Personal Loans

We offer fixed- and variable-rate loans with terms of up to seven years. A fixed-rate loan has a fixed interest rate for the term of the loan, so you’ll know exactly how much interest you’ll pay. A variable-rate loan has an interest rate that fluctuates with our OPPA Credit Union Prime lending rate. With this kind of loan, your payment amounts are fixed, but the time it takes to pay off your loan will vary depending on interest rates.


  • You can make extra payments or pay off the loan at any time, without penalty
  • Wide range of payments options (weekly, bi-weekly or monthly) that can be automatically directed from your pay cheque to your credit union through payroll deduction
  • Interest is calculated on the declining balance of the loan
  • Interest rates are lower than high-interest credit cards
  • You can add disability and life insurance to your loan payment for added security – in the event of death or disability, this insurance either pays off all or a portion of your debt

Personal Loan Options

New recruit loans – We offer new recruits a loan to pay the tuition required for Ontario Police College training. Our new recruit loans have a very low interest rate coupled with a flexible amortization schedule to allow for lower payment options before new officers see a substantial pay increase. The loan is paid directly to OPC and can be paid in full at anytime without penalty.

Car loans – We have flexible options when it comes to purchasing new or used vehicles. We offer competitive rates coupled with longer amortization schedules to make the loan repayment manageable and affordable. You can choose up to a seven-year amortization on a new car loan (no older than three years) or up to five years on a used vehicle. Any loan can be repaid in full at anytime without penalty.

Consolidation loans – When you want to group various small debts into one loan, a consolidation loan can help. With a consolidation loan, you’re likely to get a lower interest rate than the rates on each of the individual debts.
Learn more about managing debt

Fully secured loans – If you’re borrowing less than the amount you have on deposit with the OPPA Credit Union, we’ll give you a preferential interest rate. Our secured rate is the OPPA Credit Union Meritline Prime lending rate plus 1%. With a fully secured loan, you pledge your savings as security for the loan and a hold for the loan amount is placed on your account.

Most people fully secure a loan if their money is locked in a term that will yield them a high rate of interest on maturity. It makes sense for them not to break the term and pay a penalty.

Demand loans – Demand loans are set for a predetermined length of time and do not receive any regular payments. When a demand loan comes due, all principal and interest on the loan are paid at that time.

Most of our demand loans are written for no longer than six months. It’s usually requested when someone anticipates getting money in the near future and plans to pay the loan off at that time. Demand loans are commonly requested around income tax time.


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