Lending Services

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:

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:

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

Desjardin 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.

Desjardin 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.

Desjardin Savings Insurance
Insurance that can be bought on all savings accounts. Maximum amount is $10,000 per savings account to a maximum of three accounts. Premiums are based on your age and will be debited monthly from your account of choice.