Personal Borrowing
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- Parama offers a variety of borrowing options to fit your every need
Parama offers a variety of borrowing options to fit your every need
- 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?
- Personal Loans are typically used for vehicle purchases, debt consolidation, or for other large expenses.
- Our loans are fully open, and you can take up to 5 years to pay us back.
To apply, complete our secure and convenient website form:
- Every year around RRSP season (January to February), Parama offers a special 1-year RRSP loan 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.
- If you want to catch up on unused contributions from previous years, longer repayment terms can be arranged at a slightly higher borrowing rate.
To apply, complete our secure and convenient website form:
- Your personal Line of Credit, LOC, is linked directly to your Daily Chequing account and is used primarily as “overdraft protection”, filling the gap between pay days and purchases.
- Your LOC 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 on your LOC 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.
To apply, complete our secure and convenient website form:
- Like a personal Line of Credit, a HELOC (Home Equity Line of Credit) is linked to your Daily Chequing Account, however, is registered as a mortgage and secured by the equity in your home, so you can apply for a larger amount at a lower interest rate.
- A HELOC is primarily used for renovations, debt consolidation and other large expenses. It is also useful for current and future purchases and has flexible repayment terms. Just like the personal Line of Credit the interest rate fluctuates with the Prime Rate.
- At any time, you have the option of locking in all or a portion of your outstanding HELOC balance into a fixed interest rate for a closed term of 1-5 years. This establishes regular fixed payments (subject to minimum amounts) in order to protect yourself from future rate increases. Once the termed-out portion is paid off, we can add that available balance right back into your HELOC again!
To apply, complete our secure and convenient website form:
- Are you considering college or university and need a Student Loan?
- Eligible students can receive as much as $60,000 over four (4) years to help with post-secondary education and related costs at a reasonably low, variable interest rate.
- You are responsible to pay interest only once per year prior to the anniversary of your loan and you are given a 12-month grace period after graduation before repayment begins.
- Students will need a co-signer, such as a parent or guardian, and will have to provide us with a post-secondary enrollment confirmation letter and receipt of tuition.
