Types of Servus loans
Servus Credit Union Ltd. offers lending solutions for a variety of borrowing needs. Let’s look through them.
- Renovation loan. With a home renovation loan, you can get financing for making the desired home improvements.
- Vehicle loan. Auto loans from Servus provide financing for purchasing a new or used vehicle of your choice — a car, motorcycle, or RV.
- Student loans. For students enrolled at Canadian post-secondary education institutions, there are student loans at Servus. With this loan, you can finance your education-related expenses and pay only interest during your study. The maximum amount to borrow will depend on your program of study.
- Home equity line of credit (HELOC). A home equity line of credit or HELOC is a lending solution for homeowners proving access to an approved credit limit. Upon getting approval, you can use your HELOC whenever you need it and pay interest on the borrowed amount only.
- Investment loan. If you need to finance your investments (say, optimize your RRSP contributions), an investment loan may be a good option for you. A Servus financial advisor will work with you closely to explore all your investment options and possible lending solutions.
- Consolidation loan. For clients looking to ease the stress of personal debt and reduce interest on their payments, there are consolidation loans at Servus Credit Union. Based on your financial situation, a Servus advisor will find the optimal consolidation option for you.
- Fast Forward Small Loan. With this loan, you can borrow between $200 and $2,500 and receive funds within an hour. The terms for such loans range from three months to two years. Servus does not associate any charges and penalties with such a loan and promises a lower rate compared to other offers on the small loans market.
How to apply for a Servus loan?
Alberta residents can apply for Servus personal loans online by filling out the contact form available on each loan description page. Residents of other provinces and territories should call Servus Credit Union at 1.877.378.8728.
When filling out the contact form, you will need to specify the following:
- A type of loan you want to apply for
- Your first name
- Your last name
- Whether you have signed up yet as a Servus Credit Union member
- The best way to contact you
- Your email
- Your phone number
After providing your applicant information, accept the terms and conditions and click the “Submit form” button. Once you do, expect a Servus advisor to contact you within eight business hours.
Alternatively, you can visit the Servus branches near you to apply for a loan. To find a branch near you, go to the "Find a Branch or ATM" page and search by address, city, town, or postal code. Once you review the list of branches and find the one that works best for you, call Servus to book an appointment.
Requirements
To apply for a loan from Servus Credit Union, you must be a Canadian resident of at least 18 years old.
To qualify for a student loan, you must be an Alberta resident enrolled at a Canadian post-secondary education institution. You must also carry 60% and more of a full-time course load, meaning at least three courses per semester in a program of 12 weeks or longer.
Pros and cons
Servus loans have both pros and cons. Let’s outline the pros first:
- Servus personal loans are tailored to specific borrowing needs
- Unlike other financial institutions, Servus allows its members to earn profit shares on loans and other products
- Servus Member Contact Center is available 24 hours a day, 7 days a week
Here are the cons of Servus personal loans:
- The lack of information on interest rates published on the website
- The lack of personal unsecured lines of credit
- Servus loans are available to Alberta residents primarily
How to make a payment?
You can pay for your Servus loan in any of the following ways:
- By moving money from your Servus bank account to your loan through online, mobile, and telephone banking
- By making a payment in person at a Servus branch near you
