Credit & Loans
Buying a home, a car, or planning a vacation? BAY Credit Union offers flexible lending options to accommodate your lifestyle. We will work with you to find the best fit for goals, terms, and repayment to better serve you. And, there’s an added bonus; BAY Credit Union returns its profits to its members! Borrowing members are paid interest rebates each year based upon the profits of BAY Credit Union.
We offer ample borrowing products to meet the needs of our members:
- Personal Loans
- Mortgages
- Lines of Credit and Authorized Overdraft
- Investment Loans
- Student Loans
Borrowing in Today’s Economy
How do we decide if your loan request is approved?
Our credit decision focuses on the 3 C’s of borrowing: Character, Collateral, and Capacity.
Character
Credit rating and personal credit history
Collateral
Security very often determines interest rate
Capacity
Ability of borrower to repay the loan; your Debt Service Ratio
For all your lending needs, please call Cheryl Haapsaari (Cumberland St.) at 345.8153 or Cheryl Smith (Algoma St.) at 683.2612
