Personal Loans
Personal Loans
Whether it's that special holiday, a new kitchen, a new vehicle/RV or a pet project, a personal loan from Vermilion Credit Union gives you more for your money:
- Simple interest calculations – you pay interest only on what you owe, for the time you owe it
- No payout penalties – reduce your loan in part or in full at any time, without notice or penalty
- Competitive loan interest rates
- Life and disability insurance – low-cost insurance coverage is available to handle your loan payments in the event of death, accident or illness
- Flexible repayment schedules – we’ll tailor the loan to suit your repayment schedule
- Fast, friendly service – as a member of Vermilion Credit Union, your loan request will receive fast, efficient and professional attention
- New vehicle loans can be amortized to 84 months.
- New RVs can be amortized to 15 years.
Overdraft Protection
A specific overdraft protection on regular chequing accounts which prevents cheques being returned because of insufficient funds- Avoids NSF charges
- Interest is calculated on the daily closing balance and is charged at month end.
- Available upon credit approval.
- Expected to revolve monthly from a members regular payroll deposit
Student Choice
StudentChoice financial package is a combination of a loan product packaged together with a broad array of financial services which includes a no charge chequing account with a discounted service fee plan that can be accessed using a Member Card debit card. The chequing account is called, Student Solutions.
- To qualify, the student or legal guardian must be a Vermilion Credit Union member for a minimum of 6 months from date of application.
- The applicant must be enrolled in at least 60% of the course load in a recognized (post-secondary) college, university or technical school. Member must provide a confirmation of enrollment.
- All normal credit criteria must be complied with.
- If the applicant has no or insufficient income to support this obligation, then a guarantor (preferably legal guardian) must be obtained and provide the eligible criteria to qualify.
Terms:
Maximum annual disbursement amount of $10,000 to a maximum of $60,000
(6 years). Minimum multiple disbursement of $500 per month. In addition to the above funding, the member will be eligible to establish an Authorized Overdraft, and a MasterCard™ to a maximum combined authorization of $2,500. These credit facilities will be considered on an unsecured basis to the student. Repayment of interest only, monthly payments while the student is enrolled in full-time studies. Interest only payments will cease 6 months after the student graduates, leaves school or the enrollment is less that 60% of normal course load (considered grace period). After the grace period, the member is required to make monthly payments toward principal and interest. The following repayment schedule will be established:
Balance up to $10,000: 48 months maximum
$10,000 to $20,000: 84 months maximum
Balances over $20,000: 120 months maximum
Subject to a minimum payment of $150 monthly.