Insurance is available from CUMIS Insurance to protect you and your family from a financial loss due to unforeseen circumstances. CUMIS Insurance offers comprehensive insurance products for Credit Union members on all types of debt. Available products include Life, Critical Illness, Disability, and Loss of Employment Insurance.
Luseland Credit Union has a variety of agricultural loan products to meet your needs.
- These loans can be used to purchase equipment or livestock, cover operating expenses or assist with other unexpected farming expenses.
- Interest rates will vary depending on the collateral used to secure the loan and are always competitive.
These loans can be used for purchases of farmland, houses and equipment, construction, and many of your other farming needs and expenses.
- Variety of repayment options with very competitive interest rates.
- We can also offer you CALA (Canadian Agricultural Loans Act) loans if so required. This program makes it easier to purchase farmland or equipment in some situations with reduced down payment requirements.
- Pre-approvals are available to help make your purchasing decision less stressful knowing you have the financing approved before making an offer.
Lines of Credit
These loans are for the yearly farming expenses that may not be timed exactly with your cash flow.
- Lines of credit are an excellent product to cover the shortfalls that may occur throughout the year and help you with the management of your farming operation.
- The loan is attached directly to your chequing account and each deposit reduces the outstanding amount.
- Interest is accrued on the amount utilized daily and charged at the end of each month.
- Your available funds are accessible wherever and whenever you need them!
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 attached directly to your account and can be advanced by calling LCU.
- The loan can be advanced repeatedly up to the credit limit and paid down at any time.
- Payments are typically based on a 5 year amortization with flexible payment frequencies to match your cash flow.