Personal Loans & Lines Of Credit
Everyone has dreams and goals. But often getting started requires some financial help. Waiting until you've saved enough money is an option. So is using credit cards. But personal loans and lines of credit are generally more timely and economical than using credit cards that incur high interest charges or waiting until your savings are sufficient. And for your peace of mind, we offer you payment protection Insurance Products while you have debt outstanding.
Personal Loans are obtained for a specific purpose, such as buying a vehicle, taking a vacation, planning a wedding, buying a computer or investing in an RRSP. You have a choice of weekly, biweekly or monthly loan repayment plans, to suit your budget.
Automobile Loans are available to qualified members who wish to purchase a car, truck, boat or recreational vehicle. Our Financial Services Representatives have access to used-vehicle valuation guides to help ensure that you make a quality purchase if you are interested in a used vehicle.
RRSP Loans are used to finance RRSP investments. In essence, these loans provide you with money to invest before RRSP deadlines approach. Repayment represents a method of saving for retirement. The Credit Union also offers a Take 10 RRSP Loan.
The loan money, with a value equal to your unused RRSP contribution from prior tax years, is deposited into your RRSP for your tax advantage. This loan can be repaid over an extended period of up to 10 years.
Consolidation Loans offer simplicity, allowing members to combine all their debt into one lump sum. Benefits include easier budgeting and more convenience, as the number of payments required is minimized. If you have outstanding balances on credit cards, the interest payment can often be reduced if the balance is transferred to a consolidation loan.
We offer competitive variable and fixed rate loan products. The rates vary based on factors such as the term of the loan (the length of time before the loan and the interest will be paid in full) and the security offered. We believe in offering flexibility, working with you to determine the conditions of your loan, including rates and terms, to ensure that it suits your budget and your repayment needs. All personal loans are fully open for early repayment without penalty.
By obtaining approval for a loan of a specified amount prior to making your purchase, you know exactly how much money is available to you and what you can afford before you begin negotiating prices.
There are two types of loans - secured and unsecured. If the loan is secured, you put up collateral - property that is legally reserved for Rochdale as security, which no one else can use for similar purposes. Stocks, bonds and real estate are examples. With most automobile loans, the vehicle is used as collateral. In the case of an unsecured loan, your signature represents your promise to repay the money, without any other assets offered as security. There are generally limits to the value of unsecured loans.
Your Rochdale Financial Services Representative can help you determine how much you need to borrow, the repayment term (how often you will make payments and how long it will take to pay off the loan). For most applications, the approval process can be completed within one business day.
In most cases, we contact on-line applicants within one business day to clarify information or provide our response. Click here for an On-line Loan Application.
A Personal Line Of Credit is an alternative to a personal loan. Once approved, you have access to a specific amount of money, which you can draw from whenever you wish until you reach your limit. For your convenience, you can access your line of credit in-branch, through any INTERAC Network or PlusŪ ATM or the INTERAC Network Direct Payment network. You only pay interest on the amount of money that you have used. When you repay this amount, it is once again available to you.
Unlike personal loans, you do not have to specify your reason for using the money when you draw on your line of credit. In many cases, the funds are used as overdraft protection. With a line of credit your monthly payment is based on the interest charged on the amount used during the month.
Once you are approved for a line of credit, there is no need to reapply, unless you want to increase your limit. Because you may use any amount of money you choose, up to your limit, in as many instalments as you wish, a line of credit provides you with a flexible financing option.
Our Personal Lines of Credit are available with a Rochdale Chequing Account or a Combination Account. Talk to your Financial Services Representative to learn more about credit limits and other options associated with this method of financing.
A Home Equity Line of Credit is similar to a personal line of credit, but the amount of money you may access is determined by the amount of equity you have built up in your home. This is one of the most attractive borrowing options available at Rochdale. Key benefits of a Home Equity Line of Credit include higher limits to the amount you can borrow as well as preferred interest rates, and therefore lower borrowing costs.
Click here for an On-line Line of Credit Application.
