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Lender
Rating by Finanso®
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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's application

Finanso.Multilogin™

How to apply for a loan?

The easiest way to apply for a loan at Coast Capital Savings is through the official website. If you are a new client, start requesting a loan by creating a personal account. If you are a member, you need to log into the profile and search for h the necessary programs, tools, and resources available for the community.

After creating a personal account, clients may decide on the type of loan they want to get among the four options: a personal account, a line of credit, auto finance, or credit insurance.

If you are interested in applying for an auto finance loan, the application procedure differs from others at Coast Capital. It contains a specific questionnaire provided for review. It is in the applicant's best interest to answer the questions if they wish the loan application to be approved. The questionnaire is required to clarify certain things like whether the third party will use the loan or it will be used on behalf of it; if the client is a politically exposed individual; or has been declared bankrupt in the past seven years.

Requirements

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.

To make applying easy and convenient, we have briefly summarised what you need to apply for a loan.

Instead of collecting your information at the front door, Coast Capital has created a contact form where you enter your first and last name, contact information, the subject of your question, and choose when you would like Coast Capital to contact you.

Application details

The process of application consideration may take from 2 to 5 minutes. However, the approval time may take up to a whole business day, depending on the client's financial situation.

Coast Capital Savings can reject a loan application due to one or a set of following reasons:

  • Lack of required personal information;

  • Incomplete application;

  • Bad credit history;

  • Lack of stable income;

  • An applicant has been declared bankrupt recently;

  • An applicant is not age-appropriate.

  • Too much current debt.

Reasons for rejection

Coast Capital Savings can reject a loan application due to one or a set of following reasons:

  • Lack of required personal information;

  • Incomplete application;

  • Bad credit history;

  • Lack of stable income;

  • An applicant has been declared bankrupt recently;

  • An applicant is not age-appropriate.

  • Too much current debt.

FAQ

How long does it take to get approved by Coast Capital?

The process of application consideration may take from 2 to 5 minutes. However, the approval time may take up to a whole business day, depending on the client's financial situation.

How trustworthy is Coast Capital?

Coast Capital is a Federal Credit Union that has been in business for over 80 years. The company is duly registered and complies with applicable laws in its operations. It is not an online-only business. It has several large branches for consultations and comprehensive services and has its own ATM network.

Does Coast Capital verify income?

To obtain a loan, you must have a regular income. Since Capital Coast provides professional services at the federal level, it must verify income and request the information relevant to it.

Does Coast Capital hurt your credit score?

You must realize that as a Federal Credit Union, it is not the organization's goal to lower your credit score.

Mentoring, personal finance decisions, and grace periods on many products are there for you to properly service your credit. If you are facing cost issues, work with Coast Capital to find solutions.

However, if you fail to repay the loan, shirk from seeking solutions, and do not inform the lender about your situation, you will face the consequences. These situations are reflected in your credit score for future love loans.

Financial products

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

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 03.10.2022
Loan amount
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Enter the desired loan amount

CAD
CAD
USD
25000 $
10000000 $
Loan term
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Specify the loan term for the calculation

years
months
5
30
Province

What to pay attention to when applying for a loan from Coast Capital Savings

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Coast Capital Savings from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Coast Capital Savings’s reviews by October 2022
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