Line of Credit and Loans
Whether you’re planning to buy a home, finance a car, or need a personal loan for unexpected expenses, we offer a range of flexible and competitive options to suit your unique situation. Our team is dedicated to providing personalized service, ensuring that you have the support and guidance you need every step of the way. Discover how OCU can help you achieve your financial goals with ease and confidence.
Personal Loans
Overview
Personal loans can be made for a variety of purposes. They may be secured or unsecured. We offer competitive rates which can be either fixed for the life of the loan or variable. If you have a need, we have a loan to suit you.
Features
- Our personal loans allow you the flexibility of paying out the loan, in whole or in part, at any time without penalty
- Payments can be made weekly, bi-weekly, semi-monthly or monthly, with terms and amortization available to meet our member’s needs
- Credit life and disability insurance is available for pennies a day
Line of Credit
Overview
A revolving credit, once approved, can fluctuate within the authorized limit. It’s attached to a member’s chequing account and is automatically accessed through cheques, ATM, in-branch withdrawals, POS, Global Payment Card or pre-authorized debits, all of which will increase the balance while deposits will reduce the balance.
Features
- Interest is calculated on the closing daily balance and charged monthly based on the amount utilized, not the approved amount
- Available on both personal and commercial accounts
Educational Line of Credit
Overview
Designed specifically to assist in covering the cost of attending a post-secondary institution. Funds can be used for living expenses, tuition and books. The student and /or co-signer will be required to meet the normal lending criteria required by Osoyoos Credit Union.
Features
- The line of credit will require monthly interest payments during the time the student is attending a postsecondary institution
- The line of credit will bear an interest rate of Prime
- Within twelve months of completion of studies, the line of credit will be converted into a term loan with regular monthly payments. The interest rate will be changed to prime plus 1%, with monthly payments amortized over a maximum term of 15 years
- These loans will be reviewed annually and payments are to be adjusted annually as required to ensure payment in full of the loan within the original amortized term