Types of Vancity Loans
There is a range of lending solutions at Vancity.
- Personal Loan. With a personal loan from Vancity, you can get financing for any of your borrowing needs for a term of six months to seven years. You can choose between a fixed and variable rate, and a weekly, bi-weekly, semi-monthly, or monthly repayment schedule. The early repayment of a personal loan is available at any time, penalty-free. If the cost of your short-term borrowing is less than $45.00 at the time of loan set-up, your interest rate will be 17.90% per annum.
- Online Vancity Fair & Fast Loan™. A Vancity Fair & Fast Loan™ serves as an alternative to a payday lender. With this loan, you can get financing of up to $2,500 at a fixed 19% interest rate. Once you complete your Vancity Fair & Fast Loan™ application online, you can get funds deposited to your account in as little as ten minutes. The loan terms can range from two weeks to two years.
- Line of Credit. With a Vancity Line of Credit, you can get revolving access to financing in the amount up to your credit limit ($5,000 maximum). You can access funds at any time and pay interest only on the amount you use. The interest rate for a line of credit is 17.75%.
- Vancity Planet-Wise™ Home Renovation Loans. If you have energy-efficient home renovations in mind, you can get the advantage of Planet-Wise™ Home Renovation Loans and borrow from $3,500 to $25,000 for up to 15 years. These home renovation solutions are available in a form of a term loan, line of credit, and home equity line of credit (HELOC). Planet-Wise Renovation loans feature a low interest rate equal to Vancity Prime (5.45% at the moment of writing this review) plus a fixed ARR ranging from 0.4% to 3.0%.
- Vancity Planet-Wise Transportation Loan. To finance a purchase of a vehicle that emits less carbon (such as pedal bikes, e-bikes, scooters, electric cars, or hybrids), consider a Planet-Wise Transportation Loan from Vancity. The minimum loan amounts are starting with $1,500 and the terms range from 5 to 10 years. Depending on a purchase you have in mind, the interest rate will equal either Vancity Prime plus 1% or Vancity Prime plus 2%. You can repay your Planet-Wise Transportation Loan at any time, penalty-free.
- RRSP Loan. With this oan, you can optimize your RRSP contributions by either putting funds towards the current year's contributions or catching up on an unused RRSP contribution room from the previous years. You can also use your tax refund towards your loan payment. The interest rate for an RRSP Loan equals Vancity Prime plus 1% for the purchase of registered or non-registered term deposits of at least 1-year term.
- Peerloans and Microloans. For borrowers who might not qualify for conventional loans (newcomers to Canada, applicants with no credit history, or borrowers whose credit history is not perfect), there are Peerloans and Microloans at Vancity. The borrowing amount with these loans is between $15,000 and $75,000 depending on your specific needs, and the terms range from 60 to 84 months.
- Residential Farming and Hobby Farms. Vancity offers financing solutions for farmers and agribusiness owners, including microfinance and small growers fund, business term loans, and business operating loans. The term length for term loans can be up to 10 years. With operating loans, you get the flexibility to pay only interest on the amount you actually use and repay borrowed funds at your own pace.
How to apply for a Vancity loan?
To apply for most Vancity loans, you need to book an appointment with a Vancity advisor. Click “Book an appointment” next to the loan description, select the type of loan, and choose the date and time that works best for you. Loan application meetings are only available by phone call.
The only lending solution you can apply for online is Vancity Fair & Fast Loan™. To apply for Vancity Fair & Fast Loan™ online, you need to sign in using your Vancity membership login credentials.
Requirements
To apply for a loan from Vancity, you must be a British Columbia resident aged at least 19.
When reviewing your loan application, Vancity financial experts will evaluate your credit report and assess your creditworthiness. A Vancity Fair & Fast Loan™ involves no credit checks.
Pros and cons
Here are the benefits of Vancity loans:
- A variety of lending solutions for various borrowing needs
- An opportunity to choose between a fixed and variable rate
- Flexible repayment terms
- The early payoff of most loans is penalty-free
As for the disadvantages, we can name the lack of online application features with most loan types.
How to make a payment?
You can make a loan payment through the online banking account or the mobile app by transferring funds directly to your loan. You can also transfer funds to your loan over the phone with Vancity staff or Member Service Center staff. Or, you can make a loan payment in person at your local Vancity branch.
