LOANS

Proper use of credit can enable you to get the things you need, when you need them. By arranging your loan ahead of time and negotiating with cash, you may be able to take advantage of substantial savings in the marketplace.

We offer Personal, Agricultural, Student, Farm Improvement, Small Business, Commercial, Residential and Mortgage Loans. When it comes to loans, the Torquay Credit Union has definite advantages:

• Simple interest

• interest is paid only on the outstanding balance.
• interest on overdrafts is calculated at a rate of Prime plus 12%

• Competitive rates

• interest rates are based on the loan security and market conditions, and are always competitive in the financial marketplace.

• Flexible repayment terms

• repayment terms are based on the member's pay periods and can be prepaid at anytime.

• Loan insurance

• Life and Disability Insurance may be purchased, giving you the security of knowing that your loan is taken care of in the event of injury, illness or death.

• Quick and convenient

• most loans can be granted immediately upon application or within a very short period of time.

• Line of Credit

• A revolving loan attached to the chequing account that can be drawn on anytime to a prearranged limit, and protects against accidentally overdrawing the account.
• Is an ideal way to ensure cash is available when it's really needed without taking time to arrange separate loans to take advantage of bargains, or for unexpected bills or emergencies.
• Lines of Credit for business and farm provide access to money for day-to-day operation.
• Interest is charged only on the amount used and number of days used, at rates substantially lower than retail credit charges. Interest is charged at the end of each month back to the account.

• Mortgages

• Assist members in purchasing a home, farm, business or property, and using it as security.
• Conventional Mortgage Loans provide up to 75% financing to a maximum of 25 years.
• Mortgage options:
• "Open" mortgages allow prepayment at any time.
• "Closed" mortgages allow penalty-free prepayment at the expiry of each term.
• "Fixed" rates up to five years.

Concentra Financial

Leasing is offered through our affiliation with Concentra Financial, Commercial Leasing, a service of Co-operative Trust Company of Canada.

A variety of lease programs are offered for almost every type of business or enterprise.

Leasing preserves credit, overcomes budget restrictions, provides you with the latest equipment and technology, and allows you to pay as you profit.

Leasing allows you to get what you need, when you need it, without the high cost of ownership and you can use the capital you save to invest or expand.

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