Ganaraska Financial Credit Union Reviews, Ratings And Fees June 2022

Based on 1
Customer Reviews
ADDRESS
17 Queen St.
Port Hope, Ontario
L1A 2Y8
BUSINESS HOURS
  • Monday - Friday: 9 am - 5 pm
WEBSITE
https://www.ganaraskacu.com/
PROVIDER DETAILS

Who Is Ganaraska Financial Credit Union

Ganaraska Financial is a credit union that was founded over 75 years ago. They offer a number of financial products and services like other traditional banks, however, they cater their products with their communities’ interests in mind. Their mission is to provide services that can improve the financial health of the communities they serve. Currently, they offer basic personal banking services such as chequing and savings accounts, as well as few investment accounts to residents of Ontario. You can also obtain personal loans and lines of credit if you’re in need of cash or a mortgage if you’re trying to buy a house. Ganaraska Financial doesn’t just serve the consumers but businesses in the community as well. If you’re a business you can find a number of banking services and credit products to help you run your business.

What Kind Of Loans Does Ganaraska Financial Credit Union Offer? 

Ganaraska Financial Credit Union offers a range of financial products for both personal and business use. 

Personal Loans

Also known as installment loans, personal loans entail borrowing a fixed amount of money, with the mutual agreement of paying it back over an agreed-upon period of time. When you take out a personal loan with Ganaraska Financial Credit Union you’ll be subject to an interest rate and fees, so it’s important that you carefully weigh the cost before taking out a loan. 

Personal loans are generally used for big expenses, such as furniture, home renovations, and cars. Some people also take out personal loans to consolidate other debt that has higher interest rates. Personal loans can be secured, which entails putting up something of your own, like a car or house as collateral. Unsecured loans do not require collateral.  

Ganaraska Financial Credit Union offers personal loans with the following features:

  • Flexible repayment plans
  • Local approvals (for South Eastern Ontario)
  • Competitive interest rates
  • Virtual appointments

Consolidation Loans

A debt consolidation loan can help a consumer pay off one or more high-interest debts. This is essentially a personal loan used specifically to pay off or consolidate all your debts. People use debt consolidation loans to merge all their debts into a single payment and to reduce the interest owed. Some debts that people pay off with a debt consolidation loan include medical bills, credit card debt, personal loans, and student loans.  

Ganaraska Financial Credit Union offers debt consolidation loans with the following features:

  • Fixed interest rates
  • Debt consolidation into one monthly payment
  • Virtual loan appointments

RRSP Loans

A Registered Retirement Savings Plan, or RRSP, is a retirement savings plan registered with the federal government. You can deduct RRSP contributions from your income, which reduces your tax bill. 

An RRSP loan offers you the funds you need to meet your annual contribution limit (18%). Although you’re borrowing money to invest in an RRSP with this sort of loan, maximizing your contribution can reduce your taxes over time. 

Ganaraska Financial Credit Union offers RRSP loans with the following features:

  • Flexible repayment plans
  • Local approvals (for South Eastern Ontario)
  • Competitive interest rates
  • Virtual appointments

Mortgages 

Ganaraska offers two kinds of mortgages:

Fixed-Rate Mortgages

A fixed-rate mortgage is a mortgage with a consistent interest rate that does not change until you renew the mortgage. Currently, Ganaraska offers a 1-year fixed mortgage special rate of 2.54%, and a 2-year fixed-rate special of 2.39%. Moreover, with Ganaraska’s fixed-rate mortgages you’ll get to enjoy locked interest rates, flexible repayment plans and virtual loan appointments. 

Variable Rate Mortgages

Unlike a fixed-year mortgage rate, a variable rate can change over time. Variable rates are often lower in the beginning but can go up at any time. For example, interest rates varied between 0,5% and 4.75% between 2005 and 2015. If you have an appetite for a little risk and don’t mind seeing your mortgage payments changing, you might benefit from a variable rate. Currently, Ganaraska offers a limited time variable special rate of 1.95% for five years. Moreover, with Ganaraska variable-rate mortgages come with the following features:

  • Ability to change to a fixed-rate mortgage at any time without penalty
  • Payments stay the same though interest rate varies
  • Virtual loan appointments
  • Conventional or insured mortgages

Business Loans

Ganaraska offers a variety of business financial products:

Business Loan

A business loan offers an entrepreneur and business owner the funds needed to carry out business activities. Like a personal loan, business loans entail borrowing a set amount of money with a mutual agreement that the money will be paid back within an agreed-upon term length, plus interest. When you take out a business loan with Ganaraska you’ll get flexible repayment plans, no pre-payment penalties, competitive rates and virtual loan appointments.

Business Line of Credit

A business line of credit is a revolving form of credit. Meaning, like a credit card, you can reuse the amount borrowed after it’s paid off. Business lines of credit are great for businesses that need to meet certain cash flow requirements. Ganaraska’s business lines of credit offer the following features:

  • Interest applied only to funds used
  • Access via ATM, POS, cheque, or in-branch
  • Virtual loan appointment

Business Mortgages

A business mortgage, also known as a commercial mortgage is a mortgage taken out by, or at least for the sole purpose of operating a business. If you’re looking for a business mortgage, Ganaraska offers the following benefits:

  • Flexible repayment plans
  • Competitive rates
  • Mortgage protection insurance
  • Personalized support

Cost Of Borrowing With Ganaraska Financial Credit Union

When borrowing money, it’s important to look at these three factors in order to determine the cost of your loan. 

  • Interest Rate: Shop around and see if you can find lower rates from different lenders. Make sure you look at the interest rate, which is what you’ll pay each month, vs. the Annual Percentage Rate (APR), which includes the cost of fees such as administrative fees and loan origination fees. Ganaraska offers competitive interest rates for both mortgages and personal loans. 
  • Loan Term: A longer loan term might mean lower monthly payments, but they also usually mean more interest paid over time. Make sure you account for this when negotiating a term length with your lender. 
  • Fees: Many loans come with fees that aren’t explicitly mentioned in the beginning of the process. Origination fees, non-sufficient funds fees, and administrative fees are all examples of loan fees. Make sure you ask the lender upfront what the fees look like before making a decision. 

What Are The Ganaraska Financial Credit Union Loan Eligibility Requirements? 

To borrow money from Ganaraska Financial Credit Union, you must meet the following criteria:

  • You must be at least 18 years old
  • You must be an Ontario resident
  • You must be a member of Ganaraska Financial Credit Union

How Do You Apply For A Loan With Ganaraska Financial Credit Union

Ganaraska’s loan application can be completed in a 4-step process. 

  1. Eligibility: Before applying, confirm your eligibility online or with a representative over the phone. You must be a member of Ganaraska, an Ontario resident, and over the age of 18 to be considered for a loan. 
  2. Loan Details: Once you’ve confirmed your eligibility, start your application online. You’ll need to provide information on your borrowing needs, such as the loan amount, purpose, payment frequency, and whether or not you’ve borrowed from Ganaraska before. 
  3. Persona Information: Then you’ll need to provide some personal information like your name, address, employment details, income, and contact information. 
  4. Submit: Once you’ve completed the application, confirm all of your details before submitting itit. Ganaraska will contact you within 2 business days to discuss next steps. 

Ganaraska Financial Credit Union FAQs

How do you become a member of Ganaraska Financial Credit Union?

To become a member, you must contact one of Ganaraska’s branches to discuss your eligibility. Ganaraska has branches in a few different cities within Ontario, specifically Port Hope, Peterborough, and Cobourg. Becoming a member entails more than just having a bank account with the credit union – membership entails partial ownership of the credit union.

Does Ganaraska Financial Credit Union offer loan insurance?

Ganaraska offers credit insurance, which helps you pay off your debt in the event that a covered incident prohibits you from doing so.

How many ATMs does Ganaraska Financial Credit Union have?

Ganaraska lets you access cash from over 3,500 ding free® ATMs across Canada, as well as from their branches.

Final Thoughts

Ganaraska offers a variety of flexible loan products for individuals and businesses. For more information on their loans, mortgages or lines of credit, make sure you contact them directly.

Services

Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Eligibility
Requirements & Documents

Fixed Term Loan

  • Up to $25,000 (unsecured)
Interest Rate
  • 3.99% and up
Term (Months)
  • Up to 84
Funding Time
  • After the loan is approved -  within 2 days or when an appointment can be made with client
Funding Method
  • New client opens a bank account with GFCU - funds deposited into their account
Repayment Options
  • Monthly, weekly, or bi-weekly payments
  • Loans are open (loan can be paid down/paid off early - without penalty)
  • Working full time
  • Provable income
  • Approved online through GFCU website
  • Must be a resident of Ontario
  • Minimum beacon score of 620
  • No outstanding derogatory credit
  • Open a bank account with the Credit Union
  • 1 yr proof of income + current paystubs
  • Proof of assets/liabilities (i.e. net worth)
  • If purchasing new vehicle -provide bill of sale
Reviews

Reviews & Ratings

See what others have to say about Ganaraska Financial Credit Union

I really like Ganaraska, I was able to get approved for a loan when I needed it. I have recommended them to some of my friends.

- Zoe (July 25, 2021)

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