Loans
Personal Loans
If you wish to borrow money for shares in a co-op, to buy a new car or spiffy high-tech new bike, to consolidate your debts, contribute to an RRSP, to take a vacation - or for some other purpose - CCEC would like to help - for a personal loan, try us first.
CCEC guarantees you a competitive interest rate and we offer a full range of options for your personal loan. With a personal loan, you can borrow the amount when you need it, and choose the repayment period which particularly suits you. And of course there's no penalty if you choose to repay all or part of the outstanding loan at any time.
Flexible payment dates - arrange what's convenient for you.
- Pre-payment and payout in full at any time, without penalty.
- No minimum loan amount
- Easy repayment through payroll deductions, automatic transfers, post-dated cheques from other institutions.
- Plus, we offer life insurance on all personal loans
Whether or not you qualify for a loan depends on your ability to repay the money and on your financial stability. This is determined by examining your gross income and how it relates to your expenses - rent and other loan/credit card payments.
Other assessment criteria include an examination of your assets and liabilities. Assets are items you own; cash, savings, investments, insurance, a home, other property, business and personal items. Liabilities are debts, such as personal loans, mortgages and unpaid bills.
You should have this information handy so your application can be assessed quickly and smoothly. Please include a letter from your employer to verify your salary and terms of employment.
Download (requires Adobe Acrobat Reader) and complete the pdf Short Form application at your leisure and when completed, mail or fax it to us or drop it off at CCEC. Please call our personal loans officer the following business day to discuss terms of the loan or to arrange an interview if we require more information.
Please read the application carefully before filling out and signing it and make sure all the information you provide is accurate and complete. Don't leave any spaces open - if you need help with the form or have any questions, contact us at the credit union. We would be happy to assist you.
At CCEC we're a full service credit union dedicated to community economic development. Every service you use at CCEC helps your community to grow!
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Business & Commercial Loans
CCEC can help your group or business. CCEC provides financing for community economic development. We believe the common resources of the community should be used to provide opportunities for our community to grow. (Please note that CCEC's trade area for commercial loans is 200 kilometers.)
We offer:
Types of loans
Term Loan: usually for purchase of equipment, assets, and other capital; payments are made in equal monthly installments for the term (duration) of the loan.
Operating Loan (Line of Credit): an overdraft feature to cover cash flow shortages due to inventory purchases or delays in accounts receivable collection; interest is calculated daily and due on a monthly basis; you pay interest only on that portion of the overdraft that you need to use.
Mortgages: on land or buildings; for purchase or repair.
Demand Loan: usually for short term borrowing to deal with cash flow problems (e.g., delays in government funding), or other temporary financing needs; interest only is due monthly, with the total loan amount due at a designated date.
Information we need to evaluate your loan proposal
Depending on the organization's purpose and activities, much of the following information will be needed to evaluate your application for a loan.
- Incorporation papers, articles of memorandum, rules of incorporation (if your group or business is incorporated)
- A resolution to borrow
- A loan proposal package or Business Plan
This should include a few pages defining your organization. It may include: a description of services and products you offer; the members of the organization and their experience; the industry and your business outlook; a description of your cash needs; how a loan from CCEC would be used.
- Financial Information
This should include two or three years income statements and balance sheets; budget and cash flow forecasts; lists of inventory and fixed assets; aged lists of accounts receivable and payables; information on current loans and the security on those loans.
Serving co-operatives, community businesses and the non-profit sector since 1976!
NEW!! ONLINE LOAN APPLICATIONS
CCEC has made it easy for you to apply for a loan online. The application process should take between 10 and 30 minutes, depending on your connection speed and the information you have available.
CCEC will contact you for further details once you have submitted the online application. Please have the following information ready when filling out the application. This will make the process much faster!
- SIN #
- Employer's name and number
- Monthly expenses
- Assets
- Liabilities
- Co-applicant information if applicable
Please call 604-254-4100 if you encounter any problems or have questions when filling out the application.
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