Personal Loans

Personal Loans can help you to invest in your RRSP, buy a car or achieve any one of thousands of financial goals.

FirstOntario Personal Loans have a number of great features:

• Flexibility. Repay your loan in part or in full at any time without penalty.
• Schedule the frequency of your payments to meet your needs: weekly, bi-weekly, or monthly. Generally, the more frequent your loan payments, the sooner you will be debt free and the lower your interest costs will be.
• Interest rates can be "fixed" or "variable".
• Loans can be "secured" or "unsecured". Secured loans receive preferred rates. (See "Loan Security" below on this page).

RRSP Loans at Prime

Save money today and invest in your future. RRSP loans can be as low as the Prime Rate when the investment (the RRSP term deposit for example) is held at the credit union as security. These products are only available during the RRSP season, so be sure to ask how we can put your hard earned money to work for you. With an RRSP loan you can maximize your RRSP tax deduction and use the tax refund to help pay off the loan. For some members, it's a great way to take control of their investments right away.

 

• Learn more about RRSP loans in the Learning Centre (this page).
• Use the tax refund generated by your RRSP contribution to pay down your RRSP loan!

 

Consolidating Debt

Do you have a variety of credit payments such as a car loan, a credit card balance and perhaps a student loan? If so, then you will likely benefit from consolidating your debt with a personal loan. This means you arrange one loan to pay off all your outstanding debt. This organizes your debt into one payment, often at a lower rate of interest than many other forms of debt.

 

A consolidation loan can simplify your life and save you money!

•  Lower interest rates

•  Cut multiple credit card payments

•  Save money every month

•  One loan and one convenient payment

 

Assumes $10,000 fixed loan with a 5-year term.  Information presented is based on assumptions. For illustration purposes only.  Rate may not be reflective of the current rate. 

Learn more about debt consolidation loans by contacting your branch.

 

Loans for special reasons

Each person is unique and so are the reasons you may want to borrow money. FirstOntario offers personal loans for many worthwhile purposes. Although the reasons to borrow are as individual as our Members, we've listed a few of our most requested loans. Contact us to discuss your borrowing needs today.

Car Loans

FirstOntario offers very competitive rates for car loans. The length of term of the loan depends upon the amount borrowed and the car's model year. Standard terms are 1 to 5 years, but 6 and 7-year terms are also available.

Investment Loans and other personal loans

Personal loans to meet your various financial needs.

Loan Security

Personal loans can be unsecured, which means that the loan is granted based on your good credit rating. Personal loans can be partially or fully secured by property, investments or other collateral. For example, when you take out a loan to buy a car, the car acts as security for the loan. Secured loans generally have a lower rate of interest.

Protecting those you love

How would your loved ones and your estate pay for your loan should you be unable to make payments due to illness or death? FirstOntario staff can help you learn more about insurance options you may want to consider.