Borrow at BECU

Credit Line

CreditLine offers you the opportunity to finance short-term needs using affordable and convenient repayment terms.

You can borrow up to $20,000 repayable over a period of twelve months.

Interest rates

CreditLine Limit	Interest	Gross Salary
$5,000	1.50%	$3,500
$10,000	1.50%	$5,000
$15,000	1.25%	$8,000
$20,000	1.25%	$10,000+

Risk assessment

This will be based primarily on your capacity to repay the loan as defined by surplus and debt service ratio. The assessment will also consider
character, capital, collateral and condition

Prime Plus

A fast, low-interest and easy-access loan

BECU's Prime Plus loan makes it easy to get the money you need without "tying up" your savings.

Prime Plus lets you borrow a maximum of $15,000 with a deposit security of just $3,000.

Interest on this loan is 1% monthly on the reducing balance and the maximum repayment period is 30 months.

Life Saver

An emergency soft-loan that also prepares for another day

When you need it most, BECU offers all members with a good credit rating a security-free loan of $6,500. The loan is structured so that you can cover your present need and still save for "the next time".

$5,000 is given to you as cash and the other $1,500 is deposited either in a BECU share account or a BECU fixed deposit account.

This loan covers such purposes as:
• Car repairs
• Education tuition and supplies
• Minor medical expenses
• Home insurance
• Mortgage legal fees
• Car insurance
• Mini vacation
• Household appliances
• and many other unforeseen needs

* Special conditions may apply.

Home Improvement (HIL)

A more affordable loan for home improvement

When you are under the burden of getting the necessary money for home repairs, BECU's Home Improvement Loan gives you relief.

HIL offers members a maximum loan of $80,000, secured by 60% collateral. The loan security must comprise a minimum of 25% of loan value in unencumbered shares.

Approved security

Life insurance policy - 70% of the net cash surrender value
Stocks and Bonds - 60%-70% of market value
Land - maximum of 75% of value
Residential buildings - maximum of 75% of resale value
Commercial buildings - maximum of 60% of resale value
New motor vehicle - maximum of 75% of resale value
Used motor vehicle - maximum of 50% of resale value

Collateral for this loan may also be co-made or co-signed

The loan structure

Unencumbered Shares & Minimum Additional Requirements
Loan	10,000	20,000	40,000	60,000	80,000
Unencum-bered shares ( 25%)	2,500	5,000	10,000	15,000	20,000
Additional shares or collateral (35%)	3,500	7,000	14,000	21,000	28,000
Minimum total security (60%)	6,000	12,000	24,000	36,000	48,000

• Maximum loan offered is $80,000
• Maximum repayment term is 60 months
• Interest on loans up to $40,000 is 1.25%. Interest on loans over $40,001 is 1.00%
• Minimum share contribution of $100 will be included in loan installment
• Your Debt Service Ratio AFTER the loan must be 45% or lower
• This loan is not granted to persons who have been self-employed for less than two years
• Other requirements may be requested at the discretion of the credit union

Loan requirements

• Improvement must be to an existing structure that is either fully paid for or currently being paid for under a mortgage agreement.
• Proof of home ownership is required - a copy of the Deed of Title
• A recent valuation of the property must be provided for loans in excess of $40,000
• If real estate is to be assigned as security for the loan, then the member is to bear the cost of any conveyance required and also of any site inspection that may be required
• An estimate for improvement works must be submitted
• Structure must have existing insurance coverage which must be upgraded upon completion of works to include the value of such works

Payment Protector

When you can't work, it works for you

If you are unable to work because of temporary sickness or injury, Payment Protector provides a benefit which covers your regular monthly credit union payments such as loan installments, shares or deposits and insurance premiums.

How to benefit

Ask your loan officer to include Payment Protector in your loan application and fill out the Payment Protector application. Your premium will be included in your total monthly loan installment.

Vehicle - New & Used

Purchase a vehicle with a Car Loan from the BECU

With competitive rates and flexible loan terms, there is no better time to get behind the wheel of your new car! Loans are avaliable on new and used vehicles and the BECU will work with you to offer the most attractive rates, down payment terms and a repayment period based on your personal circumstances.

Loan Features:

New vehicles

100% financing with 10% in unencumbered shares
1% interest on the reducing balance
up to 60 months to repay
quick loan approval

Local Used and “Roll on/Roll off” Vehicles (up to 6 years old)

100% financing with 20% in unencumbered shares
1.25% interest on reducing balance
Up to 48 months to repay
quick loan approval

Local Used and “Roll on/Roll off” Vehicles (more than 6 years old)

100% financing with 40% in unencumbered shares
1.25% interest on reducing balance
Up to 36 months to repay
quick loan approval

*Car loans are for the purchase of vehicles only. Eligibility is determined by a combination of share balance, collateral, repayment history and ability to repay.

Application Documents

Pro Forma Invoice contacting the following information:

Price of Vehicle (inclusive of VAT)
Chassis Number
Colour of Vehicle
Model and Make
Engine Number

Original and copy of Driver’s Permit
Recent Job Letter
Recent Pay Slip
Form of ID (x2) i.e. Driver’s Permit, National I.D. Card, and/or Passport

Additional Requirements (Local Used Vehicles)

A Letter of Intent to Sell from the owner of the vehicle
An Appraisal/Valuation Report from a valuation firm or garage.

Insurance

Quotation for Insurance Premium

Vehicle Repair

Official Estimate of Repairs (including cost of parts and labour) endorsed by the repairer