There might be times when you require additional funds for an investment option that is now available and you have limited time to pool your resources together. Members can access a loan for investment purposes similar to that of a personal loan. To determine if an investment loan is the best option, the first step is to determine if the rate of return on the investment you are looking to purchase, outweigh the interest you will have to pay on borrowing the funds for a certain period of time. If this proves to be true, then Bow Valley Credit Union offers many forms of investment loans with various terms, security options, and rates that will suite your needs.
A good example of borrowing for investment purposes includes RRSP loans and RRSP lines of credit. The main purpose of an RRSP loan or RRSP line of credit is for the immediate need to purchase a registered retirement savings investment and capitalize on the advantages of a registered savings plan including investment specials being offered, and a possible personal income tax deferral. Repayment on an RRSP loan or line of credit are usually paid back with a one year plan, and is dependent on the amount borrowed and terms you have agreed upon.