Proper use of credit can be the key to better living. Credit enables individuals, families and businesses to obtain things now rather than waiting to save the money.

A loan from Porcupine Credit Union is normally approved either immediately or within 24 hours when approved by management.

Loan requests are no longer reviewed by a committee of the Board of Directors. All loans are approved INTERNALLY by the lending staff.

WHAT TO BRING?

To qualify for a loan we need to know as much as we can about you. This not only makes the application for a loan much simpler, and the approval faster, but also enables us to help you structure your finances to best suit your needs.

Important things to bring:

• Current employment information: where, how long, salary (pay stubs/tax returns.
• Current financial picture: investments, vehicles, real estate, loans, credit cards, and payments
• Co-signor if applicable

Revolving Credit (Line of Credit)

A revolving credit is linked to your chequing account and provides temporary protection for the payment of a cheque when there is not sufficient money in your account. The approved limit is structured to your income and/or business needs. There is no need to phone to access your Revolving Credit, it is always available. You're in control of your account.  It's a wise money management move that can maximize your purchasing power.

Quick Loans/Access Lines of Credit

A Quick Loan is a personal loan with a pre-approved amount and regular payments.

An Access Line of Credit is a personal loan with a pre-approved amount with no scheduled payments both options offer the flexibility to revolve and be re-advanced on a continuing basis.

Quick Loans Features & Benefits:

• Oneapplication, one time documentation-many and often uses andaccess
• A viable alternative to having several small loans – easier payment load
• Money is there when you need it for unexpected repairs or improvements – convenient
• A phone call to access – simple and quick
• Structuredpayment plan

Access Line of Credit Features & Benefits:

• A separate account like a credit card but at a lower rate
• Viable alternative to several small loans
• Quickand easy access
• One application, one time documentation &mdsah; many and often uses andaccess
• You control the usage
• You determine the payment plan to work for you

Personal Loans

Giving you the freedom to enjoy the things you want today.

Personal loans can be obtained for several purposes such as: vehicles, household furniture, vacations, recreation vehicles, computer hardware/software purchases, consolidation of debt or other purposes of a personal nature.

RRSP Loans

The RRSP loan program allows our members to purchase an RRSP or top up their RRSP contribution. The RRSP loan program has low interest rates as long as the investment is with PCU. There are three options:

1. Borrow for your annual contribution
2. Take advantage of your carry forward limit and maximize your contribution over a longer amortization
3. Establish a pre-approved revolving, re-usable credit for recurring contributions

Education Loans

• Low interest rates
• Monthly interest payments while you are in school
• Principal & interest payments start after you complete your studies

Residential Mortgage Loans

Pledge your home as security to buy or improve your residence. Options available include:

• CMHC Mortgage Loans - a mortgage that is insured by the Canada Mortgage & Housing Corporation.  Provides financing up to 95% of the value of the property. A smaller down payment means higher regular payments
• Conventional - provides financing to a maximum of 75% of the property value. A larger down payment means lower regular payments
• Open - a conventional fixed rate mortgage where a pre-payment can be made at anytime without penalty
• Closed - a conventional fixed rate mortgage where a 10% pre-payment can be made at the regular payment date once during the calendar year
• Home Equity Loan - use the value of your home to finance what you want, when you want. With no scheduled payments-you control the payments

The type of mortgage that is right for you depends on your own personal situation.

Skip a Payment

• Are you caught in a bind and need a little extra cash?
• Do you need to get away for a winterbreak?
• Does your home need a little sprucing up to give it that freshlook?

If you have a consumer loan with monthly or more frequent payments you may qualify to skip a payment up to twice a year.

Revolving Credit (Line of Credit)

A revolving credit is linked to your chequing account and provides temporary protection for the payment of a cheque when there is not sufficient money in your account. The approved limit is structured to your income and/or business needs. There is no need to phone to access your Revolving Credit, it is always available. You're in control of your account.  It's a wise money management move that can maximize your purchasing power.

Commercial Operating Loans

Available to qualifying businesses to borrow up to the determined limit without the need to arrange separate loans. Operating loans can be specific amounts and terms.

Commercial Term Financing

Mortgage and non-mortgage term financing is available for the acquisition of assets, land, buildings, equipment and vehicles to be used for commercial purposes.

Community Development Loan Program

The community development loan program provides capital to those who do not have the cash readily available for investment in a community development opportunity. Any prospect that enhances your community will be considered ranging from projects significant to provincial economy as well as projects contributing to communities in the northeast.

• Full share value financing
• Rates as low as prime

Government Guaranteed Loans

Porcupine Credit Union offers the following Government Financing Programs:

• Canada Mortgage and Housing Corporation (CMHC)
• Canada Small Business Financing Act (CSBFA)
• Farm Improvement and Marketing Cooperatives Loans (FIMCLA)
• Other Government Programs as available

Farmers are our business. Loans are available to provide funds to farming clients for specific purchases, operating purposes or other cash flow needs. Repayment terms are tailored to meet your farming needs providing you with flexibility and convenience.

Revolving Credit (Line of Credit)

A revolving credit is linked to your chequing account and provides temporary protection for the payment of a cheque when there is not sufficient money in your account. The approved limit is structured to your income and/or business needs. There is no need to phone to access your Revolving Credit, it is always available. You're in control of your account. It's a wise money management move that can maximize your purchasing power.

Agriculture Operating Loans

Available to farm operations to borrow up to the determined limit without the need to arrange separate loans.

Agriculture Term Financing

Agriculture Mortgage and non-mortgage term financing is available for the acquisition of assets, land, buildings, equipment and vehicles to be used for agriculture purposes. Government Guaranteed Loans are also available to increase your financing options.

Family Loan Plan

Helps retiring farmers transfer farm assets to a family member in a structured affordable manner.

The credit union finances the balance in a structured affordable manner. The financing makes it easier for the borrower while allowing the seller to reap the benefits of hard work over the years.

FREEDOM MORTGAGE

• available for agricultural producers to purchase land
• allows the freedom to make interest only payments over and extended period of time
• offers the freedom to prepay the mortgage with no penalty

Benefits to Members:

• Minimal payments over an extended period of time
• Improved cash flow
• No prepayment penalties-saves costs
• Ability to own land at costs similar to renting land
• Can be used to:
  • Buy land on speculation
  • Increase land base while farming
  • Keep payments low until land/farm sold
  • Purchase land with minimal payments, allowing land to be brought to maximum production overtime

Dealer Finance Loans

Ever go looking for a vehicle or recreational vehicle and come across a deal that is too good to miss?  Dealer Finance loans allow you to complete the documentation at the dealership, receive approval and take your purchase home, all in one trip.

The Porcupine Credit Union Limited strives to provide complete and excellent service in the financial services industry. In the interests of enhancing that exceptional service, we participate with Concentra Financial to provide leasing services to individuals and companies to meet their commercial, industrial and agricultural equipment needs.