Types of Desjardins loans
Desjardins offers a range of lending solutions for different borrowing needs.
- Personal loans. With Desjardins personal loans, you can get financing for any of your needs.
- If you need $50,000 or less and are looking for a fixed rate, you can apply for Accord D financing at your caisse and receive funds in minutes. You can take from 6 months to 10 years to repay your loan. Accord D financing is also available in stores.
- Alternatively, you can apply for a Desjardins Personal Loan and get financing at either a fixed or variable rate. The borrowing amount is subject to credit approval, and repayment terms are flexible — you can pay weekly, bi-weekly, or monthly.
- Auto loans. You can get a Desjardins auto loan through a dealership or at your caisse. Loans available through dealers start from $5,000. When applying for an Auto+ loan at a caisse, you can get financing of more than $12,500. Auto loans are available at fixed and variable rates, ranging from 6 months to 20 years.
- RRSP loans. To help clients optimize their RRSP contributions, Desjardins offers RRSP loans and Accord D RRSP financing.
- With an RRSP loan, you can get financing at either a fixed or variable rate for a term of 1 to 10 years and repay it on a weekly, bi-weekly, or monthly basis. The rates for this loan range from 5.79% to 7.04%, depending on the term.
- With Accord D RRSP financing, you can borrow from $500 to $50,000 a term of 1 to 10 years and repay your loan on a weekly, bi-weekly, or monthly basis. The rates for this loan range from 5.79% to 7.04%, depending on the term.
- Lines of credit. Lines of credit from Desjardins provide access to a pre-approved financing amount you can use whenever you need it. Once you repay your outstanding balance, you don’t have to re-apply for a line of credit if you need funds again.
- Personal Line of Credit provides access to financing based on your need and financial situation at variable interest rates ranging from 11.45% to 11.95%, depending on the borrowing amount. The repayment terms are flexible, and you can pay off your balance in full at any time, penalty-free.
- Versatile Line of Credit allows you to borrow up to 65% of your home's value.
- Investor Strategic Line of Credit. With this line of credit, you can get $25,000 or more financing and repay it on a schedule that works best for you — weekly, bi-weekly, or monthly. In addition, the early payoff is penalty-free. For information about rates, contact Desjardins advisors. Investor Strategic Lines of Credit are good for investors with a high risk-tolerance level and long-term investment horizon. The minimum amount to borrow with this line of credit is $25,000, with no collateral required in most cases. For information about rates, contact Desjardins advisors.
- Student financing.
- For students who don’t qualify for government loans or who don’t receive sufficient aid, there is a Student Advantage Line of Credit at Desjardins. This line of credit provides access to financing based on your need and financial situation. You can pay only interest on the borrowed amount at a 6.45% interest rate. The rate is valid throughout your full-time studies. After graduating, you can take up to 10 years to repay your debt.
- Student Strategic Line of Credit is another financing option for students to get a pre-approved amount based on their field of study. The rates for this line of credit range from 5.2% to 6.45%. During your studies, you can pay only interest on the borrowed amount. After graduating, you can take up to 10 years to repay your debt.
How to apply for a Desjardins loan?
AccèsD Internet users can apply for Accord D financing, Desjardins personal loans, auto loans, and Accord D RRSP financing online.
To apply for other Desjardin financing solutions, both AccèsD Internet users and those who are not Desjardin members or clients yet can visit a caisse in person or book an appointment with a Desjardin advisor by phone at 514-CAISSES (514-224-7737) if you are in Montreal and at 1-800-CAISSES (1-800-224-7737) if you are elsewhere in Canada or the U.S.
Requirements
- To qualify for a Desjardins Auto Loan or a strategic investor line of credit, you must be a Quebec resident.
- To qualify for student financing options, you must be a Canadian citizen or permanent resident of Quebec or Ontario.
- For other financing options, Desjardins doesn’t provide specific eligibility requirements on the website.
- To apply for Accord D financing and Accord D RRSP financing, you must have a Desjardins credit card. In addition, applying for Accord D RRSP financing requires you to have a Desjardins Regular Savings Account RRSP as well.
Pros and cons
The advantages of Desjardins loans are:
- A variety of lending solutions for different borrowing needs
- Flexible repayment terms
- The availability of auto loans both through dealerships and at a caisse
The disadvantages are:
- The lack of online application for those who don’t have an AccèsD account
- The availability of select financing solutions for Quebec residents only
How to make a payment?
Loan payments can be in the form of pre-authorized debits from your account, which you set up through AccèsD. You can also make a loan payment by transferring funds from your Desjardins account to your loan through online, mobile, or telephone banking. Or, you can make a payment in person at a caisse.
