{"id":1021637,"date":"2023-08-16T13:02:26","date_gmt":"2023-08-16T17:02:26","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1021637"},"modified":"2026-01-20T17:17:48","modified_gmt":"2026-01-20T22:17:48","slug":"vancity-personal-loans-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/vancity-personal-loans-review","title":{"rendered":"Vancity personal loans review"},"content":{"rendered":"

What is Vancity Credit Union?<\/h3>

Vancity, or Vancouver City Savings Credit Union as it\u2019s 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.<\/p>

Vancity membership is open to BC residents with a Social Insurance Number.<\/p>

Is Vancity legit?<\/h3>

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).<\/p>

Vancity loan features<\/h3>
Feature<\/th>Personal loan<\/th>Fair and Fast Loan\u2122<\/th>Personaline line of credit<\/th>Creditline line of credit<\/th><\/tr><\/thead>
Loan amount<\/strong><\/td>$5,000 \u2013 $50,000<\/td>$100 \u2013 $2,500<\/td>Up to $5,000<\/td>From $5,000<\/td><\/tr>
Loan term<\/strong><\/td>6 months - 7 years<\/td>12 - 24 months<\/td>Open<\/td>Open<\/td><\/tr>
APR<\/strong><\/td>Fixed rate: from 12.45%, variable rate: from Vancity Prime (4.45%) + Increment<\/span><\/span><\/td>19.00%<\/span><\/td>17.75% <\/span><\/td>Varies<\/td><\/tr>
Serviced provinces<\/strong><\/td>BC<\/td>BC<\/td>BC<\/td>BC<\/td><\/tr>
Eligibility requirements<\/strong><\/td>Must meet credit score and income requirements<\/td>Must meet income requirements<\/td>Must meet credit score and income requirements<\/td>Must meet credit score and income requirements<\/td><\/tr><\/tbody><\/table>

What we like about Vancity loans<\/h3>
  • Wide range of loans.<\/strong> 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.<\/li>
  • Fixed or variable rate.<\/strong> 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.<\/li>
  • Secured or unsecured.<\/strong> 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.<\/li>
  • No credit check option available.<\/strong> If you need a small loan urgently, Vancity\u2019s Fair and Fast Loan\u2122 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.<\/li>
  • No penalty for early repayment.<\/strong> There\u2019s no prepayment penalty if you pay back your Vancity personal loan ahead of schedule.<\/li><\/ul>

    What to watch out for<\/h3>
    • Can\u2019t apply online.<\/strong> Many Vancity loans require you to book an appointment with a Vancity lending specialist to apply for a loan.<\/li>
    • BC only.<\/strong> Membership of Vancity is only available to residents of BC.<\/li>
    • You\u2019ll need to be a member.<\/strong> You\u2019ll need to become a member of Vancity to qualify for a loan, which involves buying $5 of membership shares.<\/li><\/ul>

      Alternatives to Vancity<\/h3>