Our personal lending products - Lines of Credit, Personal Loans, and Mortgages - have been designed to meet the needs of our membership. Contact us to discuss your specific needs. We offer:

• Better rates then your credit card company
• Get a discount on your Line of Credit if your payroll is automatically deposited into your St. Mary’s (Toronto) Credit Union account (some restrictions apply)
• Free monthly statement or passbook with cheques returned
• Life coverage at low cost
• Monthly, biweekly, weekly payment options

Line of Credit

Why cramp your lifestyle? If you need funds, they're always available. A line of credit is simply an extension of your chequing account. When your chequing account is overdrawn, funds are automatically transferred from your line of credit to cover the balance. In other words, you take out a loan only when you need one. And you only pay interest on the amount drawn.

Use the equity in your home or other approved investments to secure your line of credit and qualify for preferred rates.

Home Equity Line of Credit

The largest asset most people own is their home. Why not use the equity in your home to make it more comfortable and help increase its resale value. With a Home Equity Line of Credit, you can borrow what you need, when you need it. St. Mary’s (Toronto) Credit Union offers competitive rates. If you meet our credit criteria, you may be able to borrow up to a maximum total of 65% of your home’s appraised value. This appraised value will take into consideration any existing mortgages or lines of credit that you may already have. There are also fees associated with registering a line of credit as security. For more information, please see your loans officer.

RRSP Loan

During RRSP season (the first 60 days of the calendar year) St. Mary’s (Toronto) Credit Union offers flexible RRSP loans. Rates begin as low as prime and can be amortized over longer periods of time, depending on the amount of the loan. If you would like to pay your loan off during a shorter period, then the loan can be amortized over one year. If you qualify for a refund, you can use it to pay part, or all of the outstanding balance.

Over the long term, borrowing money to invest in an RRSP makes sense since the compound interest and tax benefits outweigh the cost of an RRSP loan.

Application Form

St. Mary’s (Toronto) Credit Union's loan application is available for downloading for your convenience.

Click here to download the loan application. *Require Adobe Acrobat Reader.