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.