Vancity Fair & Fast Loan Fact Sheet
- Vancity is one of the first mainstream Canadian financial institutions to offer a
sustainable alternative to payday loans.
- The Vancity Fair & Fast LoanTM provides an affordable cost of borrowing, has more flexible
eligibility criteria than our conventional loans and can build credit history.
- Under the Vancity Fair and Fast Loan, if a member borrowed $300 for the minimum term
of two months and paid it off after two weeks, it would cost them about $2.20, which is 19
per cent annual percentage rate (APR).
Details
- Applicants must be a member of Vancity
- Term loan
- Amount: $100 - $1,500
- 19% Annual Percentage Rate (APR)
- Term: 2 - 24 months
- Processing time: about an hour
- No application fee
- Can build credit history
- More flexible lending criteria than other Vancity conventional loans, including lower beacon score eligibility
- Members apply with proof of income and two pieces of ID
- For applicants with no credit history, Vancity will review the three latest consecutive months of bill payments from two different companies
- Certain restrictions and conditions apply including Vancity credit granting criteria
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- For more information and product terms and conditions, members can visit a
Vancity branch or call 1.888.Vancity (826.2489). - Vancity is able to offer the Vancity Fair & Fast Loan to its members by looking at things differently and closely monitoring the loans:
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- Piloting with select members before expanding the offering to its broader membership
- Taking into account its individual relationships with its members
- Providing credit in alignment with members’ needs and ability to repay
- Offering a higher interest rate than its conventional loans
- For applicants with insufficient credit history, Vancity will review alternative sources
of establishing credit worthiness, such as paying bills on time
- Closely monitoring the loans taken - Working with the member to determine a
repayment term that will help them repay the loan and reduce the risk of default - Vancity poll result snapshots conducted by Insights West
- Insights West poll results