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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.

Ganaraska Financial

Finanso.Multilogin™

Ganaraska Financial Credit Union is a nonprofit financial institution that can be the most convenient option for those who want to make important decisions about their money.

The company is located in Port Hope, Ontario and has multiple branches across Canada in order to help its members get access to all the products and services.

Ganaraska Credit Union was founded over 75 years ago and since then has been applying the specialized knowledge in the field of finance for helping its members to get the necessary funding.

Personal Loans
Consolidation Loans
RRSP Loans
Mortgages
Business Loan
Business Line of Credit
Business Mortgages
How do you become a member of Ganaraska Financial Credit Union?
Does Ganaraska Financial Credit Union offer loan insurance?
How many ATMs does Ganaraska Financial Credit Union have?

Much of what you can do at Ganaraska Credit Union boils down to financial planning. Naturally, the company has a list of tools for the users. The most popular online tool is the loan and mortgage calculator. People like it because they can see how much they can borrow or spend on a house or property based on their desired monthly payment.

In addition to personal loans and lines of credit, Ganaraska Credit Union offers several entrepreneurial options. Whether you are just starting out or in need of a cash infusion to keep your business afloat, the Small Business Lending solutions can help. These include Merchant Cash Advances (MCA), Lines of Credit (LOC), and MCA Financing Lines (MLCL).

Advantages

  • Ganaraska Financial Credit Union makes banking easier and quicker.
  • The official site provides helpful content about available products, services, location of branches and ATMs, etc., and displays financial information in an easy way.
  • The ability to get personal benefits through transactions.
  • The members can agree with the credit union on schedule payments at their convenience.
  • Ganaraska Credit Union can be used a personal banker that you can access from anywhere at any time. The services are available seven days a week, and its employees are always on call.
  • Ganaraska Financial Credit Union is an electronic cash-flow management tool that will help you understand and manage your cash flow. With it, you can see how much revenue you get and how much money goes out of your business regularly.

Getting access to capital is one of every entrepreneur's biggest challenges. To help businessmen pay for growth and expenses with lower interest rates than credit cards have, banks ususally offer loans and lines of credit - but you have to put in some work to get them.

Ganaraska Credit Union offers great products, so they serve to help you get started on your business regardless its location in a convenient and rather easy way.

Business Lines of Credit

Line of Credit is a revolving loan account that can be used to make purchases. Ganaraska Credit Union customers can use it to buy new equipment, renovate property, fund investments, or pay down existing debts. When companies take a Line of Credit with Ganaraska Financial Credit Union, they are given an advance on the credit limit based on their monthly income and payment history. This means the clients will only be paying back as much as they need each month, with no long-term commitment or penalties for missing payments.

Interest rates for Personal Loan start from 3.99%, for the Line of Credit it equals 16.25%.

Mortgages for business

Whether you are buying a home or trying to secure a commercial loan, it is important to know how much mortgage you can afford. Applicants of Ganaraska Credit Union can calculate their mortgage affordability using simple and user-friendly calculator.

Ganaraska Financial offers its members Mortgages for the term between one and five years with a fixed or a variable rate. The fixed mortgage rate is between 2.54% and 3.79% depending on the term, while the variable rate is from 1.95% to 3.84%.

Ganaraska Financial Credit Union offers its members a variety of banking products, including chequing and savings accounts, credit cards, loans, mortgages, and more.

Chequing Accounts

The members of Ganaraska credit union can receive personal cheques and bank drafts with a personal chequing account. A bank draft is a cashier's cheque issued to someone they have already designated. Whether it is for the landlord or the car insurance company, paying with a bank draft ensures having more than enough finance at the account to cover the payment. Bank drafts are also less costly and easier to use than cheques.

Ganaraska Financial Credit Union Chequing Account offers more flexibility and services than most banks and other companies working in the industry of finance do. It provides convenient access to your money through free chequing and bill payment. But, it also allows to save with higher interest rates than what most financial institutions offer. Ganaraska Chequing Account is also mobile-friendly, so you can do your banking on-the-go.

The credit union offers its members several types of chequing accounts. These are:

Pay As You Go account is a convenient option for those who make occasional transactions. The fee of $1 is charged for day-to-day transactions as well as for online, TeleBanking or ATM bill payments. Monthly maintenance fee is $4.95,. Free deposits and e-transfers are applied.

The second type is Plan Chequing, which is aimed for members who make a medium level of monthly transactions. Day-to-day transactions are handled for free for the first 25 days. Monthly maintenance fee is $4.95, This account provides unlimited number of bill payments, including ATM, in-branch, TeleBanking, and online banking. Free e-transfers are also applied.

Plus Chequing account requires the monthly fee of $15.95 per month. It allows free e-transfers, unlimited day-to-day transactions and bill payments.

Free Chequing has been created for the members who possess extra member shares. They get the unlimited options for the monthly fee of $4.95.

Golden Chequing has been specially designed for people aged over 60 years old. They can get unlimited transactions for the monthly fee of $4.95.

Youth Chequing and Student Checking are similar types of accounts, which are aimed to serve young people and provide the access to unlimited tranactions charging no maintenance fee.

Savings Accounts

Having your own personal savings account at Ganaraska credit union allows to get revenue and gives a chance for your dreams to come true.

All accounts are insured with Canada Deposit Insurance Corporation, which means the members receive protection from any lost funds in case the bank fails. Plus, savings will not be affected by any increases in interest rates.

Mortgages

Ganaraska Financial Credit Union offers its members the fixed rate mortgage with flexible repayment options and the interest rate from 2.54%; and the variable rate mortgage which is designed for those who want to save finance in case of percentage drop. Currently the variable rate starts form 1.95%.

You can use the online calculator on the official website of Ganaraska to see how much you can borrow.

Loans and Lines of Credit

Ganaraska Credit Union offers personal loans with flexible repayment terms for the members who want ot make big purchases and need extra money for it.

Consolidation Loan allows to consolidate existing credits and reduce current debt. For this option the fixed interest rate is applied.

With RRSP Loan and RRSP Line of Credit the members of Ganaraska Financial can maximize their RRSP contributions.

Personal Line of Credit provides easy access to funds with lower interest rates than most credit cards offer.

No monthly service fee

With many banks charging their customers for having an active bank account, it can be hard to make revenue if you are not making more than $100 per month from your job. Ganaraska Credit Union does not charge any monthly service fees when you keep a minimum of $1,000 in your chequing or savings accounts at all times.

Five free withdrawals per month

Unlike other financial companies in this industry, Ganaraska Credit Union offers unlimited free cash withdrawals from any of its branches. The members can withdraw as much as they need without getting charged. The credit union does not imply any fees on cash deposits or withdrawals.

Free cheque book with each new account

Ganaraska Credit Union give you a free cheque book when you sign up for an account. As long as your accounts are in good standing, you will always have access to these, as there are no fees whatsoever. You can write as many cheques as you like from your Ganaraska chequiing or savings accounts with no additional fees and use them at most banks and retailers in Canada.

Personal financial management (PFM) tools

There are some great programs out there that provide users with an easy way of keeping track of their spending while planning their financial future. You can easily import data from banks or brokerage firms so that you always have up-to-date information on hand.

Online and in-branch teller services (including Scotiabank ABMs at no charge)

With an online or in-branch Scotiabank ABM, you can conduct banking transactions at any time, from anywhere. This includes deposits, withdrawals, and cheques. It also includes access to Day-to-Day Banking service that lets deposit or withdraw up to $500 per day, up to five times a month without being charged for it. You can link your Bank of Nova Scotia account with us and use it wherever Interac® Direct Payment is accepted.

Free digital wallet service

Digital Wallet service allows to link your current accounts together and manage them all from one place. If you want more control over how you use your money, the digital wallet might be just what is needed. Digital wallets are a convenient way of managing finances online. They help reduce fraud by only requiring one password, letting users view their financial information in one place. They are also perfect for anyone who wants to spend less time dealing with banking details and more time using their money for things that matter.

Account security

Ganaraska Credit Union prides itself on top-notch security measures. Using advanced and secure access protocols means that the members can rest easy knowing their data is in capable hands. Online banking offers an easy way to access an account when convenient for the client. Offering a number of options makes it easy to stay on top of things - no matter where you are or what time it is.

Convenience and customer service

To get access to the products, services and finance from Ganaraska Credit Union does not take much longer than one business day in most cases. For example, you can complete a mortgage application and have a decision on your file within 24 hours.

Free eStatements

Ganaraska Credit Union provides eStatements for all members at no extra cost. They can view electronic copies of their canceled checks, deposits, and withdrawals when log in from their home computers or mobile devices. Mobile users can enjoy their statements in an interactive format while accessing their accounts through the secure banking platform.

eStatements allow to keep tabs on their finances and stay organized with paperless statements that come straight to their inbox. The only way they have access to financial statements is through electronic documents, which they can download and store in one place, like Google Drive or Dropbox. There is no need to worry about losing files, and they are easy to find when you need them. For free eStatements, the members of Ganaraska Credit Union need to sign up online.

E-Documents, Text Alerts, and Mobile Banking

With e-Documents, Ganaraska members can read, accept and approve a loan application electronically.

Text Alerts are another way we save time and effort.

If Ganaraska has important information about the account, they will text it right to the client's phone so that there is no need to waste time waiting on hold or checking the account online.

Security Measures for Online Banking

When using online banking services from Ganaraska Credit Union, you can be sure that they take many precautions to protect your personal information. At Ganaraska, security is a top priority, and it actively protects its members from financial crime and works closely with trusted third parties to maintain these security measures.

Ganaraska has the support service team thanks to which every member can get proffesional assistance for any question and issue arisen. Its full-service staff will be able to care for all your banking needs - from a simple inquiry to writing cheques or conducting more complex form of transactions such as transfers between accounts. Below is the list of contacts:

Automated financial service phone numbers 1-866-816-7088, (toll-free) 1-888-374-1717.

In case your MemberCard is lost or slonen, contact Ganaraska employees asap by calling 1-888-374-1717 (within business hours), 1-888-277-1043 (outside business hours)

Email: info@ganarascacu.com

Ganaraska Financial Credit Union has two official apps: GACU-Mobile and ValuCard. Learn how to get started with one of their helpful guides, or search for an answer to your question in the frequently asked questions (FAQ) section of the official site.

What to pay attention to when applying for a loan from Ganaraska Financial

  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 Ganaraska Financial 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 Ganaraska Financial’s reviews by October 2022
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