In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Vancity personal loans review

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Edited by Leanne Escobal
Vancity Personal Loan
3.0
★★★★★
Finder score
4.1
★★★★★
APR Range
From Vancity Prime 6.70% + increment
Loan Amount
$5,000 - $50,000
Loan Term
6 months - 7 years
All information about Vancity Personal Loan has been collected independently by Finder. Finder is not connected with Vancity products, and this page is not sponsored, endorsed or administered by, or associated with, Vancity. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

A flexible range of loans to suit a variety of BC borrowing needs.

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Vancity is a Vancouver-based credit union that offers a wide range of borrowing options to BC residents. Its offerings include personal loans of $5,000 or more, flexible lines of credit, and a short-term loan to help bad-credit borrowers access financing and rebuild their credit score at the same time. Vancity loans offer competitive rates and terms, but you'll need to compare a range of lenders before choosing a loan.

Best for: BC residents looking for a diverse range of loans.

Pros

  • Established lender and the largest credit union in Canada
  • Loans to suit a variety of borrowing needs
  • Flexible loan terms

Cons

  • You can't apply for all loans online
  • Only for BC residents
  • Limited loan information available online

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is Vancity Credit Union?

Vancity, or Vancouver City Savings Credit Union as it’s more formally known, is a credit union headquartered in Vancouver. It offers a wide range of banking products and services to its members, including personal loans, mortgages, chequing and savings accounts, investment accounts, insurance and financial advice.

Vancity membership is open to BC residents with a Social Insurance Number.

Finder Awards

In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada based on customer satisfaction feedback. In 2024, we completed the Finder: Personal Loans Best-in-Class Awards, which recognizes the best personal loan brands in Canada based on our data-driven methodology.

Is Vancity legit?

It is. Founded in 1946, Vancity has more than 50 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. As of Q2 2023, Vancity is the largest credit union in Canada in terms of consolidated assets. It has over 530,000 members and is regulated by the BC Financial Services Authority (BCFSA).

Vancity loan features

FeaturePersonal loanFair and Fast Loan™Personaline line of creditCreditline line of credit
Loan amount$5,000 – $50,000$100 – $2,500Up to $5,000From $5,000
Loan term6 months - 7 years2 weeks - 24 monthsOpenOpen
APRFixed rate: from 10.99%, variable rate: from Vancity Prime + 4.50%19.00%17.75% Varies
Serviced provincesBCBCBCBC
Eligibility requirementsMust meet credit score and income requirementsMust meet income requirementsMust meet credit score and income requirementsMust meet credit score and income requirements

What we like about Vancity loans

  • Wide range of loans. Vancity offers personal loans, lines of credit, payday loan alternatives, energy-efficient home renovation loans, farming loans and much more, so it has loans to suit a variety of borrowing needs.
  • Fixed or variable rate. Take out a personal loan with Vancity and you can choose from the security of a fixed rate and the flexibility of a variable rate.
  • Secured or unsecured. There are secured and unsecured loan options available, so you have the choice of providing collateral to access a better rate and larger loan amount.
  • No credit check option available. If you need a small loan urgently, Vancity’s Fair and Fast Loan™ is a payday loan alternative. You can apply without completing a credit check, with approval based on your income and ability to repay the loan.
  • No penalty for early repayment. There’s no prepayment penalty if you pay back your Vancity personal loan ahead of schedule.

What to watch out for

  • Can’t apply online. Many Vancity loans require you to book an appointment with a Vancity lending specialist to apply for a loan.
  • BC only. Membership of Vancity is only available to residents of BC.
  • You’ll need to be a member. You’ll need to become a member of Vancity to qualify for a loan, which involves buying $5 of membership shares.

Alternatives to Vancity

Name Product CAFPL Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Cashco Financial Flex Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Up to 48.99%
$100 - $7,000
6 - 60 months
Requirements: min. credit score 300, must earn employment income.
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$300 - $50,000
4 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$500 - $60,000
3 - 120 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
Fig Personal Loan
Finder Score:
★★★★★
12.99% - 24.99%
$2,000 - $30,000
24 - 60 months
Requirements: min. income $5,000/month, 6+ months employed, min. credit score 700
easyfinancial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
Fat Cat Loans Personal Loan
Finder Score:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 84 months
Requirements: min. income $1,000/month, min. credit score 300
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 or 60 months
Requirements: recommended income $35,000/year, min. credit score 600, min. 5-year credit history.
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What do Vancity reviews have to say?

There are limited customer reviews for Vancity online, and the comments are mixed. Some reviewers comment on helpful customer service from tellers, while others complain about poor customer service over the phone.

However, the Vancity mobile app has received thousands of user reviews, the majority of which are positive. While the Android app comes in for some criticism for being slow and glitchy, the iOS app has an average rating of 4.3 out of 5 stars from over 31,000 reviews.

Summary of Vancity reviews

FeatureDetails
BBB accreditedYes
BBB ratingA+
BBB reviews1.71 out of 5 stars, based on 17 reviews
Trustpilot reviews3.1 out of 5 stars, based on 3 Vancity reviews
Google Play app reviews3.6 out of 5 stars, based on 5,579 Vancity reviews
Apple App Store app reviews4.3 out of 5 stars, based on 31,665 Vancity reviews
Customer reviews verified as ofMarch 12, 2024

Vancity reviews from Finder survey

What are Vancity’s loans?

  • Personal loan. Vancity personal loans are designed to help you cover large, one-off expenses. You can borrow amounts starting from $5,000, you don’t need to provide collateral, and the interest rate you get is determined based on your credit score, income and existing debt. Fixed- and variable-rate loans are available and there’s no penalty for paying your loan off early.
  • Fair and Fast Loan™. Marketed as an alternative to a payday loan, the Vancity Fair and Fast Loan™ is designed to help borrowers with poor credit access a loan and rebuild their credit score at the same time. There are no credit checks to apply, approval is based on your income, and you can borrow up to $2,500. You can then choose a repayment schedule ranging from 2 weeks - 24 months, and pay it back with a much lower APR than you’d get on a payday loan. Learn more about no credit check loans.
  • Line of credit. You can open a personal line of credit that you can use at any time. There are secured and unsecured lines available, and you can access the cash you need to use from an ATM or via cheque. You also only pay interest on the money you use.

Other loans offered by Vancity include energy-efficient home reno loans, EV loans, RRSP loans, newcomer credential update loans, residential farming loans and worker co-op loans.

What are the eligibility requirements of Vancity loans?

To qualify for a loan, you’ll need to be 19 years of age or older and become a Vancity member. You will need to:

  • Be a resident of BC
  • Have a Social Insurance Number
  • Deposit $5 for membership shares

Eligibility for the Fair and Fast Loan™ is determined based on your income. If you’re applying for other loans, your credit history will also be taken into account.

How to get a loan from Vancity

The application process varies depending on the type of loan you want.

Fair and Fast Loan™

If you’re already a Vancity customer and you’re applying for a Fair and Fast Loan™, you can complete an online application form. Simply log in to Vancity’s online banking portal and follow the prompts.

Personal loan

If you’re applying for a personal loan, you’ll need to book an in-person appointment or a phone call with a Vancity lending specialist. They’ll ask what you need the loan for and how much you want to borrow, then talk you through your loan options.

The lending specialist will take care of the application for you, while you’ll need to provide proof of income, such as two recent paystubs. If you’re not yet a member, you’ll need to finalize your application at your nearest branch. Existing members can sign their loan contract online.

Line of credit

The application process is similar to applying for a Vancity personal loan. You’ll need to book an in-person appointment or a phone call with a Vancity lending specialist who can walk you through the application process.

Bottom line

If you’re a BC resident looking for a loan, Vancity is worth checking out. From small loans to build credit to personal loans and flexible lines of credit, there are options to suit a wide range of borrowing needs. Compare Vancity personal loans with loans from other lenders to find the right solution for your financial situation.

Frequently asked questions

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