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Loans

Flexibility for wherever you are in life.

 

Find the loan to fit your next big goal

Home Equity Loan

HELOC

Use the equity in your home to give you the financial freedom you require to make those necessary home renovations, do some well-deserved travelling, pay off high-interest debts, or for whatever lifestyle goals you may have in mind.

KEY FEATURES
  • Saves money - lower interest rate due to security.
  • Peace of mind with life, disability and critical illness insurance available.
  • Security will normally be member's principal residence.
  • Value of loan up to 80% of property’s value.
  • Fixed, current rate
  • All relative costs, i.e. legal, appraisal, etc. can be added to loan amount.
  • Flexible weekly, biweekly, or monthly repayment schedules
  • Up to 10 years to repay
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Personal Loan

Versatile low interest rate loan

A personal loan is a convenient solutions when funds are needed for an important purchase, luxury item, or even to consolidate debts into one, lower-cost payment.

KEY FEATURES
  • Repay your loan faster with weekly or bi-weekly payments.
  • No penalty for extra payments or early repayment.
  • Make extra payments any time, in any amount, and as often as you want.
  • Semi-annual statement of loan account (or monthly with chequing account statement).
  • Competitive variable or fixed interest rate.
  • Credit life, disability and critical illness insurance available.
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Line of Credit

Continuously Accessible

A Line-of-Credit (LOC) maximizes your purchasing power, while providing valuable overdraft protection for a chequing account. It ensures access to funds when needed-without waiting or arranging for a personal loan. It's great for personal emergencies, car repairs, major home appliances, investment opportunites, education, RRSP, etc. Rates are lower than retail credit cards, so paying off credit card balances in full each month with a LOC limit can reduce overall borrowing costs.

KEY FEATURES
  • Owner controls own credit
  • Funds are accessible by personal cheque, cash withdrawal or member debit card
  • Competitive interest rate
  • Flexible payment schedules
  • Pay interest only on amount of funds used 
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Vehicle Loans

Funding the car for you

Before you sign on the dotted line, we’ll take the time to review your financing options. At iNova Credit Union, our vehicle loans are accompanied by features that give you flexibility, and put you in control of your money.

KEY FEATURES
  • Paying off your loan faster with weekly or bi-weekly payment options.
  • Repaying your loan amount early with no penalties.
  • Making extra payments any time, in any amount, as often as you want, with no penalties.
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RRSP Loan

Maximize your contribution

*RRSP loans, with rates as low as prime, provides an opportunity for owners to maximize their RRSP contribution and to take advantage of maximum tax benefits today while providing for their future retirement.

Take advantage of unused carry-forward amounts or maximize your yearly contributions by borrowing and taking up to 10 years to repay. Any tax refund could be used to pay down loan balance, make next year's contribution early, or just for you to spend -- the choice is yours.

KEY FEATURES
  • Terms from 12 months to 10 years.
  • 3-year renewal for fixed rate loans.
  • Invest in Mutual Funds.**
  • Invest in products available through iNova Credit Union  
  • Credit life insurance is required. Optional disability and critical illness insurance available.
  • Minimum payments apply.
  • *Loan is due in full if transfer or redemption of RRSP is requested.
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We’ll be happy to help you pinpoint the option that best suits your needs.

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Collabria Credit Cards

None of these loans are what you are looking for? A Collabria credit card may be just what you need. 
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Loan Insurance protects you from the un-forseen.

Do you have family responsibilities and dependants who rely on your income? Is your total debt load more than 25% of your income? Meeting your loan payments without your income can cause financial stress for your whole family. Additional medical, childcare, or housekeeping costs can be an extra burden if your income is reduced due to accident or illness. Protect your savings with loan insurance.
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Take a look at the latest, competitive rates on offer for our lending solutions.

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Level up your financial know-how

Guide to borrowing

Any time you take on debt, it’s important to understand the ins, outs, and implications of your choices. 

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What is a credit score?

You’ve likely heard of credit scores, but what exactly do they mean for you and your finances.

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Get more genuine tips, tricks, and helpful resources on our Honest Money blog.

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