Vancity Fair & Fast Loan™ Fact Sheet

- Vancity is one of the first mainstream Canadian financial institutions to offer a
  sustainable alternative to payday loans.

- The Vancity Fair & Fast Loan^TM provides an affordable cost of borrowing, has more flexible
  eligibility criteria than our conventional loans and can build credit history.

- Under the Vancity Fair and Fast Loan, if a member borrowed $300 for the minimum term
  of two months and paid it off after two weeks, it would cost them about $2.20, which is 19
  per cent annual percentage rate (APR).

Details

• Applicants must be a member of Vancity
• Term loan
• Amount: $100 - $1,500
• 19% Annual Percentage Rate (APR)
• Term: 2 - 24 months
• Processing time: about an hour
• No application fee
• Can build credit history
• More flexible lending criteria than other Vancity conventional loans, including lower beacon score eligibility
• Members apply with proof of income and two pieces of ID
• For applicants with no credit history, Vancity will review the three latest consecutive months of bill payments from two different companies
• Certain restrictions and conditions apply including Vancity credit granting criteria
  - For more information and product terms and conditions, members can visit a
    Vancity branch or call 1.888.Vancity (826.2489).
• Vancity is able to offer the Vancity Fair & Fast Loan to its members by looking at things differently and closely monitoring the loans:
  - Piloting with select members before expanding the offering to its broader membership
  - Taking into account its individual relationships with its members
  - Providing credit in alignment with members’ needs and ability to repay
  - Offering a higher interest rate than its conventional loans
  - For applicants with insufficient credit history, Vancity will review alternative sources
    of establishing credit worthiness, such as paying bills on time
  - Closely monitoring the loans taken - Working with the member to determine a
    repayment term that will help them repay the loan and reduce the risk of default
• Vancity poll result snapshots conducted by Insights West
• Insights West poll results