What eligibility criteria do I have to meet to become a credit union member?

This depends on the credit union you choose to join. While some offer membership to all Canadians, others limit their membership to employees, staff or students of specific institutions and their family members. Keep in mind credit unions usually differ between different provinces and territories, so one you find in Nova Scotia you will likely not find in Alberta.

Who can apply for a personal loan from a credit union?

You can apply if you're a member and if you have a regular source of income. To become a member, you'll have to complete an application and provide an acceptable form of photo ID. You will also need to meet any age and residency requirements.

How do credit union loan interest rates compare to bank interest rates?

Interest rates on loans from credit unions tend to be the same or less than what traditional banks offer. Credit unions can offer lower rates because they are nonprofit financial organizations where all of the members can benefit from the earnings.