¹ Applications and the amount you can borrow are subject to meeting Vancity's usual credit criteria.
² Offer valid for new Personal Loans funded from March 31, 2024 to July 31, 2024. This offer requires a loan application, and is subject to standard Vancity credit review and approval. For any application, we will obtain your credit bureau report to confirm your eligibility for the loan. Vancity reserves the right to withdraw this offer if adverse credit information is obtained, or if you obtained another Vancity credit facility on or before March 31, 2024. Vancity reserves the right at any time without prior notice and in its sole discretion, to add to or modify any of these terms and conditions or to withdraw this offer altogether. Offer applicable to loans for $5,000 minimum, and maximum 7-year term. Offer not valid on Home Equity Loans
³ The variable interest rate is based on the Vancity Prime Rate plus an additional premium (4.50%). Vancity Prime Rate means the annual rate of interest that Vancity determines from time to time as a reference rate for determining interest rates on Canadian dollar loans. As of March 30, 2024, the Vancity Prime Rate is 7.20%. Promotional interest rates and the time period for the promotional interest rates are subject to change. Vancity reserves the right at any time without prior notice and in its sole discretion to modify, increase, decrease or withdraw the interest rates offered in this personal loan promotional offer. The Vancity Prime Rate can be found on our rates page. Except for personal loans for purposes of debt consolidation, the Annual Percentage Rate (APR) is the same as the interest rate because there are no additional fees or charges. APR means the cost of borrowing for a loan expressed as an annual rate. It includes all interest and some noninterest charges associated with the loan. Personal loans for purposes of debt consolidation are charged an administration fee that is the greater of: (i) 1% of the loan amount and (ii) $50.00. The 1% administration fee would apply if the loan exceeds $5,000. All loans are subject to credit and underwriting approval. Loans range from $5,000 to $50,000 with a term of 6 months to 7-years.
Assuming a $5,000 debt consolidation loan and a $50 administration fee, variable interest rate APR is 12.13%. This means that if you borrow $5,000 for a term of 60 months, you will pay back $6,694.22 in total, which includes $5,000 in principal and $1,644.22 in total interest, and a one-time administration fee of $50 added to the loan. The APR for a fixed rate consolidation loan is 11.42%, this means that if you borrow $5,000 for a term of 60 months, you will pay back $6,586.44 in total, which includes $5,000 in principal, $1,536.44 in total interest and a one-time administration fee of $50 added to the loan.
