PERSONAL LENDING

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 conditions at all. 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! 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.

Please scroll down to see a full list of lending options.

Consumer Loans

Tired of your old vehicle or having to set up a tent? Whatever your need, we can help!

  • These loans can be used to finance vehicle purchases, recreational vehicle purchases, household expenses, vacations, or any other personal expense.
  • Interest rates will vary depending on the collateral used to secure the loan.

Mortgage Loans

Whether it is for your first home, to renovate or expand your existing home, purchase a second property, or to purchase your next home, LCU has the mortgage products to help you realize your dreams.

  • If you are looking to use the equity in your existing home for another purpose, we can help with that too!
  • There are a variety of repayment options with very competitive interest rates.
  • Amortizations up to 25 years to help keep the payments affordable.
  • We can also offer you CMHC (Canadian Mortgage and Housing Corporation) loans if so required. This makes it possible to purchase a house with less than a 20% down payment and these loans are Government Guaranteed.
  • 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 primarily for the day-to-day expenses that may not be timed exactly with your monthly cash flow.

  • Lines of credit are an excellent product to cover the unexpected shortfalls that may occur in the course of your everyday life.
  • 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!

Quick Loans

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 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.

Student Loans

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 interest-only payments due monthly while you are attending school.
  • Repayment terms are flexible and your first payment can be up to six months after the completion of your studies.

RRSP Loans

If you would like to maximize your RRSP contributions for the year and do not have the funds readily available, the Credit Union can help!

  • A reduced rate of Prime + 0.00% is offered when the funds are invested with LCU.
  • Repayment terms are flexible and tailored to fit your individual needs.