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A secured loan is a type of loan that uses assets you own, such as a car or home, to act as collateral for repayment. Potentially, and based on collateral provided, interest rates for secured loans are lower than an unsecured loan.
In most cases, you can borrow more money with a secured loan than with an unsecured loan.
Benefits:
An unsecured loan is a loan that doesn’t require any type of collateral. Instead of relying on a borrower’s assets as security, lenders approve unsecured loans based on a borrower’s creditworthiness.
Unsecured loans are riskier than secured loans for lenders, so they require higher credit scores for approval.
Benefits:
Amortization of a loan or mortgage focuses on spreading out your payments with scheduled, periodic payments which are applied to both the loan’s principal amount and the accrued interest. An amortized payment first pays off the interest expense for the period with any remaining amount put towards reducing the principal.
The cost of your monthly payments stays consistent. However, the monthly cost of interest gradually decreases from month to month over time. This happens because interest rates are calculated based on your loan balance, not your monthly payment.
An amortization period is the total length of time it takes to repay your loan or mortgage. It assumes the rate you have for your current term. Amortization maybe readjusted each time you renew your mortgage for a new term. That is your opportunity to accelerate repayment. Be sure you speak with a lender to understand how long it takes to pay your mortgage or loan to zero and what assumptions are being made.
A loan or mortgage term is the length of time you are locked into a loan/mortgage contract.
A good way to determine which would work best for you is to consider why you need to borrow money? Is it to fund a one-time purchase, or to provide yourself with an ongoing financial buffer?
Loans have what’s called a non-revolving credit limit, which means the borrower has access to the funds only once and make principal and interest payments until the debt is paid off.
A line of credit works differently. The borrower receives a set credit limit (like a credit card) and makes regular payments that include both principal and interest. Unlike a loan, the borrower has continuous and repeated (revolving) access to the line of credit while it remains active.
So, to summarize, you can’t re-borrow from a loan but can continue to borrow from, repay, and borrow again from a line of credit (up to its approved limit).
Skipping a payment, also known as an extension, allows you to not have to make a monthly payment by extending the term of your loan by one additional month. You are charged interest for the extension (one month in this example) but it is added to the loan.
You may also skip other payment frequencies (weekly, bi-weekly) but one extension is permitted per year up to the equivalent of a month in length.
Should you face layoff, a strike, loss of employment, extended illness or if you have an exceptional situation where you need more than one month’s extension, speak to your lender to see if you qualify and they will work with you to see if solutions are available. For life, disability, critical illness and in some cases loss of employment, insurances may be available at the time you take out your loan.
Pay for one-time expenses like a wedding, dream vacation, new furnace, or consolidate your debt with a personal loan. We can help with a personal loan that offers structured payments with the flexibility and rate to meet your budget.
Features:
Interest Type: Variable or fixed
Repayment Schedule: Flexible/Open
Whether it’s your first car, second car, electric, hybrid, gas, boat, motorcycle, RV, quad, or snowmobile, we can help you find a convenient and flexible solution to finance your dream vehicle.
Features:
Interest Type: Variable or fixed
Repayment Schedule: Flexible/Open
Sometimes it makes sense to borrow to invest! You may want to maximize your RRSP contribution or top up with unused room from previous years, finance an initial contribution to a TFSA , an RRSP, an FHSA or an RESP, or perhaps there is another investment opportunity that has come your way.
Whatever the reason, we can help you meet your financial goals. Talk to our lending team to explore your options.
Features:
Interest Type: Variable or fixed ((based on type of lending product)
Repayment Schedule: Flexible/Open
A student loan or line of credit will help finance post-secondary education and education related expenses.
Student members who are enrolled and attending full-time studies (60% or higher) at a designated post-secondary education institution are eligible to apply.
Features:
Interest Type: Variable or fixed (based on type of lending product). Lines of Credit are not available as fixed rate.
Repayment Schedule: Flexible/Open
Our KCCU Student Account can help you manage your money and access it wherever your studies take you with digital, mobile, and in person options. So, whether you are banking from home, on the road, or on campus we we’ve got you covered!
You KCCU line of credit provides you with convenient access to money when you need it, with interest rates lower than most credit cards.
Unlike a loan, the revolving function of a line of credit provides you with continuous access as you pay on the balance, leaving you in control of how much you borrow without having to reapply every time.
Features:
Interest Type: Variable
Repayment Schedule: Flexible/Open
Take advantage of the equity you have built in your home with a low-interest home equity line of credit. From home renovations, debt consolidation, to your dream vacation, a home equity line provides you with the financing and flexibility you want.
It’s a simple and smart way to make your home equity work for you. Use what you need and pay interest only on what you borrow.
Features:
Interest Type: Variable
Repayment Schedule: Flexible/Open
Having a comfortable and efficient home is important for any homeowner. Utilizing sustainable and energy efficient products to do so both supports climate action and your pocketbook. From a small project to a big renovation, we are here to help you finance your project and make your project a reality.
Features:
Interest Type: Variable
Repayment Schedule: Flexible/Open
With credit protection, you can protect your family financially for less than you think.
Explore our financial learning library for topics that are important to you. Our animated video series follow our main character Jen on her journey to understanding everything there is to know about money.
Creditor’s group insurance is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrolment intake, medical underwriting and claims administration, are provided by the employees of CUMIS Services Incorporated, a subsidiary of Co-operators Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions, and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details. To contact CUMIS, A Division of Cooperators Life Insurance Company, visit www.cumis.com or call 1-800-263-9120.
A third party is an individual or entity, other than the account holder or those authorized to give instructions about the account, who directs what happens with the account. For example, if an account were opened in one individual’s name for deposits that are directed by someone else, the other person or entity would be a third party.
