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Business Secured Loan

What   Offers our business members with a secured borrowing option to finance their businesses’ long-term growth.
Who   Business Members
Period   Up to 5 years
Borrowing Limit   Up to C$250,000*

Overview

This product offers our business members financing solutions with competitive fixed- and variable-rate options.

 

Features and Qualifications

This secured financing solution with a straightforward process, assists our business members in achieving their financial needs by securing their borrowing with a collateral.  Financing options may vary depending on collateral type. With this product, members have the option between variable and fixed rates.

This product is available to business members who are eligible with regards to the lending criteria, guidelines, terms and conditions and fees.

Details


Payment schedules are set up at product registration. Prepayment options depend on agreed terms and conditions. Sharons Credit Union will accept full repayment without charging any penalties for this product.

*Existing outside Financial Institution financing and credit scores play a role in eligibility, terms and limits in borrowing.

Fixed Rate

Interest rate on your borrowings does not change over the life of the loan.

Variable Rate

Interest rate on your borrowings may change during the life of the loan, fluctuations depend on the prime rate. This means scheduled payment values may go up or down.