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!
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.
1 800 616
8878
