Borrowing

Find the right borrowing option for your financial needs, whether you’re purchasing a home, funding education, buying a car or managing unexpected expenses with UCU’s diverse range of services.

Lines of Credit

A flexible way to borrow money with a pre-approved credit limit and competitive interest rates. Get easy access to the amount you need, when you need it.1

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Personal Mortgages

Take the first step towards homeownership with UCU, offering personalized mortgage solutions tailored to your budget, along with expert guidance and competitive rates.

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Personal Loans

Borrowing solutions for what’s important to you featuring competitive rates, a variety of term lengths and flexible repayment schedules.

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Student Loans

To help cover the costs associated with post-secondary education, such as tuition, books, and living expenses, UCU offers student loans with flexible repayment options and competitive interest rates.

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Borrowing services

We offer borrowing services and tailored financial solutions to help you achieve your goals and manage your finances effectively. Whether you’re looking for a mortgage to finance your dream home, a line of credit for flexibility, a car loan for reliable transportation, or a personal loan for various needs, UCU provides competitive rates and flexible terms to support your goals.
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What we do

UCU’s Borrowing Services go beyond financing options; we provide personalized solutions coupled with expert advice. We will work with you to navigate the complexities of borrowing, ensuring you make informed decisions and secure the financial support you need.

What we offer

Our tailored solutions come with competitive rates, a variety of term options and the added convenience of preapproval on both lines of credit and mortgages to provide you with services and support necessary to achieve your financial goals.

How we help

At UCU, we understand that your financial needs can change over time and we’re here to support you along the way. Whether you need help with completing the application, understanding loan terms, or managing repayments, our team is dedicated to providing the guidance you need.

Tools and resources

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Borrowing:
FAQs

A line of credit is a flexible borrowing option that provides you with access to funds up to a pre-approved limit. You can withdraw funds as needed and only pay interest on the amount you use.

A line of credit offers flexibility in managing your finances, allowing you to borrow funds for various needs such as unexpected expenses, home renovations, or emergencies.

A car loan is a type of financing specifically designed for purchasing a vehicle. It allows you to borrow the necessary funds to buy a car and repay the loan over a set period, typically with fixed monthly payments.

How can UCU help me with a car loan?

UCU offers competitive car loan rates and flexible terms to help you finance your next vehicle purchase. Whether you’re buying new or used, our car loans provide convenient financing options tailored to your needs.

Personal loans are unsecured loans that can be used for various purposes, such as consolidating debt, funding home improvements, covering medical expenses, or financing major purchases. They typically have fixed interest rates and repayment terms.

How can UCU assist me with a personal loan?

UCU provides personalized personal loan options with competitive rates and flexible terms to meet your financial needs. Whether you’re consolidating debt or planning a major expense, our personal loans offer convenient financing solutions.

A mortgage loan is a type of secured loan used to purchase real estate, typically a home, or borrow against the equity in a home by placing a mortgage (a type of lien) on the property. It enables individuals to borrow funds to buy a property and repay the loan over time with interest.

How can UCU help me with a mortgage?

UCU offers a range of mortgage options, including fixed-rate and adjustable-rate mortgages, to help you achieve your homeownership goals. With competitive rates and expert guidance, we can assist you in finding the right mortgage solution for your needs.

A line of credit preapproval is a preliminary approval from a financial institution indicating that you meet the criteria for a line of credit, subject to further verification and documentation. It means that based on the information provided by you, the lender has assessed your creditworthiness and is willing to extend a line of credit up to a certain limit, subject to verification of the information.

A borrowing rate, also known as an interest rate, is the cost charged by a lender for borrowing funds. It is expressed as a percentage of the principal amount borrowed and is charged over a certain period, usually annually or monthly.

Borrowing rates can vary depending on factors such as the borrower’s creditworthiness, the type of loan or credit product, prevailing market conditions and the duration of the loan. In general, borrowers with better credit histories and stronger financial profiles are often offered lower borrowing rates, while those with poorer credit may face higher rates to compensate for the increased risk to the lender.

When you’re in the market for a loan, line of credit, or credit card, it’s crucial to take into account all associated costs, not just the monthly payment. The cost of borrowing encompasses the principal amount of the loan, along with the interest and fees that must be paid. This total amount is what constitutes the cost of borrowing. Lenders are required to disclose the cost of borrowing to borrowers through a disclosure statement for the loan, typically expressed as an annual percentage rate (APR).

Yes, it’s possible to get a loan with bad credit, but it may be more challenging and come with higher borrowing rates or stricter terms. Lenders may offer options such as secured loans where collateral is required or might have specialized loan products designed for individuals with less-than-perfect credit.

It’s essential to be upfront about your credit situation when applying for a loan and to carefully review the terms and conditions offered by the lender. Additionally, working on improving your credit score over time can increase your chances of qualifying for better loan terms in the future.

The process of borrowing money typically involves several steps:

  1. Assess Your Needs: Determine how much money you need to borrow and what you’ll use it for.
  2. Check Your Credit: Review your credit report and credit score to understand your borrowing eligibility. A good credit score may lead to better loan terms.
  3. Gather Documentation: Prepare necessary documents such as identification, proof of income, and financial statements to support your loan application.
  4. Submit Application: Complete the loan application provided by UCU. Be prepared to provide details about the amount you want to borrow, your personal and financial information, and any collateral you’re willing to offer if it’s a secured loan.
  5. Wait for Approval: UCU will review your application and assess your creditworthiness. This process may take some time, depending on the lender’s policies and the type of loan you’re applying for.
  6. Review Loan Terms: If approved, carefully review the loan terms, including the interest rate, repayment schedule, fees, and any other conditions.
  7. Sign Agreement: If you agree to the terms, sign the loan agreement, acknowledging your responsibility to repay the borrowed amount according to the specified terms.

As your trusted financial partner, we are committed to providing personalized assistance throughout the entire loan process. Our experienced team members will offer expert guidance, answer your questions, and ensure that you understand each step involved in borrowing money.

A credit score is a numerical representation of an individual’s creditworthiness, typically ranging from 300 to 900 in Canada. It is calculated based on various factors including payment history, credit utilization, length of credit history, types of credit accounts, and new credit inquiries.

A credit score is important in securing a loan for several reasons. Firstly, lenders in Canada use it as a tool to assess the risk associated with lending money to an individual. A higher credit score usually indicates responsible financial behavior and a lower likelihood of defaulting on loan payments. As a result, individuals with higher credit scores are more likely to qualify for loans and may receive better terms such as lower interest rates and higher borrowing limits.

Conversely, individuals with lower credit scores may face challenges in obtaining loans or may be offered less favorable terms due to the perceived higher risk to lenders. Therefore, maintaining a good credit score is essential for accessing credit and financial opportunities in Canada.

Yes, taking out an RRSP (Registered Retirement Savings Plan) loan can potentially affect your credit score. When you apply for any type of loan, including an RRSP loan, the lender typically performs a hard inquiry on your credit report. This inquiry can temporarily lower your credit score by a few points.

Additionally, your credit score may be impacted by factors related to the RRSP loan, such as your repayment history. If you make timely payments on the loan, it can have a positive effect on your credit score by demonstrating responsible borrowing behaviour. However, if you miss payments or default on the loan, it can negatively impact your credit score.

Overall, while an RRSP loan itself may not directly impact your credit score significantly, your borrowing behaviour and repayment history associated with the loan can affect your credit score over time.

A mortgage preapproval is a preliminary approval from a financial institution indicating that you meet the criteria for a mortgage, subject to further verification and documentation. It means that based on the information provided by you, the lender has assessed your creditworthiness and is willing to provide a mortgage up to a certain amount, provided the assumptions used to grant the pre-approval are verified and the mortgaged property is satisfactory.

Things our lawyers want you to know
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Subject to the terms of the applicable Line of Credit Loan Agreement or any applicable holds that may have been placed on the funds deposited.

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