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Loan or line of credit? We can help you decide.

There may be times when you need extra funds to cover a large expense or an unexpected bill. How do you choose between borrowing options? Here’s what you need to know when considering a loan or a line of credit.

Why get a loan?

A loan is money you borrow and pay back with interest over a set period of time.

A loan might be right for you if:

  • You need a lump sum of money for a one-time expense such as a wedding or vehicle

  • You don’t anticipate needing to borrow again any time soon

  • You plan to repay over a set time frame and want regular, fixed payments

  • You prefer to set limits on what and how you can borrow


Loans at SCU

Thinking of getting a loan? Here are a couple of our options to consider:

  • Personal loan: Cover a one-time expense such as a car or wedding, with a great rate that keeps financing affordable. You can choose a secured loan using assets you own as collateral in order to benefit from a higher credit limit or better rate. Or, choose an unsecured loan with no collateral for a lower maximum credit limit.

  • E-Loan: Get approved online from the comfort of your own home if you’re borrowing $15,000 or less.

All SCU loans come with the following benefits:

  • Quick approval process: Our in-house approvals mean quicker turnaround times, plus the advantage of working with a lending expert who understands our market.

  • Flexible terms and repayment schedule: You have plans for the present and the future. Choose the payment schedule that helps you reach both goals.

  • Competitive rates: Our rates help keep the cost of borrowing affordable, which means you pay less overall interest.




Why get a line of credit?

A line of credit is a revolving account that allows you to repeatedly withdraw and repay money.

A line of credit might be right for you if:

  • You need a flexible borrowing option for home renovations, unexpected car repairs, or emergency home maintenance.

  • You need to pay for several irregular expenses.

  • You want easy access to funds without going through the application process each time.

  • You plan to withdraw money only when needed.


Lines of Credit at SCU

If a line of credit will best suit your needs, here are a few of our options for you to consider:

  • Personal Line of Credit: Meet your present and future borrowing needs and pay interest only on what you use.

  • Net Worth Equity Link Line: Leverage the equity in your existing assets to cover the cost of a renovation or improvement project.

  • Real Estate Equity Link Line: Leverage equity from your home or a property you own, use what you need, and pay interest only on what you borrow.

All SCU lines of credit come with the following benefits:

  • Simplified approval process: Our in-house approvals mean quicker turnaround times, with funds available the same or next business day upon approval.

  • Highly competitive rates: We go above and beyond to make sure you get the best interest rates possible.

  • Option for a secured line of credit or unsecured line of credit: Borrow how you need, with the ability to use your assets as collateral to secure a better rate or higher maximum credit limit.




When it comes to loans and lines of credit, we offer flexible options that help you reach your goals. You’ll also benefit from the expertise of lending specialists who take the time to understand your needs and find the solution that’s right for you.

Take the next step

If you need advice, we’re always here to help! Simply fill out our contact form and we’ll reach out to book an appointment.

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