If you wish to borrow money for shares in a co-op, to buy a new car or spiffy high-tech new bike, to consolidate your debts, contribute to an RRSP, to take a vacation - or for some other purpose - CCEC would like to help - for a personal loan, try us first.
Click here to go to Co-op Housing Share Purchase Loan information
Click here to download our Personal Loan Application Form
CCEC guarantees you a competitive interest rate and we offer a full range of options for your personal loan. With a personal loan, you can borrow the amount when you need it, and choose the repayment period which particularly suits you. And of course there's no penalty if you choose to repay all or part of the outstanding loan at any time.
- Flexible payment dates - arrange what's convenient for you.
- Pre-payment and payout in full at any time, without penalty.
- No minimum loan amount
- Easy repayment through payroll deductions, automatic transfers, post-dated cheques from other institutions.
- Plus, we offer life insurance, disability insurance and critical illness insurance on all personal loans
Whether or not you qualify for a loan depends on your ability to repay the money and on your financial stability. This is determined by examining your gross income and how it relates to your expenses - rent and other loan/credit card payments.
Other assessment criteria include an examination of your assets and liabilities. Assets are items you own; cash, savings, investments, insurance, a home, other property, business and personal items. Liabilities are debts, such as personal loans, mortgages and unpaid bills.
You should have this information handy so your application can be assessed quickly and smoothly. Please include a letter from your employer to verify your salary and terms of employment.
Download (requires Adobe Acrobat Reader) and complete the pdf Short Form application at your leisure and when completed, mail or fax it to us or drop it off at CCEC. Please call our personal loans officer the following business day to discuss terms of the loan or to arrange an interview if we require more information.
Please read the application carefully before filling out and signing it and make sure all the information you provide is accurate and complete. Don't leave any spaces open - if you need help with the form or have any questions, contact us at the credit union. We would be happy to assist you.
CCEC Credit Union has been specializing in financial services for housing co-ops since 1976. Over the years CCEC has enabled hundreds of people to meet the financial requirements of housing co-ops by negotiating share purchase loans.
CCEC has a Share Purchase Loan Program: The Co-op "share secured" loan at reduced interest rate (prime rate + 1%). The interest rate on this type of loan is lower than most other "consumer" loans. Obtaining a share secured loan requires the participation of all three parties: the housing co-op, the member and the credit union.
This program is for those housing co-ops who are members of CCEC Credit Union and have an active account at CCEC. If your co-op is not presently involved in this share secured program now and would like to be, the co-op needs to become a CCEC member. CCEC has a broad range of services that are tailored to meet the needs of the housing co-op sector. If the co-op is interested in becoming a member, please call the credit union for more information.
The procedure for obtaining a Co-op Share Secured loan is as follows:
1. Your finance committee decides if they are willing to secure the loan, and records the decision in the minutes.
2. The potential member is contacted and sent in to CCEC to open an account ($50 equity shares purchase + $1 entrance fee). The applicant must fill out a loan application for the share purchase loan. Please include which co-op you are accepted into, who the contact person at the co-op is and state whether the co-op is willing to secure the loan.
3. CCEC sends two loan documents to the housing co-op for signature and seal verifying that the co-op is agreeing to share secure the loan.
4. Once the documents are completed and returned to CCEC the member makes an appointment with our personal loans officer to sign the necessary loan documentation.
5. The money is then transferred to the Co-op's account at CCEC where it is frozen until the loan has been repaid in full. The Co-op receives copies of all the loan documentation and collection attempts.
At CCEC we're a full service credit union dedicated to community economic development. Every service you use at CCEC helps your community to grow!