Products and Services - Loans

At Creston & District Credit Union, we make loans for many productive purposes and rely on the revenue generated from interest on loans in order to meet expenses and pay interest to savers. We must be good stewards of our members' money while, at the same time, helping others to buy their dream home, take a long awaited vacation or purchase a new vehicle. Different types of loans attract different rates of interest and there are a host of considerations, so it is wise to discuss your borrowing needs in advance of your purchase.

Mortgages

For over 50 years, your credit union has been helping residents of this area with the purchase and renovation of their homes. Currently, our mortgages provide the following options:

• Homeowner, investment, high ratio and progressive mortgages
• Terms from one to five years
• Fixed and open terms
• Payment options - weekly, bi-weekly, semi-monthly, monthly.
• Generous prepayment privileges on most mortgages
• Life and disability insurance protection are available on most mortgages
• Re-advanceable provision allows for increasing your mortgage without having to pay a new set of legal fees.

Purchasing or investing in your home will likely represent the biggest financial decision in your lifetime so it is wise to consider your circumstances carefully before deciding on the type of mortgage that will suit your situation. The savings can be significant over the long term.

Personal Loans

Personal loans are available for almost any purpose, including acquisition of a vehicle or boat, consolidation of debt, vacations and travel, or stock purchases. The loan may be secured by your purchase (such as the collateral of your vehicle), stocks, bonds, deposits or made on the strength of your signature. Benefits include:

• Quick response to your loan request - usually within 24 hours.
• Loan may be repaid in full or in part at any time without penalty
• Competitive interest rates
• Flexible amortization
• Interest rates may be fixed or variable
• Life and disability insurance is available for pennies per day

A personal loan can save you a lot of money - particularly when used to pay off high interest credit card debt. It is also a convenient way to purchase "big ticket" items such as cars or trucks or mobile homes, and, if some unexpected cash lands in your hands, you can apply it to the loan, without penalty, and save yourself more interest.

Pre-Approved Loans

Members can arrange financing of a mortgage or personal loan before finalizing their purchase. This provides "clout" during negotiations and an understanding of the range of affordability. The interest rate on pre-approved applications is guaranteed for a set period, so members know what their payments will be. A pre-approved loan allows you to shop with assurance and close with confidence.

Line of Credit

A line of credit, once approved, allows you to pay down your loan and take it back up to the limit without having to apply for a new loan. The line is attached to a chequing account and cheques or withdrawals will increase the balance while deposits reduce it. Benefits include:

• Payments based on percentage of balance.
• Competitive interest rates
• Interest is calculated on the daily outstanding balance, not the approved limit.
• No stand-by fees
• Life insurance protection is available.
• Interest rates may be fixed or variable

A line of credit will appeal to members whose borrowing requirements fluctuate from day to day or who have a project "on the go" but aren't certain of the final cost. A line of credit also provides an excellent opportunity to pay off high cost credit card debt and makes for great overdraft protection.

Business / Commercial Loans

We are a full service credit union and that includes helping local business people and merchants with the financing of inventory, expansion of premises, computerization of operations, acquisition of property and other related ventures. Since this type of financing covers a wide range of options and considerations, each application requires detailed discussion and analysis. We provide the following types of loans:

• Commercial Loans and Mortgages
• Letters of credit
• MasterCard merchant services
• Lines of credit

Creston & District Credit Union
P.O. Box 215
140 - 11th Avenue North
Creston, BC V0B 1G0
Phone: 250.428.5351