If you have a fixed rate, the interest rate on your loan won’t change over time. With a variable rate, the interest rate on your loan changes as the index rate changes – so it can go up or down over time.
Borrow
From $5,000 and up¹
Best part
Borrow for one-time expenses predictably
Choose a personal loan for lump sum expenses like travel, renovations, or debt consolidation. Unlike a line of credit, you’ll receive your funds all at once with a personal loan. It also gives you the freedom to choose the length of your loan and how often you make payments.
Borrow with these rates on a personal loan, valid until December 31, 2024.² These loans can be paid back between 6 months to 7 years.
You’re more than a number. We’ll look at your whole picture to find out what you qualify for.
Regular payments will be automatically withdrawn from your account. You can also make additional payments penalty-free to wrap up your loan early while saving on interest.
Get peace of mind knowing that your loan is covered in the case of illness, disability, or loss of life when you add loan insurance.
Learn moreHere’s what applying for a personal loan looks like.
If you’re curious what your payments might look like or how much it might cost, try using our loan calculator.
Let us know what you’re borrowing for and how much you need. We’ll answer your questions and help you move forward with confidence.
We’ll look at different ways to help you reach your goal and find a path forward. We may even uncover something more favourable than what you came in for.
Once the Account Manager or Lending Specialist finds the right solution for you, they’ll put together the application and handle the rest for you.
When everything is ready, we’ll set up a time for you to visit your nearest branch and submit your signatures. If you’re an existing Vancity member, you can sign virtually without leaving home.
Just by borrowing at Vancity, you’re helping the planet and our communities because 30% of our profits fund change-making initiatives. But let’s kick it up a notch. We want to make choosing between what you want, and what the planet needs, a no-brainer. Get great rates and other support when you borrow with the planet in mind:
Our pros are here to answer your questions.
How does a fixed rate differ from a variable rate?
If you have a fixed rate, the interest rate on your loan won’t change over time. With a variable rate, the interest rate on your loan changes as the index rate changes – so it can go up or down over time.
What's a prime rate?
The prime rate is the interest rate that financial institutions (like us) use to determine the interest rates for loans and lines of credit. See our prime rate.
What's a credit score and how can I build my credit?
A credit score is a number that is used to predict how likely you are to repay any debt. There are many ways to build credit, including: making payments on time, paying off your balance each month, and limiting your number of credit checks. Find out more about what your credit score means on the Vancity blog.
How will a loan affect my credit score?
Taking out a loan can affect your credit score in a number of ways – some of which are very positive. While you’re taking out a loan, you overall credit rating might be lowered temporarily, but can be raised back up by repaying the loan on time or early. When in doubt, talk to us: we’ll be glad to walk you through the process of taking out a loan or line of credit and limiting negative impact on your credit score.
Connect with a specialist to get tailored advice or to start your application.
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Sunday & holidays: 10 am to 5:30 pm
Metro Vancouver: 604-877-7000
Greater Victoria: 250-519-7000
Toll-free: 1-888-826-2489
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¹ Applications and the amount you can borrow are subject to meeting Vancity's usual credit criteria.
² Offer valid for new Personal Loans funded from March 31, 2024 to December 31, 2024. This offer requires a loan application, and is subject to standard Vancity credit review and approval. For any application, we will obtain your credit bureau report to confirm your eligibility for the loan. Vancity reserves the right to withdraw this offer if adverse credit information is obtained, or if you obtained another Vancity credit facility on or before March 31, 2024. Vancity reserves the right at any time without prior notice and in its sole discretion, to add to or modify any of these terms and conditions or to withdraw this offer altogether. Offer applicable to loans for $5,000 minimum, and maximum 7-year term. Offer not valid on Home Equity Loans
³ The variable interest rate is based on the Vancity Prime Rate plus an additional premium (4.20%). Vancity Prime Rate means the annual rate of interest that Vancity determines from time to time as a reference rate for determining interest rates on Canadian dollar loans. As of October 24, 2024, the Vancity Prime Rate is 5.95%. Promotional interest rates and the time period for the promotional interest rates are subject to change. Vancity reserves the right at any time without prior notice and in its sole discretion to modify, increase, decrease or withdraw the interest rates offered in this personal loan promotional offer. The Vancity Prime Rate can be found on our rates page. Except for personal loans for purposes of debt consolidation, the Annual Percentage Rate (APR) is the same as the interest rate because there are no additional fees or charges. APR means the cost of borrowing for a loan expressed as an annual rate. It includes all interest and some noninterest charges associated with the loan. Personal loans for purposes of debt consolidation are charged an administration fee that is the greater of: (i) 1% of the loan amount and (ii) $50.00. The 1% administration fee would apply if the loan exceeds $5,000. All loans are subject to credit and underwriting approval. Loans range from $5,000 to $50,000 with a term of 6 months to 7-years.
Assuming a $5,000 debt consolidation loan and a $50 administration fee, variable interest rate APR is 11.33%. This means that if you borrow $5,000 for a term of 60 months, you will pay back $6,580.10 in total, which includes $5,000 in principal and $1,530.10 in total interest, and a one-time administration fee of $50 added to the loan. The APR for a fixed rate consolidation loan is 11.22%, this means that if you borrow $5,000 for a term of 60 months, you will pay back $6,563.36 in total, which includes $5,000 in principal, $1,513.36 in total interest and a one-time administration fee of $50 added to the loan. This calculation is for illustration purposes only and any examples are hypothetical. The applicability and accuracy of the calculations are not guaranteed. Vancity does not make any express or implied warranties or representations with respect to any information or results in connection with this calculation. Vancity will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you relying on any information or results.