Innovation Federal Credit Union loans & lines of credit review

Is Innovation Federal Credit Union legit?

Yes, it is. Innovation Credit Union was formed in 2007 when Southwest Credit Union and BCU Financial merged. It officially became a federally regulated credit union in 2023.

Innovation Federal Credit Union has 26 locations across Saskatchewan, more than 65,000 members and over $5.5 billion in managed assets. It’s also a member of the Canada Deposit Insurance Corporation (CDIC).

What we like about Innovation Federal Credit Union

• Easy application. Wherever you are in Canada, it’s quick and easy to apply for a loan or line of credit, as Innovation offers an online application.
• Fast approval. You can get approved within just one business day, which is not typical for a traditional lender.
• Flexible repayment schedule. With a personal loan, you can choose the repayment schedule that works best with your income—weekly, bi-weekly or monthly.
• Early repayment allowed. You have the option to pay your loan back at any time without penalty.
• Secured or unsecured. By providing an asset as collateral for your line of credit, you can access a higher credit limit and a lower interest rate.
• Highly rated mobile app. The Innovation Federal Credit Union app has high user ratings across the App Store and Google Play.
• Community focus. Innovation invests between 2% and 4% of its pre-tax profits into the communities it serves.
• Available across Canada (except Quebec). Though Innovation Federal Credit Union is Saskatchewan-based, it offers its banking services across Canada (but not in Quebec).

What to watch out for

• High minimum loan amount. Loans and lines of credit from Innovation start at $5,000, so you may want to look elsewhere if you only need a smaller loan amount.
• Line of credit annual fee. If you take out a line of credit, an annual fee of $10 - $25 applies. The size of the fee varies depending on your credit limit.
• Application fees. No matter whether you’re applying for a personal loan or a line of credit, the lender may charge application fees. A set-up fee applies to personal loans.
• Bad credit is not OK. You’ll need to undergo a credit check during the application process, so bad credit could stop you from getting a loan. However, Innovation also offers its Fresh Start Loan for people with low or no credit.
• No branch access outside SK. Innovation Federal Credit Union only has branches in Saskatchewan, so you won’t be able to visit a branch for in-person customer service unless you live in that province.

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What are Innovation Federal Credit Union’s interest rates?

Innovation Federal Credit Union’s interest rates are as follows:

• Personal loan: Prime + 1.5% to Prime + 15%. Learn more about personal loan rates.
• Line of credit: Prime + 1.5% to Prime + 12%. Learn more about line of credit rates.

The current prime rate is 4.45%.

The interest rate you get will vary depending on factors such as your credit score, your income and employment situation, and how much you borrow.

Summary of reviews for Innovation Federal Credit Union

Platform	Details
Trustpilot reviews	3.7/5 stars based on 1 review
BBB reviews	4/5 stars based on 1 review
BBB rating	C+
BBB accreditation	Not accredited

As of September 11, 2025

What do Innovation Federal Credit Union reviews say?

There are limited reviews for Innovation Federal Credit Union online, with just one review each on Trustpilot and the Better Business Bureau. These reviews mention factors like helpful and easily accessible customer service.

What do Reddit users have to say about Innovation Federal Credit Union?

Feedback for Innovation Federal Credit Union from Reddit users is largely positive. Users mention benefits such as no-fee banking along with friendly and helpful customer service when recommending this credit union. However, they also mention that unless you’re based in Saskatchewan, you’ll need to be comfortable with the fact that you won’t be able to visit a branch to access in-person customer service.

What types of loans does Innovation Federal Credit Union offer?

Innovation Federal Credit Union offers the following loan choices:

• Personal loans. You can borrow amounts starting at $5,000 with an Innovation personal loan. You can apply online and get approved within 1 business day, and loan terms of up to 10 years are available. You can then repay what you borrow weekly, bi-weekly, or monthly, and you also have the flexibility to prepay your loan without penalty.
• Lines of credit. This provides access to a flexible line of credit of $5,000 or more linked to your chequing account. You can choose from a secured or unsecured line of credit, and a variable interest rate applies. You also only pay interest on the money you use, not on your entire credit limit.

Other loans that they offer include mortgages, overdraft protection, car and powersports dealership financing, education loans and credit builder loans.

Do you qualify?

To qualify for an Innovation Federal Credit Union loan, you will need to be:

• 18 years or older.
• A Canadian resident (excluding Quebec).

You’ll also need to undergo a credit check as part of the application process, so you’ll need good to excellent credit to qualify for funding.

How do you apply?

If you’d like to apply for a loan, here’s what you need to do:

1. Visit the Innovation Credit Union website and click the “Apply Today” link.
2. Specify whether you’re a new or existing member.
3. Provide details about how much money you want to borrow and why.
4. Enter your monthly income, debt payments and expenses.
5. Provide your name, date of birth, SIN and contact details.
6. Follow the prompts to complete and submit your application.

If you’re a new member, you’ll need to pay a $5 membership fee. You’ll also be asked to provide the following documents and information during the application process:

• Your driver’s licence or passport to prove your ID.
• Employment information, including your occupation, your employer’s details and how long you have been employed.
• A current pay stub and a recent T4 slip/final pay stub from the previous year to verify your income.
• Three years of income tax and Notice of Assessment (if you’re self-employed).
• A list of your assets and liabilities.

• Disclosure of previous bankruptcy, judgments, consumer proposals, alimony or child support.
• Other details such as whether you own your home or rent, your monthly mortgage/rental payments, etc.

What to expect once you’ve received your loan funds

If you take out a personal loan, the funds will be deposited directly into your chequing account. You’ll then need to make regular loan payments based on the schedule you have chosen—weekly, bi-weekly or monthly. You also have the option to make extra payments at any time without penalty by logging in to online banking.

If you’re approved for a line of credit, you can access funds through your chequing account when needed. Interest is charged on your daily closing balance and will need to be paid on the last day of each month. Most lines of credit come with a 5- to 10-year payment plan, but if you repay the money you use, the funds will still be available for you to access if required.