Vancity personal loans review
- APR Range
- From Vancity Prime (5.45%) + 4.20%
- Loan Amount
- $5,000 - $50,000
- Loan Term
- 6 months - 7 years
Our verdict
A flexible range of loans to suit a variety of BC borrowing needs.
Vancity is a Vancouver-based credit union that offers a wide range of borrowing options to BC residents. Its offerings include personal loans of $5,000 or more, flexible lines of credit, and a short-term loan to help bad-credit borrowers access financing and rebuild their credit score at the same time. Vancity loans offer competitive rates and terms, but you'll need to compare a range of lenders before choosing a loan.
Best for: BC residents looking for a diverse range of loans.
Pros
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Established lender and the largest credit union in Canada
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Loans to suit a variety of borrowing needs
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Flexible loan terms
Cons
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You can't apply for all loans online
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Only for BC residents
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Limited loan information available online
What is Vancity Credit Union?
Vancity, or Vancouver City Savings Credit Union as it’s more formally known, is a credit union headquartered in Vancouver. It offers a wide range of banking products and services to its members, including personal loans, mortgages, chequing and savings accounts, investment accounts, insurance and financial advice.
Vancity membership is open to BC residents with a Social Insurance Number.
Is Vancity legit?
It is. Founded in 1946, Vancity has more than 50 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. As of Q2 2023, Vancity is the largest credit union in Canada in terms of consolidated assets. It has over 530,000 members and is regulated by the BC Financial Services Authority (BCFSA).
Vancity loan features
| Feature | Personal loan | Fair and Fast Loan™ | Personaline line of credit | Creditline line of credit |
|---|---|---|---|---|
| Loan amount | $5,000 – $50,000 | $100 – $2,500 | Up to $5,000 | From $5,000 |
| Loan term | 6 months - 7 years | 2 weeks - 24 months | Open | Open |
| APR | Fixed rate: from 10.79%, variable rate: from Vancity Prime (5.45%) + 4.20% | 19.00% | 17.75% | Varies |
| Serviced provinces | BC | BC | BC | BC |
| Eligibility requirements | Must meet credit score and income requirements | Must meet income requirements | Must meet credit score and income requirements | Must meet credit score and income requirements |
What we like about Vancity loans
- Wide range of loans. Vancity offers personal loans, lines of credit, payday loan alternatives, energy-efficient home renovation loans, farming loans and much more, so it has loans to suit a variety of borrowing needs.
- Fixed or variable rate. Take out a personal loan with Vancity and you can choose from the security of a fixed rate and the flexibility of a variable rate.
- Secured or unsecured. There are secured and unsecured loan options available, so you have the choice of providing collateral to access a better rate and larger loan amount.
- No credit check option available. If you need a small loan urgently, Vancity’s Fair and Fast Loan™ is a payday loan alternative. You can apply without completing a credit check, with approval based on your income and ability to repay the loan.
- No penalty for early repayment. There’s no prepayment penalty if you pay back your Vancity personal loan ahead of schedule.
What to watch out for
- Can’t apply online. Many Vancity loans require you to book an appointment with a Vancity lending specialist to apply for a loan.
- BC only. Membership of Vancity is only available to residents of BC.
- You’ll need to be a member. You’ll need to become a member of Vancity to qualify for a loan, which involves buying $5 of membership shares.
Alternatives to Vancity
Finder Score for personal loans
To make comparing even easier we came up with the Finder Score. Interest rates, fees and features across 110+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan - simple.
What do Vancity reviews have to say?
There are limited customer reviews for Vancity online, and the comments are mixed. Some reviewers comment on helpful customer service from tellers, while others complain about poor customer service over the phone.
However, the Vancity mobile app has received thousands of user reviews, the majority of which are positive. While the Android app comes in for some criticism for being slow and glitchy, the iOS app has an average rating of 4.3 out of 5 stars from over 31,000 reviews.
Summary of Vancity reviews
| Feature | Details |
|---|---|
| BBB accredited | Yes |
| BBB rating | A+ |
| BBB reviews | 1.71 out of 5 stars, based on 17 reviews |
| Trustpilot reviews | 3.1 out of 5 stars, based on 3 Vancity reviews |
| Google Play app reviews | 3.6 out of 5 stars, based on 5,579 Vancity reviews |
| Apple App Store app reviews | 4.3 out of 5 stars, based on 31,665 Vancity reviews |
| Customer reviews verified as of | March 12, 2024 |
Vancity reviews from Finder survey
What are Vancity’s loans?
- Personal loan. Vancity personal loans are designed to help you cover large, one-off expenses. You can borrow amounts starting from $5,000, you don’t need to provide collateral, and the interest rate you get is determined based on your credit score, income and existing debt. Fixed- and variable-rate loans are available and there’s no penalty for paying your loan off early.
- Fair and Fast Loan™. Marketed as an alternative to a payday loan, the Vancity Fair and Fast Loan™ is designed to help borrowers with poor credit access a loan and rebuild their credit score at the same time. There are no credit checks to apply, approval is based on your income, and you can borrow up to $2,500. You can then choose a repayment schedule ranging from 2 weeks - 24 months, and pay it back with a much lower APR than you’d get on a payday loan. Learn more about no credit check loans.
- Line of credit. You can open a personal line of credit that you can use at any time. There are secured and unsecured lines available, and you can access the cash you need to use from an ATM or via cheque. You also only pay interest on the money you use.
Other loans offered by Vancity include energy-efficient home reno loans, EV loans, RRSP loans, newcomer credential update loans, residential farming loans and worker co-op loans.
What are the eligibility requirements of Vancity loans?
To qualify for a loan, you’ll need to be 19 years of age or older and become a Vancity member. You will need to:
- Be a resident of BC
- Have a Social Insurance Number
- Deposit $5 for membership shares
Eligibility for the Fair and Fast Loan™ is determined based on your income. If you’re applying for other loans, your credit history will also be taken into account.
How to get a loan from Vancity
The application process varies depending on the type of loan you want.
Fair and Fast Loan™
If you’re already a Vancity customer and you’re applying for a Fair and Fast Loan™, you can complete an online application form. Simply log in to Vancity’s online banking portal and follow the prompts.
Personal loan
If you’re applying for a personal loan, you’ll need to book an in-person appointment or a phone call with a Vancity lending specialist. They’ll ask what you need the loan for and how much you want to borrow, then talk you through your loan options.
The lending specialist will take care of the application for you, while you’ll need to provide proof of income, such as two recent paystubs. If you’re not yet a member, you’ll need to finalize your application at your nearest branch. Existing members can sign their loan contract online.
Line of credit
The application process is similar to applying for a Vancity personal loan. You’ll need to book an in-person appointment or a phone call with a Vancity lending specialist who can walk you through the application process.
Bottom line
If you’re a BC resident looking for a loan, Vancity is worth checking out. From small loans to build credit to personal loans and flexible lines of credit, there are options to suit a wide range of borrowing needs. Compare Vancity personal loans with loans from other lenders to find the right solution for your financial situation.
Frequently asked questions
