Lending money is our passion! We can help you pursue yours with a personal loan!
Personal loans can be used for a variety of reasons:
- finance major purchases such as appliances, vehicles, vacation properties or recreational equipment,
- renovate your home,
- take a well-deserved vacation or purchase a destination wedding,
- further your own education, or to pay for your children's,
- as part of an investment strategy,
- to cover large unexpected expenses,
- to consolidate debt,
- and more!
We offer a simple application process, competitive interest rates, and convenient and flexible repayment options with the advice you need to achieve your financial goals. Plus, there is no penalty for pre-payment in part or whole.
Credit Protection Expand/Collapse
Whether you have a personal fixed-term loan or line-of-credit, credit protection through our partnership with CUMIS keeps you covered. Credit Protection is a very simple and affordable way to protect you and your loved ones from unexpected financial loss. Get the peace of mind that you are protecting against the unexpected by safeguarding your assets and your family.
Payment Protection for Loans
Designed for personal, fixed-term loans; the premium is paid once, at the time the loan is approved and is based on the loan amount.
Whether you suffer a total disability, are diagnosed with a critical illness or pass away, CUMIS will make sure your loan is secured.
CUMIS pays the outstanding insured balance of your loan to a maximum of $90,000 for loans with a maximum term of 180 months up to age 75.
CUMIS will pay your insured monthly payment to a maximum of $1,500 up to the maximum benefit period up to age 75.
CUMIS will pay your insured loan, up to $90,000 if you are diagnosed with a critical illness. You may apply for coverage through age 59 with a maximum term of 180 months and coverage ends when you turn 75.
Payment Protection for Lines of Credit
Designed for a revolving line of credit (in some cases a fixed-term loan), this coverage will protect you in case of total disability, diagnosis of a critical illness or death. Your premium is paid monthly and is based on the average daily balance of the prior month.
As a credit union member, this coverage pays your insured loan balance to a maximum of $1,000,000.
CUMIS pays 3% of your insured balance, up to $3,000 for a maximum of 60 months (per claim) up to age 75 if you become totally disabled.
CUMIS will pay off your insured loan balance upon diagnosis of a critical illness to a maximum of $1,000,000. Coverage is available to purchase up to age 59 and ends when you turn 75.
CU Express Loans Expand/Collapse
Apply once. Use it over and over and over again!
You tell us how much credit you would like to have access to when you apply - and you will always have those funds ready and available for you, whenever you need them! Then you can advance as little or as much of the loan as you want, as often as you like - no need to reapply. Advancing funds is easy; just give us a call and we will have the funds in your account, when you need them. There is no need to come to the branch or sign any papers to advance funds. It's as simple as that.
The loan can be used for all different kinds of reasons - could be for a family trip to Disney World, to fix a leaky roof, kitchen renovations or that Harley Davidson you've been eying up!You only pay for what you use and at rates usually substantially lower than on a credit card - saving you money! Payments are only calculated on what you use though a minimum payment is required - giving you the flexibility to borrow small amounts with a manageable payment. The Express Loan allows prepayment at any time without penalty.
Now isn't that the most flexible and convenient loan you've ever heard of?
Home Equity Loans and Lines of Credit (HELOC) Expand/Collapse
A home equity mortgage allows you to tap in to your home equity!
This alternative allows home owners to borrow against the equity in their home. The equity in your home equals the value of your home less what you owe. You can borrow a portion of the appraised value of your home to finance major purchases or consolidate debt. The advantage of home equity loans is that you can often obtain a lower interest rate because your loan is secured by real property.
You have all the flexible options and choice of a regular personal loan - just at a preferred rate:
- Express Loan (HELOC) - With an Express Mortgage you can borrow up to 65% of the purchase price or appraised value of your home, not exceeding a total of 80% when combined with a conventional mortgage. Once approved, you can advance as little or as much of the loan as you want, as often as you like with a simple phone call.
- Term Loan - Borrow up to 80% of your home equity with your choice of amortization period - up to 25 years.
So let's say you're ready to start renovations, you need a new motorhome or you've found your summer cottage at the lake! With a Home Equity Mortgage, you can tap into the equity you have in your home to make it happen.
Overdraft Protection Expand/Collapse
Access to funds - quickly, conveniently, automatically!
No one wants to overdraw their account but sometimes life happens - overdraft protection helps protect you from having cheques returned or cards declined due to insufficient funds. Applying for overdraft takes only minutes and it gives you peace of mind that you are protected from overdrawing your account for the occasional cash shortfall. Overdraft Protection is a one-time-approved ongoing loan that allows you to borrow up to a predetermined limit by simply accessing your chequing account – in fact, it is actually attached to your chequing account. You only pay interest on the exact amount you borrow and only for the number of days you’ve used it, at rates typically lower than retail credit cards.
It’s ready cash when you need it – travel emergencies, car repairs or even a great sale! Or just have it on stand-by for unexpected expenses - now that's peace of mind!
RRSP Loans Expand/Collapse
When you invest in an RSP, you enjoy tax benefits today while securing your financial future. RRSPs are truly one of the most powerful tools for Canadians to save for their retirement.
When you use our CU TAKE TEN RRSP Loan to finance your RRSP purchase, it allows you to:
- Maximize your RSP contributions for the current year, as well as,
- Catch up on any RRSP contributions not made in previous years, and
- Keep your payments management through competitive interest rates paired with repayment terms of up to 10 years.
Plus, you can reduce the amount your loan by applying your tax refund to it. Why don't you talk to one of our Investment Specialist today? They can help you determine if this financial strategy will benefit you!
Student Line Expand/Collapse
The Student Line Loan Program is designed to help students finance their post-secondary education - student lines help cover the cost of tuition, books, living expenses, computers, and more!
- Available to students attending a recognized post-secondary educational program with a minimum enrolment in full time study of 60%
- Borrow up to $40,000 - $10,00 is available each per year with proof of enrollment
- Disburse the funds directly to your Weyburn Credit Union account as you need them (minimum disbursal amount $500.00)
- Receive a discounted interest rate on the Student Line Loan Program
- Interest only payments are required while attending school and the 12 months following completion at which time regular principle and interest repayment of your Student Line loan begins
- Note: a Guarantor is required in most cases
Term Loans Expand/Collapse
Go ahead; pursue your passion! A RV? Or a cabin on the lake? The possibilities are endless.
Term loans are designed for larger one-time personal expenditures or debt consolidation. They offer convenient and flexible terms and repayment options - at competitive rates.
- Choose your term - up to 10 years depending on the useful life of the security pledged
- Repay the loan, in part or in full, at any time - with no penalty
- Lock your rate in for guaranteed payments - or choose a variable rate in hopes of saving interest costs - whatever fits you!
For a personal lending solution built around you and your dreams, visit one of our Lending Specialists or call our Contact Centre.