Lending
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We All Have Hopes & Dreams!
Maybe it’s a new car, a new home, a sunny getaway to a tropical island or a cushy retirement. Whatever it maybe we are here to help!
We have put together a short information page briefly explaining different loan options that will help you get started in the right direction.
What to Bring
What to Expect
Financial
Calculators
Personal Consumer
Loans
Prime Rate: 3.25%
Line of Credit
RRSP Loans
Quick Loans
Residential Loans
Graduate Loans
Agriculture Loans
Commercial Loans
Community
Development Loan Program
Specialty Loans
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, it also enables us to help you structure your finances to best suit your needs. When applying for a loan please don't forget to bring some important things:- Yourself, your spouse, your partner, your parent or co- signor
- Current Employment information: where, how long, salary/ pay stubs, tax returns
- Current Financial picture: investments, vehicles, real estate, loans, credit cards, and payments.
What to Expect
Our excellent staff strives to provide superior service to our members. After we receive all your information, the maximum decision time is as follows:- Consumer Loans: next day
- Agriculture Loans: 5 days
- Commercial Loans: 5 days
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Financial Calculators
Click here to go to the easy to use Loan Calculators via "Life Events Planner".The guideline ratio when calculating your maximum monthly payment is 40% of your gross monthly income. Include in your calculations all payments on mortgages (or rent), loans, credit cards, lease accounts and alimony. Also include property taxes and heating costs for Canada Mortgage and Housing Corporation (CMHC) mortgages.
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Personal Consumer Loans
Most consumers use debit and/or credit cards to purchase items. It is extremely important to find a balance between debt, savings and living expenses. Many people who have difficulty managing their finances find that either they have incurred too much debt and their existing debt payments are too high relative to their income or else they spend too much on normal living expenses. It can be a good idea to think of Eastend Credit Union when planning your monthly budget. We have tools to assist you in preparing your budget and can help you plan for those items you may be considering purchasing. Whether you’re looking to buy a boat, take a vacation, do some home renovations or save for your retirement, we can offer ideas and tips on how to best manage your finances.Eastend Credit Union provides a full range of lending products with flexible rates and terms tailored to meet your needs. Personal loans are written on demand with fixed or floating rates. Credit Union rates are competitive and you pay interest only on the outstanding balance of your loan. You can also pay off your loan as quickly as you like without penalty. Put yourself in the driver's seat and manage your payments with ease using a Personal Loan from your Eastend Credit Union.
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Line of Credit
Waiting for your pay cheque? Bills to pay? Cost effective overdraft protection with interest accruing only on your closing daily balance and paid at month end is available through your Eastend Credit Union. You pay only for the exact amount you borrow and only for the number of days you use it. No need to phone to access your line of credit – it’s always available - you're in control - you manage your account.The normal maximum limit on a line of credit is equal to one times your net salary. So if your take home pay is $1,500/pay period - your limit would be $1,500. Your line of credit is a convenient way to pay your bills or unexpected expenses while waiting for your pay cheque to arrive.
A Line of Credit is a revolving loan that is attached to your chequing account. It's ready cash when you really need it. Protection 24/7 against overdrawing your account or having returned cheques because of insufficient funds.
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RRSP Loans
Your credit union can make saving for retirement a whole lot easier through an RRSP Loan. The loan allows you to get your RRSP growing by making contributions now. RRSP Loan rate is Prime Lending Rate with repayment terms to fit your budget.It's as easy as 1-2-3:
- Check your Notice of Assessment to determine how much RRSP contribution room you have. You should normally receive your Notice of Assessment approximately 1 month after you have filed your income tax return.
- Visit your credit union and apply for and RRSP Loan to maximize your RRSP Contribution.
- Set up an affordable repayment schedule. Sit back, relax and watch your RRSP grow.
Quick Loans
A Quick Loan is the ultimate loan. An Eastend Credit Union Quick Loan is a cross between a line of credit and a term loan. It’s designed for members who require periodic, short term loans. The loan is a revolving loan that members apply for once, and can then use again and again.After a pre-set limit and affordable payments have been initially arranged, the loan can be re-advanced at your request – often with as little effort on your part as a phone call. Limits range from $500 to $15,000, with repayment terms tailored to match your income stream. The minimum amount that you can re-borrow is $500 with a maximum of 5 advances per year. It doesn't get any easier than this.
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Residential Loans
Residential MortgagesWhether you are purchasing your first home, upgrading to better suit your family needs or building a new home, we can help you decide how much of a home you can afford given your financial situation and pre-approve your mortgage. We can discuss various mortgage options, fees and the CMHC (Canada Mortgage and Housing Corporation) program. We offer flexible repayment options based on a variety of amortizations, terms and rates. We can also adjust your regular payments to include property taxes and make home ownership very straightforward. A conventional residential first mortgage can provide up to 75% of the appraised value of a members existing or potential residence. Higher ratio mortgages are available with CMHC support.
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Graduate Loans
Education as a very important stepping stone in your life! Talk to us about how best to finance your education and how we can help. Interest rates are available as low as prime with monthly "interest only" payments while you are in school and for 6 months after you graduate. These loans can be set up to provide funds for educational expenses including tuition, books and living expenses. The student may take full time or part time studies at a post-secondary educational institution and must provide the credit union with a confirmation of enrollment to quality for the loan program. Student loans of $10,000 per year to a maximum of $95,000 over 8 years are available on approved credit. A qualified co- signer may be required to support the loan. Once the student has completed their course, blended principal and interest payments are established over a maximum term of 15years, depending on designation. The blended payments are set to start within 6 months after graduation. If the student chooses to quit school before completing/graduating from their course, repayment will commence within 90 days from their termination date.Student loans are also available through the government of Saskatchewan and Canada. Your Credit Union can assist you in researching these options, but keep in mind that not everyone qualifies for a Government Student Loan.
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Agriculture Loans
Farmers are our business!We know that farming can offer many challenges - including financing. Cash flow, new equipment, used equipment, land, livestock - where does all that money go? Let us help you track your farm’s progress, map your future plans and determine an optimum level of debt financing.
By tracking your annual change in net worth, we can see how much your farming operation improves each year. Your net worth is often an indication of profit. If it isn't improving you may not be generating sufficient income, or you may be spending too much personally, or maybe your debt payments are too high. If your net worth has been declining for a number of years, you will need to make some changes to your operation.
Cash flow projections are very important. Farmers' income is sporadic and it is extremely important to manage your inflow and outflows. There are many options for financing your operating costs: Credit Union Line of Credit or Short Term Operating Loan, Grain Companies, Fuel Companies, Fertilizer and Chemical Dealers, or Seed Growers. It is quite simple to defer the input costs related to producing your crop, but check out your cost of borrowing - do those deferred inputs mean lost discounts? It is good advice to work hard at your operating costs and pay for this year’s inputs from last years crop. If there is a crop failure your cash flow will be affected, but not as much as if you had deferred all your expenses. If input costs are extremely high, the cash discounts and early purchases for tax purposes can make this idea worth pursuing. If you do experience a crop shortage you are far more prepared and will only have one years inputs to worry about.
Based on previous years actual costs and your projected future costs, a farm plan allows you to determine how much you will actually need for operating credit. Various options are available to cover short-term needs. The most important factor is the bottom line. How much money do I have? How much can I spend? How much can I afford to spend on daily living expenses? What debt payments can I afford? By looking at past trends and the projected amount you have available for debt service, an optimum level of annual debt payments can be determined for you. This would also include a “cushion”, or residual margin, to help offset negative variations in price, yield, or costs.
What you need to do:
- Complete Financial Information:
- provide 3 years of historical financial statements (income tax)
- provide current Net Worth Statement (listing of all assets & liabilities)
- we meet with you to discuss your operation, review your request and ask for any clarification or additional information required
- the rate of interest applicable is based on your specific financial picture, including your historical performance, debt, serviceability and security offered.
- we will provide you with an answer within one week- maximum.
- Lines of Credit and Operating Loans are available to provide you with the cash flow required to meet normal expenses of the farm or business operation. The loan must be repaid annually, and is written at a variable rate of interest.
- Term Loans are available for many purposes including the purchase of equipment, vehicles, livestock, etc. Repayment terms can range from 1 – 5 years. Payment frequencies can be set from monthly to annually depending on the circumstances. Interest rates can be Fixed or Variable.
- Agricultural Mortgage Loans are available for purchases, expansion or improvements to land or buildings. Mortgage Loans may also be granted to refinance or consolidate existing debt.
- The Farm Improvement and Marketing Co- operatives Loans Act (FIMCLA) is a program under which the federal government will guarantee certain loans to farmers. A variety of rates, security and repayment terms are available, depending on the specific circumstances of the request.
- Commercial Leasing offers business and agriculture members the ability to obtain necessary equipment without the high cost of ownership.
Commercial Loans
We can offer you:- Initial advice on your business needs
- Start-up funding
- Operating capital
- Lines of Credit
- Term Loans for capital purchases (land, building, or equipment)
- Letters of credit
- Financial analysis & optimum payment structuring
- Merchant card products (POS, Master Card)
- Account packaging
- List of accredited property appraisers
What you need to do:
- Prepare a business plan:
- Explain your company
- Explain your product/service or technology
- Explain your market, marketing plan and sales objectives
- Analyze your competitors, environment, and business risk
- Explain your organizational structure, key positions, owners and personal resumes
- Complete prospective financial information:
- 3 years of historical financial statements (minimum) for existing business
- Projected income statements, balance sheets, and cash flow statements
- Explanation of assumptions
- Financial Proposal:
- Personal cash involvement, and operating vs. long-term debt structure
- Personal net worth of principal owners
- Appraisal required on property and equipment
- Reference your professional contacts:
- Accountant
- Lawyer
- What to expect:
- We meet with you to discuss your proposal, review your plan and ask for any additional information
- Any financial plan developed is tailored to meet your needs, cash flow, and profitability
- The rate of interest applicable to your borrowings will be dependent upon the security you provide, your historical performance, and the profitability of your operation
- We will provide you with an answer within one week - maximum
Community Development Loan Program
The objective of this program is to provide capital to members who may not have cash readily or easily accessible for investment in a community project. Rather than financing the project directly, we support members interested in investing in local initiatives.top
Specialty Loans
Other Specialty Loans that we offer are:- Computer Loan; designed specifically to finance the purchase of new personal computer hardware or software
- Christmas Quick Cash (only offered during the Christmas season)
- Home Renovation Loan; coming soon!
Phone: (306) 295-3551 or (306) 295-3779 Fax: (306) 295-3607