Coast Capital personal loan interest rates & product overview

Coast Capital personal loans

The table below summarizes Coast Capital Savings (CCS) loan options. Coast Capital Savings has roots dating back to 1940 when its founding credit unions were established in British Columbia. Eventually, these founding credit unions amalgamated to create three leading financial institutions, which later united to form Coast Capital Savings. Today, it is a certified B Corp and also Canada’s largest credit union by membership.

How much will a loan from Coast Capital cost? Use the Coast Capital personal loan calculator below to run the numbers and stay on track with your budget. Input your desired loan amount and term or explore different payment scenarios to find the best repayment estimate.

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

Coast Capital personal loan calculator

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Coast Capital personal loans review

Coast Capital Savings is there to meet your lending needs, whether you’re planning to make a big purchase, consolidate debt, or create extra room in your budget. In a nutshell, you can expect the following benefits, regardless of which Coast Capital loan you choose: 

  • Competitive rates that work for your budget
  • Flexible and personalized repayment periods for a comfortable borrowing journey
  • Transparent terms and conditions that keep you on the same page with your lender
  • Lending experts that work with you every step of the way so you make the best choice
  • Creditor insurance that includes life coverage and disability coverage

Coast Capital personal loan features

Looking for the right Coast Capital loan? Here’s a quick breakdown of your options:

Personal loans

You can use the Coast Capital personal loan to finance many expenses, including education, or to consolidate high-interest debt. The following features apply:

  • Loan terms are between 1 and 10 years
  • Interest rates are either fixed or variable
  • Flexible repayment schedule – Weekly, bi-weekly, semi-monthly, or monthly payments

Auto Finance

Coast Capital offers low-rate auto loans you can apply for in under 10 minutes. Check out the key details below:

  • Pre-approval financing to help you shop with confidence
  • You can finance or lease new and used vehicles as well as business fleets
  • Refinance your existing car and save more with a lower rate
  • Get help from lending experts if you’re choosing to buy via a private sale
  • Financing is available for a wide range of vehicles, including classic cars, electric vehicles, trucks, and refinancing for recreational vehicles

Lines of Credit

While personal loans deliver a lump sum into your pocket, a line of credit offers ongoing access to funds up to a specific limit. It’s similar to a credit card, but it’s attached to your chequing account. Here are more features for this option:

  • Pay interest only on what you borrow
  • You can access funds without reapplying
  • You can keep borrowing and repaying – no fixed repayment period

RRSP loans

According to Coast Capital, you can use this loan to kick-start your RRSP contributions. Alternatively, you can catch up on missed payments from past years or keep up with your annual contribution. The loan comes with the following features:

  • Wait up to 30 days before making your first repayment
  • Loan terms are between 1 and 7 years
  • Freedom to finance any investment product within your RRSP account

How to apply for a Coast Capital personal loan?

You can apply for a personal loan online, by booking an appointment or calling 1-888-517-7000. Applying online takes between 5-10 minutes. If you’re new to CCS digital lending, you’ll have to create a profile first. But, if you already have a profile, simply log in to start applying.

Check that you’re eligible

Coast Capital Savings has a few requirements you need to meet before applying:

  • Be at least the age of majority within your resident province. (They currently accepts applications from residents of British Columbia and some other provinces)
  • Borrow at least $5,000 (contact CCS for amounts below this)

What you’ll need:

  • Address, income, and employment history dating back three years.
  • A separate email address for each applicant if you’re adding a co-borrower
  • Social Insurance Number
  • Financial information, such as your income sources, assets, and expenses.
  • Details about the loan you want

Coast Capital Savings FAQs

How is Coast Capital different from a traditional bank?

When you join Coast Capital, you’ll purchase $5 in equity shares. That means you’ll both be a customer and part-owner of the financial institution. As a credit union, it is accountable to its members and consistently reinvests profits to benefit them.

Do I need to be a member to apply for a Coast Capital loan?

You can start your application as a non-member, but you’ll need to be a member to receive the funds. If you want to join Coast Capital, you can do so by applying online.

Can I apply online for a Coast Capital loan?

Yes. Applying for a loan online generally takes 5 to 10 minutes. After you submit your application, you’ll be contacted to finalize the details of your loan.

Will applying for a Coast Capital loan impact my credit score?

After submitting your lending application, your credit history will be checked to determine which type of loan is best for you. This will have a small effect on your credit score.

What’s the difference between a fixed and variable rate when applying for a Coast Capital loan?

As the names suggest, a fixed interest rate never changes while a variable rate can rise or fall. The first option protects you from rate fluctuations, while the second option offers the opportunity to save if rates fall.

Learn more about Coast Capital Savings in this video