Loans and Credit

Consumer Loan Services

Spectra Credit Union has loans for any consumer need. We offer competitive rates and flexible terms and will find ways to make your financing arrangement work best for you. A variety of options are available:

Overdraft Protection

Overdraft Protection gives you peace of mind. It’s a safeguard against accounting mistakes, giving room for some margin or error. It’s convenient, it’s on hand and available at all times to cover unplanned or short term expenses.

Lines of Credit

A revolving credit line available for those unexpected purchases. Attached to your chequing account, there is no set repayment.

Quick Loan

Quick Loans remove the need to borrow amounts of money often. It’s a combination of a loan and a line of credit, there is a set repayment and the maximum amount of the loan may be re-advanced as many times as you need.

Consumer Term Loan

Loans are available for automobiles, trucks, recreation vehicles, vacations, investments, and renovations or just about anything you require.

Mortgage Loan

Flexibility is the key with a Spectra Credit Union mortgage.

Conventional and CMHC mortgages are available with interest terms ranging from 1 to 5 years and amortization terms up to 40 years.

• Open and closed options
• A variety of repayment plans are available
• Re-advancement options
• No Surveyor's Certificate required

Dealer Finance Loan

Finance that car, truck or recreational vehicle right at the dealership. Ask for Spectra Credit Union financing next time you are buying a vehicle. Application and approval usually occur within an hour right at the dealership.

Dealerships that offer on the spot financing with Spectra Credit Union are:

• Brandon RV & Leisure - Brandon,MB
• Bruce's Four Seasons (1984) Ltd. - Virden,MB
• Carlyle Motor Products - Carlyle,SK
• Carlyle RV & Leisure - Carlyle, SK
• Power Dodge - Estevan,SK
• Estevan Motors Limited - Estevan,SK
• Key Chevrolet Oldsmobile - Yorkton,SK
• Long Creek Motors - Estevan,SK
• McMillan Motor Products Inc. - Kipling,SK
• Merit Ford Sales (2003) Ltd. - Carlyle & Esterhazy,SK
• Murray Chevrolet Oldsmobile Pontiac Buick GMC Sales - Estevan & Oxbow,SK
• Senchuk Ford Sales Ltd. - Estevan,SK
• Thunder City Power & Leisure - Estevan,SK
• Virden Recreation and Water Sports Ltd. - Virden,MB
• Virden Ford - Virden,MB

Take Ten® RRSP Loan

Borrow for up to ten years to contribute the unused contribution room in your RRSP. Loans are available as low as prime rate.

Education Loan

Education loans are available for students attending post-secondary education. The loan requires no payment of principal while the student attends post-secondary education.

Credit Protection – Protecting the needs of our borrowing members

We are pleased to offer the following products to our members:

Life Insurance

If you should die during the loan period, the coverage pays off the loan so that your family will not be burdened with the debt.

• Members between 16 – 69 are eligible to purchase
• Coverage terminates at age 70
• Limits up to $90,000 per loan

Sickness & Accident Protection

If you are off work for a covered sickness or accident, your loan payments will be made for you so that you can concentrate on getting well.

• Members between 16-59 and working 20 hours per week are eligible to purchase
• Coverage terminates at age 65
• Maximum monthly benefit - $1,500

Member Term Life

Life insurance protection for virtually any type of loan you have with your credit union. With this protection the debt will be eliminated and may provide additional coverage for your beneficiary to help with the expenses of an untimely death.

• Members between 16 – 69 are eligible to purchase
• Coverage ends at age 70
• Limits available up to $500,000 (more if required)
• Premiums are paid through pre-authorized chequing and will increase in 5 to 10 year increments depending upon term you select
• Coverage remains level, as your debt decreases, the amount to your beneficiary will increase

Features and Benefits

• No medical
• Age, occupation or gender do not affect the rate
• Premium included in loan payment
• Pre-existing conditions are covered except for the first 6 months of the loan
• 30 day look free clause