Types of Cambrian loans
Cambrian Credit Union provides various lending solutions for the different borrowing needs of clients.
- Personal Loans. With a personal loan, you can get financing for any of your borrowing needs. Personal loans involve a set payment schedule so that you can pay off the debt as planned. The interest rate you will qualify for is subject to credit approval.
- PayOff Loan also known as a consolidation loan allows you to pay off higher-interest debt with a personal loan that charges a lower rate. Instead of making multiple payments by their due date, you can make one monthly loan payment. With a payoff loan, you can save thousands of dollars in interest and become debt-free faster.
- Line of Credit provides you with financing up to an approved credit limit that you can use whenever you need it. With a line of credit, you can pay only interest on the amount you borrow.
- Home Equity Line of Credit enables you to borrow up to 80% of your home’s value. The rate you will qualify for is subject to credit approval, although it is typically lower than a personal loan rate.
How to apply for a Cambrian loan?
You can apply for a Cambrian loan online. Go to the Cambrian website, select “Apply” from the top navigation menu, and click “Loan”. Then, fill out an online application form with the following details:
- Your email
- Whether you are a Cambrian Credit Union member
- Whether you have completed Cambrian's mortgage affordability calculator
- Whether you are already working with a Cambrian Loans Officer for this application
- The product you are applying for
- The borrowing purpose
- Whether it is a joint application
- Whether the loan will be used by or on behalf of a third party
- Your first name
- Your last name
- Your date of birth
- Your phone number
- Your email
- Your address
- Your housing status
- Whether you have lived at this address for more than 2 years
- Your employment status
- Your employer’s name
- Your job title
- For how long you have been working there
- Your monthly gross income
- Your other income
- The financial obligations you have (check all that apply)
- The assets you own (check all that apply)
Once you fill out the required fields, review your applicant information and click the “Submit” button.
Alternatively, you can book an appointment with a Cambrian advisor.
Requirements
To apply for a loan from Cambrian, you must be a Canadian resident of at least 18 years old.
There is no need to be a Cambrian member to apply for a loan.
When reviewing your loan application, Cambrian advisors will look at your credit score, income, assets you own, and financial obligations you have. When granting a loan approval, Cambrian usually looks for a credit score of 625 or higher.
Pros and cons
The advantages of Cambrian loans are:
- Lending solutions for different borrowing needs
- An opportunity to apply online
- Availability of loans to non-members
- Easy management of your loan through online and mobile banking
Here are the disadvantages to be aware of:
- The lack of transparency about the borrowing rates
- The availability of loans to Winnipeg and Selkirk residents only
How to make a payment?
You can have your loan payments deducted automatically from your bank account. You can also transfer funds between your accounts via online or mobile banking or pay in person at a Cambrian branch near you.
