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.
 
Vancouver Police Department New Hires

VPCU welcomes all VPD new hires with a one hour presentation at each new recruit training class. During this hour we discuss all things VPCU and also provide loan documentation to all new recruits should they wish to take our loan offer. We ask all new recruits to provide the following, should they wish to take our loan offering:
 
  • A photocopy of one primary piece of identification AND one piece of secondary 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
 
  • $10 cash for Credit Union membership shares
 
Metro Vancouver Transit Police New Hires

VPCU welcomes all Transit Police new hires with a one hour presentation at each new recruit training class. During this hour we discuss all things VPCU and also provide loan documentation to all new recruits should they wish to take our loan offer. We ask all new recruits to provide the following, should they wish to take our loan offering:
 
  • A photocopy of one primary piece of identification AND one piece of secondary 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
 
  • $10 cash for Credit Union membership shares
 
  • Photocopy of a void cheque or a bank account confirmation document to confirm the payment source of where we will draw the loan payments from
 
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. You may also make an in person appointment with us as well. 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
 
  • 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
 
  • $10 cash for Credit Union membership shares OR provide us with written authorization via email to loans@vpcu.com to debit your bank account for the 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 at a 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 .
 
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?

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. 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.
 
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.