Types of Affinity loans
For Saskatchewan residents willing to get financing for any of their borrowing needs, there is a range of lending solutions at Affinity Credit Union.
- Personal Loans provide financing at a competitive variable rate which is as low as the Prime Rate plus 1.00%. In addition, you can use a personal loan to consolidate your other debts under one loan with favorable conditions.
- RRSP Loans enable you to optimize your RRSP contributions and get a tax deduction from them. You can choose between a 12-month Quick RRSP Loan with an interest rate equal to the Prime Rate plus 0.50% and a 10-year Take 10 RRSP Loan with the rate of the Prime Rate plus 1.00%.
- Education Loans from Affinity aim to help post-secondary students cover their education-related expenses. With these loans, you can pay only interest during your studies and 24 months after graduation. Depending on the program of your enrollment, you can get financing of up to $200,000 at a rate equal to the Prime Rate plus 1.00%.
- Restart Loans from Affinity are a more affordable alternative to payday loans. With this loan, you can borrow between $200 to $3,000 at a 17.99% interest rate and repay your debt in up to 24 months.
- Credit Builder Loans. With a this loan, you can borrow funds to invest in a term deposit or a TFSA Term Deposit. These cash-secured loans provide competitive interest rates and help you build your credit history. You can repay a credit-builder loan within a year and withdraw your investment upon the full loan repayment.
- Lines of Credit provide revolving access to financing amounts of up to a set limit. You can access your funds whenever you need them and pay interest only on the amount you actually use. Once you repay your balance, there is no need to re-apply for a line of credit. Affinity offers two options for a line of credit — a Line of Credit connected to your chequing account and a Quick Loan that’s not linked to a chequing account. Interest rates for Affinity lines of credit equal the Prime rate plus 2.50%.
How to apply for an Affinity loan?
To apply for a loan from Affinity, you can fill out an online pre-qualification form on the website. The form will request the following details from you: your personal information, address, income, information about the assets you own, financial obligations you have, and the desired loan amount.
Alternatively, you can book an appointment with an advisor or call Affinity at 1.866.863.6237.
Requirements
To apply for a loan from Affinity, you must be a Canadian resident aged at least 18 (the age of majority in Saskatchewan). To apply for an education loan, you must be enrolled in a program from an accredited post-secondary educational institution.
When applying for a loan, be ready to provide the following:
- Income verification
- the last two paystubs or a letter from your employer plus either your most recent T4, NOA, or the previous year’s paystub for salaried employees;
- copies of your T1 General and T2125 for the last three years for self-employed individuals or business owners;
- business owners running a corporation or partnership should also provide the financial statements for the last three years.
- The list of assets you own
- The list of liabilities you have
When applying for Education Loans, you must also provide proof of your enrollment — either the Proof of Enrolment (POE) letter from the Registrar’s office, an invoice or receipt of tuition payment, Registered Education Savings Plan (RESP) Verification of Enrolment form, or the course schedule.
In certain cases, you may need to come with a guarantor for your loan.
Pros and cons
The advantages of Affinity loans are:
- A variety of options for different borrowing needs
- Competitive borrowing rates
- Online pre-qualification available
Here are the disadvantages to be aware of:
- Limited geographic availability of Affinity’s lending solutions
How to make a payment?
You can make a loan payment in any of the following ways:
- By transferring funds between your accounts via online, mobile, or telephone banking and through an ATM
- By depositing funds through an ATM
- By paying in person at your local Affinity branch