OUR LOANS COME WITH
BRAINS.

Personal Loans

Loans are easy to come by – loans with brains and good advice are a specialized skill set at OPPA Credit Union. We’ll help you use your borrowing power to greater effect – we’ll help you pay less over time for what you want today – and frankly, we’ll do everything we can to help you avoid debt overload later in life. We have your back – that’s financial back-up for life.

Fixed and variable-rate loans are available with terms of up to seven years. Our advisors are always available to help.

Options

New Recruit Loans

We offer new recruits a loan to pay the tuition required for Ontario Police College training. See our new recruit section in this site for details.

Car Loans

We have flexible options when it comes to purchasing new or used vehicles. We offer competitive rates coupled with longer amortization schedules to make the loan repayment manageable and affordable. You can choose up to a seven-year amortization on a new car loan (no older than three years) or up to five years on a used vehicle. Any loan can be repaid in full at anytime without penalty.

Consolidation Loans

When you want to group various small debts into one loan, a consolidation loan can help.

Managing Debt

Understanding the types of debt:

To begin, it’s helpful to understand the two types of debt – structured and revolving.

  • Structured debt is a loan you pay off over a set period of time. Your monthly payments cover the interest and a portion of the principal. With structured debt, if you keep to the fixed repayment schedule, you will eventually have a loan balance of zero.
  • With revolving (or unstructured) debt, such as credit cards and lines of credit, you can pay off as much of your principal balance as you wish, subject to a minimum monthly payment (if applicable). But, you may end up paying more interest over a longer period.

Choosing low-cost borrowing options:

  • If you’re paying high interest on your debt, such as the rate typically charged on store or credit cards, you’re throwing away your hard-earned money. Typically, on a credit card balance of $10,000, if you pay $300 per month, most of the payment is going to interest. Your principal is barely touched and, month after month, you continue to pay interest on the amount you borrowed.
  • One option is to consider a lower interest personal loan. You could be paying roughly the same monthly amount but be debt-free in about three years. Once the loan is paid off, you can set aside the same monthly amount you were accustomed to paying but place it in one of the OPPA Credit Union’s attractive savings options to build your own nest egg.
  • If you’ve built up some equity in your home, you might also use it to lower your debt costs. Instead of paying 18% interest on a credit card, the interest on a home equity line of credit could be as low as prime.

Using your credit card wisely:

  • Get rid of all but one or two credit cards. You don’t need retail store cards or gas cards, which typically charge the highest interest rates. 
  • If you have a balance on more than one credit card, transfer the balances to the one with the a lowest interest rate, or simply pay the most you can afford each month on the card with the highest interest rate. 
  • You are not obligated to accept the credit limit assigned to you. If the temptation to spend is too great, call your card issuer and ask customer service to have your limit lowered. 
  • Switch from credit cards which carry an annual fee. There’s no reason to pay extra for the honour of paying high interest charges. 

Or, consider getting rid of your credit cards altogether. Debit cards are as convenient as credit cards and you can withdraw cash for little or no fee.

Fully-Secured Loans and Demand Loans are also available – talk to your advisor to explore what fits you best today.

Lines of Credit

Once you’ve established an OPPA Credit Union line of credit, you may be surprised at just how useful it is to you – for home renovations and major purchases, for paying off higher interest credit card balances, for emergencies and much more. When approved for a line of credit, you can borrow up to your credit limit instantly, by writing a cheque, withdrawing cash or transferring funds to your account.

  • Home Equity Line of Credit: A home equity line of credit lets you use the equity in your home to secure a higher credit limit, at a lower interest rate. You can use your home equity line of credit as an alternative to a traditional mortgage, and make monthly payments of as low as interest only.
  • Unsecured Line of Credit: Talk to an advisor about the guidelines for setting up an unsecured line of credit today.

Student Lines of Credit

 A student line of credit features one of the lowest interest rates you’ll find at OPPA Credit Union:  Prime rate plus 1%.

Features

  • The student line of credit is offered to all members attending a recognized college or university as a full or part-time student
  • Your overall credit limit can be as high as $60,000, with annual amounts of $15,000 staggered over a maximum of four years
  • After graduation, you have six months before you’re required to begin repaying any of the principal you’ve borrowed and your loan is converted to a regular personal loan

Interest Rates

  • Interest only paid monthly while in ‘student’ status
  • Interest rate is OPPA Credit Union Prime rate plus 1% during ‘student’ status

Fees

  • No administration or service fees

Scholarships: Check out OPPA Credit Union’s scholarship opportunities.

RRSP Loans

Depending on your situation, it may make sense to borrow for your RRSP. OPPA Credit Union offers personal loans and lines of credit for RRSP contributions. The money you borrow to invest will grow tax-free together with the rest of your RRSP investments.

Features

  • A fixed payment schedule makes a personal loan ideal for catching up on missed contribution room from previous year.
  • With a line of credit, you can borrow again and again, up to your approved credit limit, without having to reapply.
  • The interest rate on the loan is set at OPPA Credit Union Prime rate + 1.00%

Overdraft Protection

OPPA Credit Union offers its members the convenience and peace of mind of overdraft protection, to a maximum of $5,000.