Sometimes you need extra money for an important purchase!
Borrowing Quick Facts
The interest rate is determined at the outset and will not change for the chosen term of your loan. You'll know exactly what interest you'll be paying on your loan and your payments will not change. This option protects you from market volatility, particularly increases in loan rates. You may switch to a variable rate loan upon the maturity of your term if loan rates fall and look to be staying lower.
With a variable rate, your interest is subject to the ups and downs of the Prime Rate. You can save interest when the rate goes down, but are responsible for the increases when rates rise. In most instances, your payment will remain constant, but may be adjusted upward to reflect an increase in the Prime Rate. And you can switch to a fixed rate at any time.
You can select from semi-monthly, bi-monthly, bi-weekly or weekly options and these payments can be automatically withdrawn from your chequing account. You can always make a higher payment or pay off the loan in full without penalty.
Your Sunrise Credit Union loan specialist will discuss options to protect yourself in the event of a change in your ability to repay due to illness. Life and disability options are available.