North Peace Savings offers the flexibility and protection you need in a personal loan, at a highly competitive rate.
Loan decisions are made locally, so your funds are available quickly and conveniently when you need them. For example, a pre-approved vehicle loan from North Peace Savings empowers you to make the best deal possible with the seller.
Loans may be secured by your purchase (such as the collateral of your vehicle), deposits, or made on the strength of your signature. Life and disability insurance coverage are also available for pennies per day. Whatever your situation, one of our financial advisors would love to meet and find a loan that is right for you.
We offer both variable and fixed rates and can help you choose the term that most suits your needs.
- Personal Loans
- Car and Light Truck Loans
- Recreational Vehicle Loans
Let North Peace Savings and Credit Union help you secure the basics and plan for the extras. Or, if you're considering a loan for your business, visit our business loan page.
How to apply
Borrowing money is an important part of our everyday lives. We borrow to buy a home. We buy things on credit. We take out loans to invest or to go to school.
Today, access to credit on reasonable terms is readily available. Your ability to borrow is valuable to the realization of personal and family goals. So, you owe it to yourself to use credit wisely. All that's required is some basic financial planning, self-education about the cost of credit and a responsible attitude to your legal obligations.
When you agree to borrow money from a lender, you enter into a legal contract. It’s your responsibility to ensure that you fully understand this contract before you sign it. Your signature tells the lender that you agree to meet your obligations by repaying the loan according to the contract.
Buying On Credit
Credit cards can provide flexibility and help you manage your money. If you pay off your balance every month, they’re a convenient way to buy things interest free. But before you buy anything on credit, you should ask yourself these questions.
Questions to ask yourself
How Much Debt is Okay?
Some argue that any debt is too much. Others say that you should have only good debt (for investing) and no bad debt (for spending). In reality though, debt is simply a financial tool that you should use wisely to avoid getting in over your head.
There are several measures you can use to determine whether you’re carrying too much debt. One we rely on is known as the total debt service (TDS) ratio. As a general guideline, no more than 40% of your monthly gross income should go towards mortgage loan payments and other monthly debt obligations.
Realistically, the amount of credit you can afford depends on your personal situation. If your current employment is not secure, you will probably want to take on less credit than the recommended guidelines. On the other hand, if you have no other obligations, such as a mortgage, and your source of income is reliable, you may want to take on more credit, depending on your goals.
How We Assess Your Loan Application
When you apply for a loan with us, we will look at your application and your personal information to help us find out
- whether it would be responsible for us to lend to you
- the appropriate level of credit to offer you
We also look at your credit report and determine your credit-worthiness. A credit report informs us of your past performance in meeting your financial obligations. To check your credit report and learn more about credit scores, visit the Equifax Canada website.
The entire process usually takes no more than three business days.