What
to Bring!
To qualify for
a loan we need to know as much as we can about you. This not only
makes the application for a loan much simpler, but enables us to
help you structure your finances to best suit your needs.
When applying for a loan please don't forget to bring some
important things:
 Yourself,
your spouse, your partner, your parent or co-signor.
Current
Employment information: where, how long, salary (tax returns)
Current
Financial picture: investments, vehicles, real estate, loans,
credit cards, and payments
What to Expect
Our excellent staff strive to provide superior service to our
members.
After we receive all your information the maximum time for
approval is as follows:
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Consumer
Loans
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1 day
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Agriculture
Loans
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5 days
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Commercial
Loans
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5 days
|
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Most agriculture and commercial loans will be approved within 2
days. All our approvals take place within our branch structure.
Consumer Loans
Most consumers use debt to purchase items against future earning
power. It is extremely important to strike a balance between
debt, savings and living expenses. Most people that have
difficulty managing their finances either have too much debt or
have excessive living expenses based on their wages. It is a good
idea to include your Credit Union in planning your monthly
budget. We can help you purchase those items you want, save for
your retirement and offer ideas on how to best manage your
finances.
Maximum Debt Level Guidelines:
Gross Monthly Income
|
Maximum Payment (%)
|
Monthly Payment Example
|
under 1000
|
0.00%
|
$0
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1000-2999
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25.00%
|
250-750
|
3000-3999
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30.00%
|
900-1200
|
4000-4999
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35.00%
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1400-1750
|
over 5000
|
40.00%
|
$2,000
|
Include in your calculations all
payments from debt, loans, credit cards, finance
companies, alimony, and rent
|
With CMHC include the above
payments and add heat and property taxes
|
Personal
Loans
Purchase a new car, finance your vacation, maximize your RRSP
Room, finance your child's future / education, or consolidate
your debt to make payments more affordable. Compare our
competitive rates and convenient repayment options.
Line of Credit
Waiting for your pay cheque? Bills to pay? Cost effective
overdraft protection with interest accruing only on your closing
daily balance and paid at month end. You pay only for the exact
amount you borrow and only for the number of days you use it. No
need to phone to access your Line of Credit - it's always
available, you're in control - you manage your account.
The normal maximum limit on a Line of Credit is equal to one
months net salary. So if your take home pay is $1,500 / month -
your limit would be $1,500. Your line of credit is a convenient
way to pay your bills or unexpected expenses while waiting for
your pay cheque to arrive.
Take 10 RRSP Loan
You can borrow to maximize your unused RRSP contribution room at
rates as low as Prime and take up to 10 years to repay.
Check your Eligibility Statement from Revenue Canada - normally
you should get this about 1 month after you file your tax or
phone 1-800-667-3784 to speak with Revenue Canada about your
limit.
A $10,000 loan would only mean payments of $114 / month at 6.5%.
This may produce a good tax refund, dependent on your marginal
tax rate, which can be applied directly on your loan or invested
into more RRSP's.
The CU Take 10 can really get your RRSPs growing and it can help
you establish an affordable, disciplined savings plan.
Quick Loan
Our unique Quick Loan is the ultimate loan.
We approve a limit, we establish affordable payments and you
borrow again, and again and again from the same loan. No more
continual applications - a simple phone call provides access as
long as you are within the limit of the original application. It
doesn't get any easier than this.
This loan works excellent for RRSP purposes, or use the equity in
your house as collateral and buy your car, boat .... but only pay
residential mortgage interest rates.
Residential Mortgages
Whether you are purchasing your first home, upgrading to better
suit your family needs or building a new home, we can pre-approve
your mortgage and help you decide how much of a home you can
afford given where you are in life.
We can discuss various mortgage options, fees, and the Canadian
Mortgage and Housing Corporation (CMHC) program. We offer
flexible repayment options and a variety of terms and rate. We
also take care of your taxes and make home ownership very
straightforward.
|
Student Loans
Not everyone qualifies for a Government Student Loan. We view
your education as a very important step in your life. Talk to us
about how best to finance your education and how we can help.
Interest rates as low as prime + 2% with monthly "interest
only" payments while you are in school. Principal and
interest payments start after you complete your
full-time studies.
Agriculture Loans
Farmers are our business. Farming is a very exciting lifestyle,
yet offers many challenges- including financing.
Cash Flow, new equipment, used equipment, land, livestock - where
does all that money go?? Let us (and our computer) help track
your farm's progress, map your future plans and determine an
optimum level of debt financing.
By tracking your annual change in your net worth we can see how
much money your farming operation has improved each year. Your
net worth is often an indication of profit. If it isn't improving
you're not making money, spending too much personally, or maybe
debt payments are too high. If it is declining for a number of
years you will need to make some changes to your operation.
Your cash flow projections we do are very important. Farmers
income is sporadic and it is extremely important to manage your
inflow and outflows. There are many options for financing your
operating costs: Credit Union Line of Credit or Short Term
Operating Loan, Grain Companies, Fuel Companies, Fertilizer and
Chemical dealers, or Seed Growers. It is quite simple to defer
the costs of your crop but check out your cost of borrowing -
what do those deferred inputs mean in lost discounts? It is good
advice to work hard at your operating costs and pay for this
year's inputs from last year's crop. If there is a crop failure
this year your cash flow will be affected but not as much as if
you had deferred all your expenses. If input costs are extremely
high, the cash discounts and early purchases for tax purposes
will make this idea worth pursuing. If we do experience a crop
shortage you are far more prepared and will only have one year's
inputs to worry about.
Based on previous years actual costs and your projected future
costs, our farm plan allows you to determine how much you will
actually need for operating credit. Various options are available
to cover short term needs.
The most important factor is the bottom line. How much money do I
have? How much can I spend? How much should I, or can I, spend on
daily living? What debt payments can I afford? By looking at past
trends and your projected amount available for debt service we
can determine an optimum level of annual debt payments for you.
This would include a residual, or margin that will leave some
room for "circumstances" - like variations in price,
yield, or costs.
Commercial Loans
What We Offer You: Initial Advice on your business needs:
Start up
Funding
Operating
Capital
Lines of
Credit
Term Loans
for Capital Purchases (Land, Building, Equipment)
Letters of
Credit
Financial
Analysis & Optimum Payment Structuring
Merchant
Card Products (POS, MasterCard)
AccountPackaging
List of
Accredited Property Appraisers
What
You Need to Do: Prepare a Business Plan
Explain:
Your company
Your
product/service or technology
Your
market, marketing plan and sales objectives
Analyze
your competitors, environment, and business risk
Organizational structure, key positions, owners and personal
resumes
Complete prospective financial information:
3 years of
historical fnancial statements (minimum) for existing business
Projected
income statements, balance sheets, and cash flow statements
Explanation
of assumptions
Financing Proposal - purpose of financing:
Personal
cash involvement, and operating vs long term debt structure
Personal
net worth of principal owners
Appraisal
Required on Property and Equipment
Reference your professional contacts:
Accountant
and Lawyer
What to Expect:
We discuss
with you your intentions
We review
the plan and ask for any additional information
The
financing plan is tailored to met your needs, cashflow, and
profitability
Your rate
of interest you pay will be dependent upon the security you
provide, your historical performance, and the profitability of
your operation.
You will
have an answer within one week - maximum.
Insurance Services
Desjardins Loan Life & Disability Insurance
Affordable insurance that can be taken on any loan. Premium is based on your age and reflected in an increase to your interest rate.
Desjardins Line of Credit Insurance
Premium is based on your age and reflected in an increase to your interest rate. The payout will be based on the amount outstanding at the date of death.
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