ECU offers both fixed and variable rates on our personal loans and we will work with you to determine which option works best for your situation. Together, we will work out a payment amount, schedule, and interest rate, that are tailored to your individual needs.

Our already competitive interest rates can be further reduced based on the ECU products and services that you already use, such as:

Just another reason to be a full-pay member.

Debt Consolidation

Many of us have been in a situation where money is tight and it can be a challenge juggling the bills. The knowledgeable Lending Staff at ECU can assist you to lower your total interest cost, while paying off your debt faster by consolidating. A consolidation loan can benefit you in many ways such as:
  • Reducing your commitments to one, easy-to-manage payment
  • Reducing the total cost of your debt with a loan or line of credit at much lower rates
  • Leveraging the equity in your home, with a MERITline™ home equity loan for further savings and future flexibility
  • Reducing your financial stress by combining all of your debts in one place, giving you a clear picture of the final payout date
Generally credit card rates can be quite high; the illustration below shows you the actual effect. Let’s assume a total debt of $10,000, comparing credit card debt to an ECU consolidation loan and a MERITLine®:  
Credit Card 19.90* ECU MERITLine® at 3.75%* ECU Loan at 10%*
Minimum Payment Each Month Fixed Amount Each Month Fixed Amount Each Month Fixed Amount Each Month
Time to pay off 25 years & 1 month 4 years & 1 month 3 years 3 years
Original balance $10,000 $10,000 $10,000 $10,000
Interest Paid $12,104.17 $4,677.92 $588.68 $1,616.12
Total Paid $22,104.17 $14,677.92 $10,588.68 $11,616.12

*Average estimated rates.

Investment Loan

Most of us envision a comfortable and financially secure retirement, so you must ask yourself, “Will I have enough money to maintain my current lifestyle and do the things I want when I am no longer employed?” Other programs and plans can supplement a portion of your future income, but those funds may not be sufficient to achieve the retirement lifestyle that you dreamed about. An RRSP can help you maximize your savings and help you realize your retirement objectives.

We offer RRSP loans with the following features:

  • Interest rate as low as ECU prime
  • Terms of up to 5 years
  • 1st payment deferral of up to 90 days

To illustrate the benefit of borrowing for an RRSP:

Investment at 5%* ECU Loan at 4.20*
Original balance $5,000 $5,000 $5,000
Term 10 Years 25 Years 1 Year

Interest Paid


$3,000 $12,000 $114.48
Total Value $8,000 $17,000 $5,114.48

*Average estimated rates.

This example assumes you do not continue to pay into your RRSP. If you pay the loan back sooner, your interest cost will be even less. One of the most effective ways to do this is to put the tax refund created by the RRSP contribution toward repaying the debt. Your first payment deferral will allow sufficient time to report the contribution for the taxation year and to realize the tax savings, before you have to start making payments.

Education Loans

An ECU Student Loan is ideal for post-secondary education costs such as tuition, living expenses, computer equipment and books. We know school is expensive, so our goal is to make things as cost-saving and easy as possible for you with all of our student services including: What are the benefits of an ECU Education loan?
  • Saves you interest with rates as low as ECU Prime
  • Funds can be withdrawn as needed so you don't pay unnecessary interest costs
  • Affordable interest-only payments
  • Repay part or all of the outstanding balance whenever you want
  • Helps establish a credit history

Application Process

We offer two easy ways to apply for a loan, depending on your preference. You can:

  1. Contact one of our branches to speak with a Lending Service Representative.
  2. Apply Online through our secure site. A Lending Services Representative will review your application and contact you within 2 business days.


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