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Luseland Credit Union is proud to offer a full selection of loan products to meet the needs of our members. Our rates are always competitive and every loan is open with no prepayment charges whatsoever. This means you are able to pay down any of your loans with no charge or penalty incurred. Just another way Luseland Credit Union is working with you towards a bright future!
We also offer creditor insurance through CUMIS Insurance that can cover your loan obligations if you are unable. This includes life insurance, disability insurance, critical illness insurance, and loss of employment insurance.
All loans qualify under our patronage program and as such may receive a portion of your interest paid returned back to you.
Luseland Credit Union has a variety of loan products to meet your needs. These loans can be used to finance vehicle purchases, recreation vehicle purchases, household expenses, vacations, or any other personal expense.
If you are enrolled in an accredited post secondary institution you are eligible to apply for a student loan. The loan can be structured as a loan or line of credit based on your needs and preference. Interest is charged at a reduced rate of Prime + 1.00% with only interest payments monthly while you attending school. Repayment occurs six months after the completion of studies and the loan is converted to one of our regular loan products with flexible repayment terms to meet the borrower's ability.
If you would like to maximize your RRSP contributions for the year and do not have the funds readily on hand, the Credit Union can help! These loans are offered at a reduced rate of Prime + 0.00% when invested with Luseland Credit Union. Repayment terms are flexible and tailored to your individual needs.
Mortgage loans are available for consumer, agricultural, or commercial purposes. The loans can be used for purchases, renovations, expansions, constructions, or for any other need you may have. The Luseland Credit Union offers a variety of repayment options and a very competitive interest rate. We can also offer you CMHC or FIMCLA loans if so required. Pre-approvals are available to help make your purchasing decision less stressful knowing you have the financing approved before making an offer.
Luseland Credit Union has a long history of working with farmers and providing financing when required by the member. These loans can be for equipment purchases or repairs, livestock purchases, farm improvements, short term operating expenses, annual recurring expenses, or any of your financing needs. Government guaranteed FIMCLA loans are available if required. Feel free to come in and talk to one of our knowledgeable staff to find a loan product and repayment arrangement that works best for you.
Just like the agricultural sector, the Luseland Credit Union has always been there to support local businesses. Whether you are looking to start up a business, expand an existing business, purchase new equipment, repair existing equipment, or make improvements the Credit Union is here to help. Operating loans are available to cover any shortfalls that may occur as a natural course of business.
We also offer flexible repayment arrangements to best suit your business.
These loans are primarily for the day to day expenses that may not be timed exactly with your revenue stream. The loan is attached directly to your chequing account and interest is only charged on the minimum monthly balance and due monthly. The funds are advanced up to your credit limit when ever you need them and each deposit is credited back towards the outstanding amount. Lines of credit are an excellent product to cover the shortfalls that may occur as a natural course of business and can also be used as overdraft protection on your personal account.
While these loans are similar to a line of credit with respect to the way interest is charged, there are a few differences. These loans are not tied directly to your chequing account and can be advanced by calling one of our qualified staff members. Payments are typically calculated over a 5 year amortization with flexible payment frequencies to match your cash flow. The loan can be advanced over and over up to the credit limit and paid down at any time.