Loans & Lines of Credit
Loans
If you want to borrow money for a major purchase or project, an RRSP contribution or to cover living costs, a loan is a great place to start. Take a look at our loan options:
Personal Loan
![Personal Loan](/media/1714/personal-loan-money.jpg?width=316&height=157&mode=max)
Perfect for making a major purchase, like a vehicle. A personal loan can be secured with a deposit or an asset. A personal loan is perfect if you:
- Want to borrow for a specific purchase or expense
- Prefer to make a fixed payment every month
- Want to pay the loan off over a predetermined period
RRSP Loan
![Investment Loan](/media/1715/investment-loan.jpg?width=318&height=158&mode=max)
An RRSP loan can help you maximizing your RRSP contribution each year, allowing you to enjoy tax advantages while saving for your future.
- Maximize the year's contribution, or take advantage of unused carry forward amounts
- Maximize your savings income
- Increase your retirement income with a deposit or an asset
Lines of Credit
A personal line of credit gives you greater flexibility than a personal loan as it allows you to borrow money as you need it, up to your approved limit.
Personal LOC/ Emergency Fun
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This is a good option if you want or need ongoing access to funds; you only pay interest on what you borrow.
- Want credit available for any needs or emergencies
- Are comfortable with a variable interest rate that may change from month to month
HELOC (Home Equity)
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A home equity line of credit, sometimes referred to as a “secured line of credit,” is secured by the equity in your home. A secured line of credit is perfect if you:
- Own and have equity in your home
- Want ongoing access to funds and payments only on what you borrow
- Want access to funds for larger expenses, like home renovations
Student Line of Credit
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BVCU wants to help you invest in your future with financing options to help cover the costs of post-secondary education for full-time students in universities, colleges, and apprenticeship programs. Borrow only the amount they need when they need it up to $7,500 a year up to 3 years.
- Interest-only payments while you’re in school
- Interest charged only on the funds you actually use
RRSP Line of Credit
![](/media/1721/hand-rrsp-loc.jpg?width=318&height=158&mode=max)
Maximizing your RRSP contribution each year lets you enjoy tax advantages now, while saving for your future.
- Maximize your retirement savings
- Increase your retirement income
- Interest charged only on the funds you actually use
- Make a one-time application for credit that you can use on an ongoing basis