Loans



We offer a wide variety of personal loans to our membership’s many needs. Whether you are looking to purchase a new vehicle, preparing for your dream vacation or needing to consolidate some high interest rate debt, we have many great options available.
 
Product Facts

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

Loan repayment terms from one to seven years in length are available.

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

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

Loans are available on a secured and unsecured basis.

Affordable payment protection is available.
 
Questions & Answers
 
1. If I don’t have money available to pay for some upcoming expenses, is it better to get a Personal Loan instead of withdrawing from my RRSPs?
Withdrawing from your RRSP will typically result in those funds being added into your income tax calculation for the year. Based on comparing current Canadian income tax rates with Personal Loan interest rates, this is likely more costly to you. Our best advice would be to discuss your income tax situation with a financial planner or tax consultant and inquire about the best rate that may be available to you from your financial institution.
 
2. What kind of rates do you offer?
Interest rates are based on the VPCU Prime Lending Rate. Rates offered for personal loans are based on a Borrower’s risk profile, business relationship with VPCU and whether or not there is collateral held as security against the credit facility. Please contact us for more details.
 
3. Is it a good time to apply for credit when you need it or when you don’t need it?
Ideally it is best to apply for credit when you are in a position of strength. What this means is that your employment history has shown consistency for the past two years, you have a positive net worth and you have managed your existing credit well. Having said that, at VPCU we will always explore all credit options available to you no matter what situation you are in. We have assisted many members with a wide array of challenging situations and have helped them toward greater financial health.
 
4. What is a debt consolidation loan?
A debt consolidation loan is a loan that re-organizes all or a significant portion of your outstanding unsecured debt into one focused loan and loan payment.
 
5. There are many pay day loan and alternative financing companies advertising heavily in the market right now. Are they a good alternative to borrow from instead of a conventional financial institution?
We would strongly recommend that anyone seeking credit contact their local financial institution first. Many of the alternative financing options that are available today have extremely high interest rates and hidden fees. In some cases, the interest rates and fees on the loans offered exceed even those of credit cards.
 
6. Does VPCU charge any loan processing fees for personal loan applications?
VPCU does not charge any loan application processing fees.
 
7. How long does it take to get a loan approval?
Once you have provided us with a completed loan application form and the required income verification 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 income verification documents to loans@vpcu.com . If you are applying for a debt consolidation loan, please also send us the most recent statements of the loans and credit cards you wish to consolidate as well.
 
8. 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.
 
9. I am hesitant to apply for more credit, but I want to improve my finances. What other options do I have?
Sometimes a financial review along with some adjustments to budgeting can address a cashflow situation. At VPCU, we would be happy to review your budgeting and offer our best advice free of charge, no strings attached. It should also be noted that our staff do not have sales targets nor earn commissions on any products sold so you can rest assured knowing that we have your best interests in mind at all times.