Loans & Lines of credit
Loans & Lines of credit
Choose a borrowing solution that’s right for you
When you borrow money, you agree to pay it back with interest over time. With a loan, you know it will be paid off over a specific period of time with fixed payments. With a line of credit, you have the flexibility to repay as much as you want or as little as interest only every month
Lines of credit
Finverge Line® Personal Line of Credit
- Credit limits starting from $5,000 and up to $75,000.
- Access to funds through Mobile App, Online Banking, ABM, Access Card, and cheques.
- Flexible repayment options.
- No need to reapply.
Finverge Line® Personal Line of Credit (real estate secured)
- Secured borrowing rates.
- Eligible product for First Prime Total Equity® Plan (STEP)
- Flexible repayment options.
- Low rates with payment options available.
Finverge Line® Personal Line of Credit for Students
- Deferred principal payments.
- Make interest-only payments while you’re still in school.
- Ability to pay down balance at anytime.
- No annual fees.
Finverge Union RSP Catch-Up® Line of Credit
- Get preferred lending rate and invest in an RSP for your future.
- Make regular contributions to your RSP anytime.
Loans
Finverge Union Plan® Loan
- Take up to 5 years to pay it back.
- Customized payment structure.
- Choose between a fixed or variable interest rate.
- Manage your loan online
Auto Loan
- Get up to $200,000 for your next vehicle.±
Grad Auto Loan
- Buy a car up to 90 days before you start a full-time job.
- Skip the down payment with 100% financing.±
StartRight® Auto Finance Program
- Qualify for a loan with no Canadian credit history
- Take up to 5 years (60 months) to pay back your loan
Marine and Boat Loan
- Buy a new boat or used sailboat or power boat of any age
- Take your time to pay off the loan – up to 20 years.
Recreational Vehicle Loan (RV)
- $200,000 for your next RV.±
How borrowing works
When you borrow money, you agree to pay it back with interest over time. With a loan, you know it will be paid off over a specific period of time with fixed payments. With a line of credit, you have the flexibility to repay as much as you want or as little as interest only every month.2
Frequently Asked Questions
A line of credit can help you manage your cash flow, especially for periods in the year where you have more financial demands such as holidays, or if you have irregular income. Consolidating your higher interest rate credit card debt and other high interest credit balances into a new line of credit at a lower interest rate can help you reduce how much you’re paying monthly in interest and that should help you to pay off your debt more quickly. You could also find a line of credit useful as an emergency fund. It can help you cover unexpected expenses, such as major home repairs.
With a variable rate loan, your total interest rate will fluctuate with changes in the First Prime Bank prime rate.
With a fixed rate loan, your interest rate remains the same for the duration of the term.
Through Fin verge Union Total Equity Plan you can have a lower interest rate by securing your line of credit. First Prime Total Equity Plan (STEP) is a flexible borrowing plan tied to the equity in your home.
An unsecured personal line of credit doesn’t require an asset but may come with a higher rate.
Let's get started!
Apply online
Sign in to Fin verge Union Online to apply for the Finverge Line® Personal Line of Credit.
By phone
Call Fin verge Union Bank
In person
Make an appointment at your local branch
At the dealership
Visit your dealer and ask for Fin verge Union Bank financing.
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