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Loans and Lines of Credit

Flexible loans and lines of credit designed for Thunder Bay.
Finance your dreams with personal, recreation, and vacation loans tailored to your lifestyle.
Explore competitive rates and personalized service to make your goals a reality.

 
 

Personal Loans

Take advantage of discounts or sales, lower your monthly debt payments, or take care of immediate needs with personal loans from BAY

Speciality Loans

Short-term loans designed to help members who might need quick access to funds for a specific project or purpose.

Demand Loan 

Bridge Loan:  Similar to a Personal Loan, our Bridge Loan comes with a variable rate and is ideal for when you’re waiting on additional financing to come through.  Unique terms apply. 

Benefits

  • Flexible repayment options: weekly, biweekly, semi-monthly, or monthly repayments
  • Repay your loan without penalties
  • Loans approved in your local branch
  • Secure your loan to obtain better rates

Investment Loan

Our investment loans are designed to help you catch up on your contributions for retirement.
 
Often our investment planning and contributions take second place in life.  To help you catch up, we offer Short-Term Investment Loans for smaller amounts and Long Term Investment Loans for larger contributions and longer re-payment terms.

 

Short-term

  • Allows for smaller loan amounts

  • Flexible repayment over a 1-year period

  • Reusable credit for future contributions

  • No fees or penalties for lump-sum payments

Long-term

  • Borrow larger amounts at competitive rates

  • Flexible repayment options and terms

  • Top up annual contributions to increase your tax refund

Authorized Overdraft and Lines of Credit

We offer both our Authorized Overdrafts and Lines of Credit, secured or unsecured to meet your unique needs!

We offer two types of Credit Lines—secured and unsecured.  Both feature flexible payment options, competitive rates and the freedom to make lump-sum payments at any time.

Unsecured

A simple Line of Credit that doesn’t have to be secured against your property, our unsecured option gives you continuous access to money without having to re-apply for credit.

Secured

Merit line Using your home as security, a Meritline allows you to leverage your property value to more borrowing power.  It grants you quick, hassle -free access to funds for any use that fits your needs:  home renovations, vehicle purchases, vacation properties, and investment opportunities.  This makes it ideal for members looking to access larger sums of money at a lower cost.

Member Benefits

  • Provides interest rates that are lower than credit card interest rates
  • Eliminates overdraft service charges and returned cheques

Student Loans

A Student Line of Credit makes it easier to manage your finances during schooling. Students can make interest-only payments on the amount drawn for up to 6 months after you graduate.  After that, your Student Line of Credit becomes a loan with flexible repayment options and no penalties for lump-sum payments.

How much can you borrow?

Borrow just what you need, when you need it.

  • Up to $15,000 in the first year

  • Up to a maximum of $60,000 in four years

Lower borrowing costs

  • We offer low, competitive variable interest rates with only interest payments on what you borrow, no fees or strings attached
  • Interest only payments while you are in school and 6 months after graduation; after that the repayment of principle starts


Eligibility

  • Full or part-time student enrolled in a post-secondary school
  • Enrollment in diploma or certificate program
  • Program is offered at least 12 weeks and taught on a f/t basis (20+ hours of instruction per week)
  • Canadian citizen Permanent Resident

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Find a co-signer (usually a parent or close relative). A Co-signer agrees to take over your payments in the event you cannot keep up with payments

Book an appointment!

Come in with your cosigner and speak with one of our lending experts. 

We will review your situation and come up with a line of credit that works for you!

Access your money in branch, online, or using the MyBayCU mobile banking app!

What do I need before I apply?

  • Your government issued ID
  • Your proof of enrollment at an eligible post-secondary school
  • Co-signers government issued ID
  • Co-signers proof of employment (i.e. letter from employer or recent pay stub)
  • Cosigners recent T4 slips and tax return with corresponding Notice of Assesment
 
 
 
 
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