Types of ACU loans
Assiniboine Credit Union provides a range of lending solutions for various borrowing needs.
- Personal loans. With a personal loan from ACU, you can get financing for any of your borrowing needs. These term loans are available at both fixed and variable interest rates and provide flexible repayment schedules. You can choose to secure your loan with an asset or a deposit. The early payoff is available at any time without prepayment penalties.
- RRSP loans. With an RRSP loan, you can optimize your RRSP contributions and benefit from tax advantages. RRSP loans provide flexible repayment schedules and penalty-free early repayment.
- Auto finance. With auto financing options from ACU, you can get a car loan right at a dealership in Manitoba. Auto loans are available at fixed and variable rates and provide flexible repayment schedules.
- Personal Line of Credit provides revolving access to financing starting at $5,000. A line of credit allows you to pay only interest on the amount you borrow.
- Student Line of Credit is a lending solution for post-secondary students. When getting access to an approved financing amount starting at $5,000, you can make interest-only payments during your studies. After graduation, you can enjoy a 6-month interest-free grace period.
- Home Advantage Plan Mortgage provides access to financing of up to 80% of your home’s value. You can choose to use these funds as a secured line of credit, a loan, or a mortgage.
- RRSP Line of Credit is one more way to optimize your RRSP contributions. While saving for your retirement, you can also benefit from tax advantages. Just like with other lines of credit, you can pay interest only on the amount you actually borrow.
How to apply for an ACU Loan?
ACU accepts applications for term loans and lines of credit online. To proceed, click the “Apply now” button next to the product description and fill out an online application form with your personal information, loan details, and employment information.
To apply for other lending solutions, you should book an appointment with an ACU advisor and become an ACU member.
Requirements
When planning your visit to ACU to obtain membership, prepare two pieces of personal identification from among those listed in Part A (Primary ID) and Part B (Secondary ID). Note that at least one piece of identification must be from Part A (a government-issued photo ID).
Pros and cons
Lending solutions from ACU have definite benefits:
- Flexible repayment schedules
- Penalty-free early repayment
- An opportunity to apply online for select financing options
Still, there are certain drawbacks to keep in mind:
- The lack of information about interest rates
- No opportunity to apply for RRSP and auto loans online
How to make a payment?
ACU provides several ways to pay for your loan or line of credit:
- Transferring funds between your accounts through online, mobile, or telephone banking
- Making a payment in person at your local ACU branch
In addition, you can access select lines of credit and pay for them through ATMs and cheques.
