New Recruit Loans






This special loan program is designed specifically for new recruits beginning their policing career. The purpose of this loan is to pay for the tuition costs that are immediately due once you begin your police officer training program at the Justice Institute. Any new recruit that is accepted to the Justice Institute program is automatically approved for this loan and also receives a fantastic low interest rate! V.P. Credit Union will fund your loan and also remit the loan proceeds directly to the Justice Institute for payment. We take the financial stress away from you while you focus on your training.
 
Product Facts

All new recruit loans are “open” meaning that they can be paid down or paid off in full without penalty at any time.

Loan repayment is over four years.

Weekly, biweekly, semi-monthly and monthly payment options are available.

Loan interest rates fluctuate and are based on the VPCU Prime Lending Rate.

Current interest rate for this loan program is Prime + 0%.

Affordable payment protection is available.
 
Application Process

There are different application processes depending on which police force you have been hired on to. Please refer below accordingly. Also, please note that due to COVID-19, we are refraining from collecting cash for the membership shares requirement and are completing all loan requests virtually and/or over the phone. In addition, we have converted our in-person presentation into an abbreviated Zoom meeting format.

Please note that our standard new recruit loan package includes disability insurance coverage. We have determined through our research over the years that this is the recommended loan package based on your needs. Please refer to FAQ questions #11 to #16 below for more details. 
 
Vancouver Police Department New Hires

VPCU welcomes all VPD new hires with a one hour presentation at each new recruit training class. Due to COVID-19, this has now been converted into a virtual format. During this hour we discuss all things VPCU and provide all new recruits with time to review our tuition loan offer. We ask all new recruits to provide the following, should they wish to take our loan offering:
 
  • A scanned/emailed copy of one primary piece of identification AND one piece of secondary identification. Please provide us with a scan/picture of both sides of the identification.
 
  • One primary piece of identification - can be a B.C. Driver’s License or a Canadian Passport. 
 
  • One secondary piece of identification - can be a Canadian Credit Card, Birth Certificate, Social Insurance Card, B.C. Services Card or a B.C. Identity Card
 
  • Written authorization via email to loans@vpcu.com to debit your existing bank account for the $10 membership shares
 
  • An emailed scanned copy/picture image of a void cheque or a bank account confirmation document to confirm the payment source of where we will draw the loan payments from.  
 
  • A copy of your employment acceptance letter/email from the Vancouver Police Department
 
Please note that your onboarding contact at the VPD will provide you with a welcome package that includes details about our loan offer. A simplified loan application form is also included.
 
Metro Vancouver Transit Police New Hires

VPCU welcomes all Transit Police new hires with a one hour presentation at each new recruit training class. Due to COVID-19, this has now been converted into a virtual format. During this hour we discuss all things VPCU and provide all new recruits with time to review our tuition loan offer. We ask all new recruits to provide the following, should they wish to take our loan offering:
 
  • A scanned/emailed copy of one primary piece of identification AND one piece of secondary identification. Please provide us with a scan/picture of both sides of the identification.
 
  • One primary piece of identification - can be a B.C. Driver’s License or a Canadian Passport
 
  • One secondary piece of identification - can be a Canadian Credit Card, Birth Certificate, Social Insurance Card, B.C. Services Card or a B.C. Identity Card
 
  • Written authorization via email to loans@vpcu.com to debit your existing bank account for the $10 membership shares
 
  • An emailed scanned copy/picture image of a void cheque or a bank account confirmation document to confirm the payment source of where we will draw the loan payments from 
 
  • A copy of your employment acceptance letter from the Metro Vancouver Transit Police
 
Please note that your onboarding contact at the Transit Police will provide you with a welcome package that includes details about our loan offer. A simplified loan application form is also included.
 

All other municipal police forces

We currently do not attend other new recruit training classes for the other municipal police forces, but we are looking to do so in the future. In the interim, please contact us by phone at 604 683 2434 or by email at loans@vpcu.com. We ask all new recruits to provide the following, should they wish to take our loan offering:
 
  • An emailed/scanned copy of one primary piece of identification AND one piece of secondary identification. Please provide us with a scan/picture of both sides of the identification.
 
  • One primary piece of identification - can be a B.C. Driver’s License or a Canadian Passport
 
  • One secondary piece of identification - can be a Canadian Credit Card, Birth Certificate, Social Insurance Card, B.C. Services Card or a B.C. Identity Card
 
  • Written authorization via email to loans@vpcu.com to debit your existing bank account for the $10 membership shares
 
  • An emailed scanned copy/picture image of a void cheque or a bank account confirmation document to confirm the payment source of where we will draw the loan payments from
 
  • A copy of your employment acceptance letter from the municipal police organization
 

 
Questions & Answers
 
1. What happens after I sign all the loan documents?

VPCU creates your account and sets up your loan. We then add your name to a list we forward to the Justice Institute to confirm your payment. Within the week you will receive an email and a phone call from us to advise you of your account details. If you would like a copy of your loan documents please contact us accordingly and we would be happy to mail or email you a scanned copy accordingly. If you have any questions please email us at loans@vpcu.com, call us at 604 683 2434 or stop by one of our branches.
 
2. Does VPCU charge any loan processing or application fees for this loan package?

VPCU does not charge any loan processing or application fees.
 
3. How long does it take to get the loan processed?

Once you have provided us with a completed loan application form and the required documentation, we will respond to your request within 1 to 2 business days. Response times will vary depending on the volume of requests. The most efficient way to submit your request is to email the signed completed loan application form and your documents to loans@vpcu.com .

In terms of the actual processing and signing of loan documents, we aim to begin sending our recruits an electronic e-signing Docusign package approximately two to three weeks prior to the deadlines set by the Justice Institute. It is critically important that you submit all the required documents to us at least a week prior to the first day of your class at the Justice Institute. If you have the time to send in your documents well in advance, please do so as we experience high volumes during this time.  
 
4. I am new recruit with one of the municipal forces and I can’t make it into the branch to sign documents or chat with a Loans Officer because of my unusual schedule. What can I do?

You can send us the loan application form by printing it off, completing and signing it and scanning it to us via email at loans@vpcu.com or directly to a lender you may be working with. We will correspond with you accordingly from there. Should your request be approved, and as electronic signatures are now accepted, all required documents would be sent through Docusign for you to sign via email. Please read about our Docusign service by clicking here.
 
5. Do I get a tuition tax receipt and an interest paid statement?

Yes, you will receive a tuition tax receipt from the Justice Institute. Please contact the Justice Institute directly for more details. The Justice Institute can be reached by phone at 604 525 5422 or online by clicking HERE.

Should you require a loan interest paid statement for income tax purposes we will be happy to prepare one for you. Please email your request to loans@vpcu.com and our team will assist you accordingly.
 
6. I want to pay off my loan or make an extra payment or increase my payment amount. How do I do that?

Please email our loans department at loans@vpcu.com to submit your request. Alternatively, please feel free to give us a call at 604 683 2434 or visit one of our branches if you have any questions. This loan is considered an "open" loan meaning you can make as many extra payments as you wish. You may also pay off the loan in full at any time. Lastly, you may increase the payment amount by any amount at any time. There are no fees charged for any of these types of requests.
 
7. How does the VPCU Prime lending rate work exactly?

The VPCU Prime lending rate is a variable rate. It may increase or decrease based on market conditions. In addition, all financial institutions use the interest rates set by the Bank of Canada as a benchmark when setting their respective Prime lending rate. A summary of the Bank of Canada interest rates can be viewed HERE.
 
8. What are the $10 membership shares for?

Anyone joining a credit union is required to become a member. Your $10 entitles you to participate and vote at our annual general meeting. In addition, you are entitled to share in the success of the credit union and receive membership benefits such as share rebates and bonuses. For more information regarding the differences between a credit union and a bank please see the video link below.

https://www.youtube.com/watch?v=cawzTSVTP2M

9. What are the other payment options for the Justice Institute tuition dues if I decide not to participate in this loan program?

The Justice Institute will accept Visa or Mastercard credit cards for payment of the tuition dues. Their student registration office is open from 815AM to 345PM Monday to Friday.

10. What happens if I take the New Recruit loan and then I decide a policing career is not for me after only a few months into the Justice Institute Training Program?

The Justice Institute will provide a partial refund for the tuition amounts that have not yet been used to date. These funds will be sent directly to V.P. Credit Union so we can pay down the loan accordingly. However, you may still owe some or all of the remaining loan balance with V.P. Credit Union because the Justice Institute will not provide a full refund. If you do decide to withdraw from the program, please contact us at loans@vpcu.com or 604 683 2434 to make alternate payment arrangements and provide us with a void cheque if we don’t have one already on file.

11. What does the recommended disability insurance cover?

In the event you were injured at work and needed significant time off to recover from your injuries, the disability insurance would kick in and take care of your payments while you were away from work.

12. VPCU offers life, critical illness and disability insurance for this type of loan. Could you please explain why disability insurance coverage only is recommended for this loan?

We have reviewed the insurance plans that are offered to the law enforcement professionals and have determined that they receive excellent life insurance plans. However, for brand new recruits, a substantive sick time bank of days would not have been established. As a result, in the event of a prolonged absence away from work, the loan payments would still be outstanding and there would be reduced or insufficient income being earned to manage the payments accordingly. If you have ample personal financial resources to cover yourself in the event of a prolonged absence for work, then perhaps the product may not be a fit. However, most of our members do take the disability only coverage as they realize they are in a highly demanding, high risk field of work. Furthermore, the cost for this coverage at approximately 38 cents/day is excellent value for the peace of mind it provides. Many of our members have advised us they would insure their cell phones and cars so it would make sense to insure their most important asset, their ability to earn income.

Insurance is often a difficult topic to discuss. However, it is a very important topic to review. The key question to consider is what would your financial situation be like if you were unable to work for an extended period of time? What is your "Plan B"? What impact would that have on your personal finances and family's finances? Could you and your family weather an extended period of income loss? If the answer is no, then perhaps you may want to discuss further with us or with an insurance planner. This is especially critical for those that have families and significant debts as a well thought out insurance plan will ensure that your personal and family obligations are taken care of in the event of unforeseen circumstances. Most employers do have group insurance plans for life and disability, but if you change your jobs then you will have a gap in coverage until your new job can replace the missing coverage. In terms of disability, your new job may only offer 60% to 70% replacement of income for the disability benefit. In that situation, do you have the adequate financial resources to weather that period of loss of income? Insurance is one of the ways to fill in that gap.

13. Are the insurance coverages optional?

Yes, they are optional. If you choose to opt out, please email loans@vpcu.com to confirm your request. Please note that if you opt out during the first 30 days, you will receive a full refund of the premium and those funds will be directly applied against the outstanding loan balance. If you opt out after 30 days, you will receive a prorated refund and those funds will also be directly applied against the outstanding loan balance. If you do choose to opt out, please indicate on your email to us that you have taken the time to review your financial circumstances and advise us that you have an adequate backup plan for your finances in the event of a loss of income through a disability for a sufficient period of time.

Please note that due to the volume of requests and time sensitive nature of these requests we prepare our loan packages with the recommended disability coverage added to the loan and your documents will reflect that accordingly. In the event you decide to opt out of the insurance coverage, we would process the insurance refund after the loan has been setup and then apply the refund against the outstanding loan balance. This process ensures everyone that had requested a loan, receives their loan in a timely manner.

14. Could I get the life and critical illness coverage options as well with the loan?

Yes, you can. If you are interested in finding out more details about the life and critical illness coverage, please contact us directly at 778-945-9448 or by email at loans@vpcu.com. Please note that if you would like to obtain these coverages, they must be added at the time the new recruit loan is setup so it is important that you review this with us at your earliest opportunity if you are interested. Additionally, while both life and disability coverages are stand-alone products, critical illness is considered a rider or an “add on” product that is connected to life coverage and must be obtained in conjunction with life insurance.

15. Is there an insurance guide or booklet to provide me with information regarding the coverages available?

Yes, there is. You can download a pdf booklet by clicking HERE.

16. How do I go about making a claim on my insurance coverage?

Simply call CUMIS insurance directly at 1-800-263-9120 and one of their representatives can walk you through the claims process.

17. Once I get a J.I. loan, do I have to pay that off in full before I can apply for more lending with VPCU?

The answer is no. We would review your financial profile while taking into account your existing J.I. loan. You would be approved based on the merits of your current income, net worth and credit rating among other factors. It should be noted that if you are new to the policing field we typically will require applicants to pass their employment probationary period first. However, if you have previously been working in a law enforcement capacity we may take that into consideration.

We would also price this new loan based on our relationship pricing methodology as the promotional pricing attached to the J.I. loan would not apply to other lending products.


18. I had to fill out an "Assignment of Tuition Fee Refund" form in my new recruit loan package. What is that form all about?

The assignment of tuition form basically allows VPCU to request the return of any unused tuition dues already paid to the Justice Institute. Any residual unused tuition dues will be returned to the VPCU to pay down the outstanding VPCU loan. This is applicable to new recruits who took a VPCU tuition loan, but did not complete the Justice Institute Training program. Depending on how much time has elapsed since the the Justice Institute Training Program started, new recruits may be eligible for a partial refund of the tuition dues already paid. If you did not complete the training program, please contact us as soon as possible so we can request to find out if there is a possibility for a partial refund on your behalf.

19. Can I get a copy of the Terms and Conditions of my Membership Agreement for my VPCU personal account?

For ease of reference, we have a pdf copy of the terms and conditions available online. You may view it by clicking HERE. You may always request a copy of your signed account agreement. Please email info@vpcu.com should you wish to proceed with that request.

20. What if I encounter a situation where my cash flow is tight? Are there options to defer my loan?

Yes, VPCU offers loan postponements in the event of unforeseen circumstances. Please email loans@vpcu.com with your request and advise us of your financial circumstances and when you think you might be able to resume regular payments. We will work with you to come up with a solution that meets your needs.

21. I am with the VPD and I would like to have my loan payments taken via payroll deduction through the VPD Payroll. Is that possible?

Yes, we can setup payments via VPD payroll deduction as we have an established relationship with the VPD Payroll. Please make a separate request to us at loans@vpcu.com and then we will send you a form to be completed via Docusign. Please note that due to tight processing deadlines we may complete this request after all the new recruit loans have been completed.