Vancity personal loans review

Our verdict

Our verdict

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

Vancity Personal Loan is not currently available on Finder

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• Low interest rates starting at 6.99% for secured loans
• Easy online application process
• Quick deposits within 24 hours of applying
• High loan amounts of up to $50,000 for secured loans
• Lenders can provide bad credit loans

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No thanks, compare other personal loans options.

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Vancity was a winner in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 86.75%

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.

Is Vancity legit?

Founded in 1946, Vancity has more than 50 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. As of Q4 2022, Vancity is the largest credit union in Canada in terms of consolidated assets. It has over 560,000 members and was named in the Globe and Mail as one of Canada’s Top 100 Employers in 2022. Vancity’s average member satisfaction score in 2022 was 8.1 out of 10.

Vancity loan features

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 bad credit loan, 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 British Columbia.
• 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

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Name	Product	Ratings	Interest Rate	Loan Amount	Loan Term	Requirements
Loans Canada Personal Loan Loans Canada Personal Loan		Customer Survey: ★★★★★	6.99% - 46.96%	$300 - $50,000	3 - 60 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Spring Financial Personal Loan Spring Financial Personal Loan		Customer Survey: ★★★★★	9.99% - 46.96%	$500 - $35,000	6 - 60 months	Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
LoanConnect Personal Loan LoanConnect Personal Loan		Customer Survey: ★★★★★	6.99% - 46.96%	$500 - $50,000	3 - 120 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Mogo Personal Loan Mogo Personal Loan		Customer Survey: ★★★★★	9.90% - 46.96%	$200 - $35,000	6 - 60 months	Requirements: min. income $13,000/year, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
SkyCap Financial Personal Loan SkyCap Financial Personal Loan		Customer Survey: ★★★★★	19.99% - 39.99%	$500 - $10,000	9 - 60 months	Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy	Go to site View details	Compare	loading Fetching your data...
Symple Personal Loan Symple Personal Loan		Not yet rated	6.99% - 32.00%	$5,000 - $50,000	12 - 84 months	Requirements: min. credit score 650, min. income $50,000/year, no history of bankruptcies	Go to site View details	Compare	loading Fetching your data...
Fat Cat Loans Personal Loan Fat Cat Loans Personal Loan		Not yet rated	6.99% - 46.96%	$300 - $50,000	3 - 120 months	Requirements: min. income $1,000/month, min. credit score 300	Go to site View details	Compare	loading Fetching your data...
goPeer Personal Loan goPeer Personal Loan		Not yet rated	8.99% - 34.99%	$1,000 - $35,000	36 - 60 months	Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 650, min. 5-year credit history. (Avg. approved rate of 15.80%)	Go to site View details	Compare	loading Fetching your data...
Fairstone Secured Personal Loan Fairstone Secured Personal Loan		Customer Survey: ★★★★★	19.99% - 24.49%	$5,000 - $50,000	36 - 120 months	Requirements: must be a homeowner, min. credit score 560	Go to site View details	Compare	loading Fetching your data...

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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 28,000 reviews.

Summary of Vancity reviews

Vancity reviews from Finder survey

The process wasn't too complicated and I got my loan at great rates.

Vancity Customer from Vancouver, BC

It was a simple process to apply. I just had to provide identification and the purpose of loan and the application was quickly approved after verification of documents.

Vancity Customer from Surrey, BC

The loan terms were fair and the customer service was great. The financial advisor was very understanding and explained everything.

Vancity Customer from Burnaby, BC

It was easy for me to set up an appointment to go over my borrowing needs. The approval was timely, as well.

Vancity Customer from Burnaby, BC

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 of up to $5,000 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

• How long does it take to get a Fair and Fast Loan™ from Vancity?

  You can apply online, get approved and have the money deposited into your account in just 10 minutes.

• Does Vancity have a mobile app?

  Yes. You can download the free Vancity app for Android on Google Play, and from the Apple App Store for iOS phones.

• Can I apply for a Vancity personal loan online?

  No. While you can begin the application process online, you'll need to book an appointment (either at a branch or a phone call) with a Vancity lending specialist. The Vancity rep will then be able to assess your financial situation and borrowing needs before leading you through the application process.

• Can I get a loan from Vancity to purchase an electric vehicle?

  Yes. Vancity's Planet-Wise Transportation Loan lets you borrow $1,500 or more to buy an electric vehicle, hybrid electric vehicle, charging station, bicycle, e-bike or scooter. Loan terms of up to 10 years are available depending on what you purchase, and you can repay the loan early without penalty.