A) The process is really very simple. The information you’ll need to provide is:
Then a credit assessment will be made based on your ability to repay, credit history, collateral, residence and employment stability. And you’ll probably have your answer within 24 hours!
A) These days loans can be powerful financial tools. You can use them to acquire assets like a car, a computer or a boat. You can take out a loan to improve your home, or to contribute to an RRSP or some other valuable investment.
A) Generally, terms of 1 to 7 years are available on most loans, and the rate may vary with the term of the loan. RRSP loans are available at a lower rate, and special rates may also be available on other types of loans from time to time. With a line of credit, once you have qualified, you are provided with a credit limit and are free to access the funds at any time and for any purpose. Interest rates on lines of credit vary, but they usually compare favourably with loan rates, and are generally much lower than credit card rates.
A) Borrowing costs depend on the interest rate you’re being charged, and on the amount of the loan and its term. The total cost of your loan is detailed on the “Statement of Disclosure” given to all loan customers at the time they take out the loan.
A) Interest is calculated daily on the outstanding principal balance and payable according to your payment frequency (ie, weekly, biweekly, monthly).
A) For fixed terms loans, each regular payment consists of a portion of interest and a portion of principal. The proportion of interest is higher in the first payment, and it reduces as the principal is repaid. For lines of credit, there are various repayment options, including interest only.
A) We are happy to assist students in obtaining financing for post secondary studies. With the increasing costs of pursuing a post-secondary education,we strive to help students financially as best we can. SVCU has a comprehensive student line of credit program that is available to full and part time students. Come talk to us for more details.
A) Visit a Swan Valley Credit Union branch to speak with a financial services officer. They will be happy to answer any questions you may have and guide you through the application process.
A) Swan Valley Credit Union will consider your request, based on your personal information, and a credit assessment will be made. Usually you’ll receive an answer within 24 hours.
A) A good credit rating means that you have repaid past debts in a timely manner. If you make your payments as agreed, on time and in full, you will automatically have a good credit rating.
A) The co-signor is a person who becomes equally responsible for repaying the loan as you are. If you, the primary borrower, stop making payments on the loan, the co-signor would be responsible for the payments. Anyone of the age of majority (18 years of age) who is a SVCU member can offer to co-sign for you.
A) Collateral is security for a loan. If you fail to repay the loan, the financial institution can take the collateral. Collateral isn’t required on all loans, but it can reduce your interest rate. Contact Swan Valley Credit Union for more information.
A) Once your loan is approved, which usually takes about one day, the loan amount can be advanced to your account or issued as a draft. Depending on the purpose, the draft might be issued directly to a third party, such as a car dealer.
A) The interest rates charged by financial institutions fluctuate because rates are set competitively and move to reflect the latest market conditions. Credit Unions are well known for offering lower interest rates than many other financial institutions. By asking for the best rate and comparing rates between institutions, you will be in a better position to know whether the rate quoted is competitive or not. Keep in mind that consolidating your financial business at one institution can help you obtain even better rates and that customer service and convenience are also important factors.
A) You can pay off your loan any time you like, usually with no early repayment penalties. Mortgage loans however are different. If they are paid-out early you may be responsible for paying a penalty fee.
A) Missing a loan payment puts your loan in arrears. If this happens, you should immediately contact your lender in order to explain the situation, and to make repayment arrangements.
A) In the unfortunate event of a job loss, you would continue to be responsible for repaying your debts in a timely manner. We will be glad to help you determine the best way to allocate your income to meet expenses, including your loan payments.