Personal

Line of Credit

Linked directly to your Daily Chequing account, a personal Line of Credit is used primarily as “overdraft protection”, filling the gap between pay days and purchases. It has fully open terms, so you can repay as much as you want at any time, however you are required to cover the interest on a monthly basis which is payable at the last day of the month. The interest rate fluctuates with the Prime Rate and varies based on whether your LOC is unsecured or secured (usually with a PARAMA Term Deposit, GIC or TFSA). Secured or partially secured Lines of Credit have lower rates than unsecured do. In order to apply, all we need is an application and confirmation of your income.

Complete the form below in order to apply online:

Click for Application Form

Loans

Do you need money to pay off a credit card or consolidate debt? Or is it finally time to buy that fancy car you’ve been eyeing? These types of loans are typically used for vehicle purchases, debt consolidation, or for other large expenses. PARAMA offers excellent rates. Our loans are fully open and you can take up to 5 years to pay us back. All we need is a completed and signed Credit Application along with a confirmation of your income to get started.

Complete the form below in order to apply online:

Click for Application Form

RRSP Loans

Every year around RRSP season (January – February), PARAMA offers special 1 year RRSP loans to our members. These loans are fast, easy to apply for and feature a payment deferment option so you can wait for your tax refund before making any payments. Simply fill out the one page application (available in branch or online) and we’ll provide you with the money you need to invest in your PARAMA RSP. If you want to catch up on unused contributions from previous years, longer repayment terms can be arranged at a slightly higher borrowing rate.

Complete the form below in order to apply online:

Click for Application Form