LOANS & LINES OF CREDIT

Let us help you find the right borrowing solution

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 meet with an advisor to get started.

Apply online

START APPLICATION

Meet with an advisor

BOOK APPOINTMENT

Or call us at 1-888-597-6083

BORROWING OPTIONS

PERSONAL LOANS

RRSP LOANS

LINES OF CREDIT (LOC)

OVERDRAFT PROTECTION

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 yourself and your loved ones with payment protection insurance. It's a simple, affordable way to safeguard your loan payments and take a step toward securing your financial future.

What can payment protection insurance do for you?

Maintain a good credit score, while protecting your family’s future

Loan and line of credit protection helps cover your monthly payments during a challenging time. Plus, it could protect your credit rating and future borrowing power.

Total disability: Covers your insured monthly payments if you become disabled or sick and are unable to work.
Critical illness: Pays or reduces your insured balance if you suffer a stroke or heart attack, or are diagnosed with a life-threatening disease, such as cancer.
Life: Pays or reduces your insured balance, tax-free, in the event of your death. Plus, we provide a Living Benefit feature if you are diagnosed with a terminal illness with a life expectancy of 12 months or less.

Be prepared and protected

Our partner is here to help you choose the solution that best suits your needs. For more information, contact CUMIS today at 1-800-263-9120 weekdays, 8 a.m. to 8 p.m. EST. or cumis.com

Creditor’s group insurance is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrolment intake, medical underwriting and claims administration, are provided by the employees of CUMIS Services Incorporated, a subsidiary of Co-operators 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. See the Product Guide and Certificate of Insurance for full coverage details. To contact CUMIS, A Division of Co-operators Life Insurance Company, visit www.cumis.com or call 1-800-263-9120.