year amortization, depending on the loan
  • Up to 90 days before your first payment
  • Quick approval, with pre-approval option
  • Flexible payment options
  • No prepayment penalties
  • The money you borrow to invest will grow together with the rest of your RRSP investment



PERSONAL LINE OF CREDIT

For everything planned and everything unexpected, you can have access to credit up to an approved limit as you need it. Use them to purchase a car, pay for a vacation, cover tuition fees or fund short term cash needs. Your money is simply an extension of your account. The interest rate is variable and your minimum monthly payment will vary each month.

Key Features & Benefits

  • LOC amount: minimum $5,000
  • Choose between an unsecured line of credit (based on your income and credit rating) OR a secured line of credit (based on your assets) like a Home Equity Line of Credit (HELOC) which allows you to access the equity built into your home as a financial resource. When a loan or LOC is secured, you can usually qualify for a larger amount and get a better interest rate.
  • Interest charged only on the funds you use
  • Quick approval
  • Interest only payments allowed
  • Flexible payment options
  • No prepayment penalties​

OVERDRAFT PROTECTION

With bill payments, debit transactions, preauthorized payments, and cheques, all coming from your account, sometimes your balance isn’t what you think it is. In the event of a shortfall, overdraft protection provides you access to available funds, up to an approved limit, to avoid the inconvenience and cost of an overdraft and/or returned payment. Think of it as backup.

Key Features & Benefits

  • Overdraft amount: maximum $5,000
  • Can be used any time throughout the month to cover unplanned or short-term expenses
  • Your money is simply an extension of your account
  • Quick approval
  • Flexible payment options—minimum 3% of the previous month end balance
  • No prepayment penalties
  • Interest charged only on the funds you use
  • Monthly Fee of $3.00
 
 

Credit Protection

Protect your lifestyle and your credit rating by insuring your loan or line of credit.

Customizable

Builds on Existing Coverage

Affordable & Convenient

PERSONAL LOAN

It's important to protect your lifestyle and your credit rating—you want to be sure your loan payments are covered in the event of critical illness, disability or death.

 

Loan life insurance

  • Pays the outstanding insured balance of your loan(s), up to $75,000, should you die
  • Benefits are paid directly to Envision Financial, ensuring there are no tax implications for your family
  • Available to anyone (up to age 70), regardless of the type of employment
  • No health questions asked and no medical examination is required
  • Covers short and long-term loans of up to 10 years
  • Protects other insurance policies (private and employee benefits) to provide income for your family

 

Loan disability insurance

  • Covers up to $1,000 a month in regular insured loan payments if you become sick or injured and are unable to earn an income
  • Benefits are paid directly to Envision Financial, ensuring there are no tax implications for you or your family
  • Premiums are included in your monthly payments for your convenience
  • Available to anyone regardless of the type of employment
  • No health questions asked and no medical examination is required
  • Covers short and long-term loans of up to 10 years
  • Protects other insurance policies (private and employee benefits) to provide income for your family

 

Loan Critical illness

If you are diagnosed with life-threatening cancer, or suffer a heart attack or stroke, mortgage critical illness insurance will pay off your mortgage balance in full.

  • Pays the outstanding insured balanced of your loan(s), up to $90,000
  • Available for purchase between the ages of 18 and 59. (Coverage ends at age 75.) Joint coverage is available at reduced costs.

 

 

Payment protection coverage is optional and is underwritten and provided by CUMIS Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements.

 

PERSONAL LINE OF CREDIT

All line of credit protection insurance is paid monthly and is based on the balance owing on your line(s) of credit at the end of each month.

 

Line of credit life insurance

  • Pays the outstanding insured balance of your line(s) of credit, up to $1,000,000, should you die
  • Benefits are paid directly to Envision Financial, ensuring there are no tax implications for your family
  • Available to anyone (up to age 65), regardless of the type of employment
  • Protects other insurance policies (private and employee benefits) to provide income for your family

 

Line of credit disability insurance

  • Covers up to $3,000 a month in regular insured line of credit payments if you become sick or injured and are unable to earn an income
  • Benefits are paid directly to Envision Financial, ensuring there are no tax implications for you or your family
  • Available to anyone regardless of the type of employment
  • Protects other insurance policies (private and employee benefits) to provide income for your family

 

Line of credit critical illness

  • If you are diagnosed with life-threatening cancer, or suffer a heart attack or stroke, critical illness insurance will pay off your line(s) of credit balance in full.
  • Available for purchase between the ages of 18 and 59. (Coverage ends at age 75.) Joint coverage is available at reduced costs.

 

 

Payment protection coverage is optional and is underwritten and provided by CUMIS Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements.

 

 

RRSP LOAN OFFER

Making an RRSP contribution could mean paying less income tax while saving for your retirement. For a limited time, get a special 7.70%* variable rate offer on an RRSP loan and maximize your contribution.

Learn more about RRSP Loans

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Additional resources


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Understanding your credit score gives you the keys to building your credit so you can get better rates. 

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Find out how much you can borrow and what your payments might look like.

Terms and Conditions may apply and any Loan or Line of Credit with First West Credit Union will be subject to our lending criteria.

Advertised interest rates are subject to change at any time without notice.

*RRSP Loan offers you a variable interest rate based on the First West Prime Rate. A variable interest rate changes automatically when the First West Prime Rate changes. The current First West Prime Rate can be found here: Rates | Envision Financial.