Sunshine Coast Credit Union is proposing to continue federally for the purposes of immediately merging with Coast Capital and Prospera credit unions. Find out more here. For full details about changes in deposit insurance, see the Notice Pursuant to the Disclosure on Continuance Regulations.
Understand the difference between loans and lines of credit
How loans work:
- Apply for the loan
- Receive the entire funds upfront
- Pay it back over time
Personal loans are typically used for:
- Major purchases
- Debt consolidation
- Auto
- Recreational vehicles
- Boat & Marine
How lines of credit work
- Apply for the line of credit
- Access your money as you need it
- Pay it back over time on a schedule or pay interest only
- Pay down the line of credit as often or as fast as you wish
- Set up recurring transfers online to control extra payments
Lines of credit are typically used for:
- Renovations
- Unexpected expenses
- Education
- Wedding
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