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Credit Union
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Coast Capital Savings

Advertiser Disclosure

About company

Coast Capital Savings Federal Credit Union was founded with a specific aim to provide guidance services for a better financial life for the organization's clients. The company's motive is to provide the members with financial programs and services that will cater to their economic dynamism, give them a better home and enhance the client's business. Coast Capital aims at rebuilding and bringing its members' dream lives into reality. For over 80 years, the company has been helping the community of Canada achieve its goals and overcome day-to-day challenges for a better life. The primary purpose of Coast Capital Savings Federal Credit Union is to build a better future for communities, with a vision to unlock banking opportunities. The credit union's review exposes its mission as the next generations' cooperative to improve the economic potential of customers.

The organization's guidance plan is to look at everything through how it can impact the lives of its' clients, employees, and the community.

Due to the support of the Coast Capital Savings company in the financial market, which included creating mentorship opportunities for all the members despite their backgrounds and experiences. Coast Capital Savings has been awarded several awards like:

  • The B.C. Top Employer Award
  • Canada's Most Admired Corporate Cultures
  • Canada's Best Managed Companies

There are four programs of financing at Coast Capital Savings Federal Credit Union.

Personal loans

A client may seek any financial assistance to get some relief from the never-ending stream of expenses. Small personal loans can be borrowed to cover the costs of more extensive personal loans with more complicated payment options. Coast Capital Savings has set aside a community of expert mentors to help the members get a personal loan accompanied by the best payment schedule.

Lines of credit

Lines of credit have two more tools incorporated - a personal Line of Credit and a Home Equity Line of Credit. The Personal Line of Credit loan comes in as a cash advance. However, it can also enable the client to enjoy a large credit card purchase. At the same time, the Home Equity Line of Credit allows customers to use their houses, apartments, or even holiday homes equity to either buy an item or even do the renovation in the same place at low-interest rates.

Auto finance

This program is for clients searching for a car loan or a business loan to boost their fleet of cars business in Canada.

Credit insurance

This service is aimed to support credit union members in unpleasant situations. This program enables homeowners to be protected from being taken over by the bank since they cannot pay for the house mortgage. Furthermore, credit insurance provides support for the members and families in case of death, disability, loss of income, etc.

Pros and Cons

Coast Capital members enjoy support via personal relationships with the organization's mentors. The credit union takes clients through their financial journey from the beginning to the end. It believes in mentorship and knowing the clients personally to match their banking needs.

Pros

  • Coast Capital Savings Federal Credit Union has existed for over 80 years, creating a reliable and trustworthy relationship with the community of Canada. It has also gained experience in the banking industry, and therefore it is the best place to search for financial solutions or advice services concerning your business ideas.
  • Coast Capital Savings maximizes its client's financial results by offering financial advice and supporting mentorship to the organization's community, who are also their shareholders.
  • The certified B Corp company reinvests 10% of its profit back into the communities it serves.
  • All decisions made by the executive leaders and board of directors of Coast Capital are aimed to support and improve the financial potential of the organization's members and their businesses.
  • According to the review of Coast Capital Savings Federal Credit Union, loan rates are low and modified to match the client's needs.
  • Unlike most savings companies, Coast Capital provides flexible loan terms compatible with the client's personalized capability.

Coast Capital Savings offers flexible payment plans for members searching for a personal loan. These plans include:

  • One to ten years term length to repay a loan.
  • Clients can choose weekly, bi-weekly, semi-monthly, or monthly payment schedule options.
  • Variable-rate options allow members to repay their funding at different rates depending on the agreement between the client and the credit union.
  • Members can access up to 65% of their home value by acquiring a home equity line of credit loan from Coast Capital Savings.
  • Coast Capital Savings offers an alternative to banking;
  • Ability to apply to refinance an auto loan in 10 minutes;
  • Low mortgage rate;
  • Cash loans up to $1900;
  • There are programs to earn 2.30% passive income that can be cashed in after 6 months;
  • Capital Coast Savings operates as a cyber hub;
  • Referral program with the opportunity to earn up to $400 by inviting friends to join their service.
  • When you become a member of Coast Capital, you receive $5 in membership shares and become a small part of the company.
  • A free checking account where you can save up to $200;
  • Coast Capital offers an online tool called Money Chat to help you improve your financial situation and set up the path to your financial goals;
  • Available consultations with an investment advisor, you save money on expensive workshops on the subject and can get reliable information tailored to you from the professionals;
  • Coast Capital offers a free personal financial management tool: Money Manager, which helps you keep track of your financial priorities;
  • A simple process for everyday transactions;
  • Digital void cheques to automate pre-authorized transactions;
  • Coast Capital operates online and through branch networks, plus Coast Capital has an ATM network;
  • To save your time, Coast Capital has established 2 types of branches: Advice-only branches and full-service branches.

Cons

  • Coast Capital is a large network created to find convenient and affordable financial solutions for passive income, everyday services, and referrals, but as a Federal Credit Union, it has higher requirements to accommodate your applications.
  • As a lender, it allows grace periods on loans, but you must plan your cash flow for future higher payments that include not only interest but also principle to stay on track;
  • With some loan products, it is better to get pre-approved to see if you have no old problems in your credit history;
  • You must have a solid income;
  • Only deposits in Canadian currency with a term of 5 years or less payable in Canada can be insured by the Canada Deposit Insurance Corporation Act;
  • You must declare if you are a politically exposed person;
  • Credit history and credit score will be verified;
  • Some credit products do not provide immediate access to money; checks and considerations may take some time;
  • Some credit products are closely linked to the goal of obtaining and using money.
  • Coast Capital is a Federal Credit Union and this form provides a guarantee of service standards and a more favorable fee policy at Coast Capital compared to Payday Lending organizations.
  • On the company's website, you will not find precise information about credit products and conditions of approval, and minimal maximal amounts for your cases. You must get this information from Coast Capital, and there is an option for members to get details from mentors;

Coast Capital is not an online-only lending institution like payday companies are. Some loan products offer higher amounts or better credit terms, but as a customer, you will need to communicate more closely with Coast Capital staff and may need to visit a branch.

The list of benefits of being a Coast Capital client is quite long. It offers all-in-one service solutions for all ages. You can open an account there, use a line of credit, and apply for a student loan, a car loan, or a mortgage. The company works with individuals and legal entities. In addition, at Coast Capital, you can take advantage of grace periods and the assistance of financial advisors. The company does not focus on customers who are in a financially desperate situation.

To balance the picture, we must mention some disadvantages of the service: Some application procedures require communication with company employees and are not comparable to instant loans. You may need to provide more information about your situation, as the company wants to help you find the best solution to bail you out. On the company's website, you will find only a brief description of the loan procedures. You can find out more details by communicating directly with Coast Capital.

This lender focuses on complex and long-term solutions and states that it cares about its customers' financial future.

Loan conditions

The lending agreement has been simplified for the clients to review and understand what is required. If any advice is needed, it is the business of Coast Capital Savings employees to explain all the agreement details to every client. After that, they will provide guidance and help the members feel more confident about their payment plan.

Applying for your first loan when you are just starting with Coast Capital requires more information about the client, a review of their credit history over the past few years and their problems, and a review of personal information. For additional loans, you will have to spend less time, mainly because some of your relevant data is already in the system. If it is a different type of product, you may be asked for additional documents depending on the type of loan product. For example, if you have used a line of credit or just transfers and now want to refinance your vehicle or take out a mortgage, you will need to submit additional documentation for these products. For more detailed information, please contact your Coast Capital advisor or submit an online application/pre-approval to get more information about your specific case. A personalized approach is very important to ensure better loan servicing. Coast Capital is interested in working with you from your first bank card through your entire career path.

Methods of a loan funding

Capital Coast offers a complete package of financial services and is ready to provide you with financing in a convenient manner: Cash, electronic transfers, and direct credit to your account. For more details on loan financing for your specific product, it is best to contact your Coast Capital advisor, send an application, or visit the nearest branch.

It may take up to one working day from the approval day to receive funds in your banking account.

Coast Capital Savings

FAQ

What is Coast Capital

Coast Capital is a modern banking alternative that offers the following services:

  • Day-to-day banking;

  • mortgages;

  • financial mentorship;

  • auto financing;

  • Wealth Management;

  • Business Banking.

  • They have been in the market for over 80 years and have a reputation as a stable, reliable partner for their members.

They offer real advice for your situation and that is much better than a quick loan under incredibly high APR, which could become a heavy burden for you.

Coast Capital cares about community development and each year up to 10% of its profits are reinvested into the community. Investment into the community over the past 2 decades amounted to $91 million.

Coast Capital has 3 subsidiaries:

  • Coast Capital wealth management;

  • Coast Capital financial management;

  • Coast Capital auto and equipment finance.

  • Since 2018 Capital Coast is a Certified B Corp.

Who owns Coast Capital?

As a credit union, Coast Capital is owned by its members. When customers join Coast Capital, they purchase $5 worth of stock shares. Currently, no information about Coast Capital's stock distribution is available on the company's website. If you need more information, please feel free to contact the company directly.

How do you qualify for Coast Capital?

Membership at Coast Capital Savings is available for everyone regardless of their financial status. However, specific requirements must be adhered to enjoy the company's resources, programs, and tools. They include:

  • An applicant must be as old as most people from the community;

  • Be a resident of Canada;

  • Provide detailed information about the residential address;

  • Have an employment history for the past three years;

  • Provide information about income sources, assets, and expenses;

  • Have a business license if a business loan is taken.

Kindly note that loan applications are only for amounts that are more than $5,000. If you require a loan lesser than the mentioned amount of money, kindly conduct the finance department of Coast Capital by calling 1-888-517-7000.

How much can you borrow from Coast Capital?

According to the information available, the minimum loan amount is $5,000, but if you need a smaller loan, you should contact Coast Capital and they will advise you on possible solutions. The maximum amounts depend on the loan product. If it is a mortgage loan or a student loan to cover tuition, the amounts reach hundreds of thousands of dollars.

The company's website does not list the amounts for all loan products. This could be due to the individual approach to the customer's ability to repay the loan. After all, even if some competitors publish information about the maximum loan amount, it does not mean that everyone is qualified to receive it.

Is Coast Capital a legitimate company?

Coast Capital is a duly registered Federal Credit Union acting under the laws applicable to lending in Canada.

It has all the documentary bases to carry on its business of lending, investment advice, referrals, and financial advice.

It is a reputable company with over 80 years of history in the market.

For more information about available licenses and other documents, contact Coast Capital.

Company documents

Privacy Policy
Credit Union Rules
Service Fees
Governance
Legal

We’re member owned. That means if it matters to you, it matters to us.

© Coast Capital Savings

Credit rating

i

Shows the level of financial reliability of a credit company

DBRS BBB Adequate credit quality

The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

Coast Capital Savings service available provinces

  • Ontario
  • Quebec
  • Nova Scotia
  • New Brunswick
  • Manitoba
  • British Columbia
  • Prince Edward Island
  • Saskatchewan
  • Alberta
  • Newfoundland and Labrador
  • Northwest Territories
  • Yukon
  • Nunavut
Coast Capital Savings service available provinces

Financial products

Coast Capital Savings
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$25,000-$10,000,000
Rate
i

Effective interest rate on the product

up to 7.5%
Term
i

Loan term for the financial product

up to 30 years
Coast Capital Savings
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

7.5%
Term
i

Loan term for the financial product

60 months
Coast Capital Savings
Auto finance
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

from 4%
Term
i

Loan term for the financial product

from 84 months
Coast Capital Savings
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$25,000-$10,000,000
Rate
i

Effective interest rate on the product

up to 7.5%
Term
i

Loan term for the financial product

up to 30 years

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i

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up to 4.59%
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i

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up to 10 years
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up to 6.09%
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Calculate loan payments in Coast Capital Savings

Coast Capital Savings calculator will allow you to calculate an approximate payment schedule for the loan

Coast Capital Savings calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 26.11.2022
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