Loans

Submit your loan application and we’ll contact you shortly. You can also connect with our advisors at 1.866.446.7001.

For a fast application process, please provide the following information. If you have a guarantor, you’ll also need the same information for them. (A guarantor is someone who promises to pay your loan if you can’t.) 

• Driver’s license or passport
• Details, for example purchase information on what you need the loan for or recent loan/credit card statements if you’re consolidating debt
• Employment information (name of employer, legal/physical address, phone number, occupation, total time with employer/time in sector, employment status (full time or part time; hourly or monthly)
• Income verification (a current pay stub AND recent T4 slip/final pay stub from previous year)
• 3 years of income tax and Notice of Assessment (if you’re self-employed)
• List of assets and liabilities
• Disclosure of previous bankruptcy, judgements, consumer proposals, alimony, child support
• Residence details (homeowner/renter, mortgage/rental payments, annual/monthly property tax, energy bills needed if on equalized payments)

You can choose any term length up to 10 years.

For a personal loan, the minimum loan amount is $5,000. If you require a lower amount, a line of credit may be a better option for you.

Your loan can be used for any number of purposes:

• Buying or fixing a car
• Travelling
• Making a purchase like a phone or computer
• Renovating your house

If you need help choosing a loan, try our loan selector tool!  It's a great starting point to find your best borrowing option. You can also reach out to us for help at 1.866.446.7001.

An overdraft is an account safety net that automatically covers transactions that exceed your balance. It prevents declined transactions and non-sufficient fund fees. It is meant for short-term coverage since interest is calculated daily on the amount you use.

Overdrafts are typically between the amounts of $500 to $5,000.

A line of credit is a revolving loan where you transfer money from your line of credit to your chequing account as you need it. Lines of credit offer lower interest rates than overdrafts and interest is charged monthly on any outstanding balance.

Lines of credit are typically for larger amounts ($5,000 or more).

You’ll only pay interest on what you use for both loan types. 

A line of credit is what’s known as a revolving type of loan. You’re approved for a set limit that you can access and pay back on an ongoing basis. If you make your required minimum monthly payments, your credit line remains in good standing.

A personal loan is used for a one-time purchase. Once a portion of the loan is spent and paid off, you no longer have access to those funds like you do with a line of credit. There is a set payment schedule and loan term length.

• Available for personal use only, for post-secondary education
• Must attend university, college, technical or trade school 
• For students age 17 and older 
• Interest compounded annually 
• Maximum advance per school year - $20,000 
• Maximum total advance per student - $80,000 (amounts exceeding approved maximum total advance are considered on a case by case basis) 
  
• Professional students may be eligible for up to $120,000
• Interest only payments monthly while in school 
  
• Repayment terms and amortization: 
  • Minimum monthly principal and interest repayment frequency schedule 
  • 7 years – up to $30,000 
  • 10 years - $30,001 to $60,000
  • 12 years – over $60,000  
• An Innovation account is required for payment of education loans. The payment cannot come from another financial institution. 
• Guarantors required 
• Primary guarantors shall be parent, guardian &/or grandparent
• Mature students/professional students may qualify with no guarantor upon approval
• Application fees are not applicable

Let's see!

• You must be age 17 or older
• You must be a post-secondary student attending university, college, tech, or trade school
• You must be an Innovation member. Opening a No-Fee Chequing Account is free and fast!
• You must have a guarantor, for example, a parent, guardian, or grandparent. (If you're a mature or professional student, you may qualify without a guarantor.)

You can borrow:                                              

• $20,000/year
• $80,000/student or, for professional studies, $120,000/student

Amounts exceeding the maximum total/student are considered on a case-by-case basis.

You’ll need to be pursuing one of the following careers:

• Accountant
• Chiropractor
• Dentist
• Engineer
• Lawyer
• Medical Doctor
• Optometrist
• Pharmacist
• Veterinarian

Absolutely! There’s no distinction between full-time and part-time students.

You only need to make interest-only payments. It makes your student loan more affordable when you’re not working full-time.

Your approved student loan amount is ready for you to access anytime you need it. You can simply transfer funds from the loan to your No-Fee Chequing Account in online banking or your mobile banking app.

• Choose Payments & Transfers > Transfers > Transfer Money
• Choose the To Own Account
• Follow the prompts and you're set!

You can transfer money to your education loan through digital banking or your mobile banking app.

• Choose Payments & Transfers > Transfers > Transfer Money
• Choose the To Own Account
• Follow the prompts and you're set!

You will always have the total approved loan amount at your disposal. So, if you pay some of your loan down but need that money again, you can simply make another transfer back to your No-Fee Chequing Account.

You can use it for tuition, books, and living costs.

Once approved, your loan funds will be deposited into your chequing account.

You sure can!

1. Log into digital banking
2. Select Payments & Transfers > Transfers > Transfer Money
3. Choose the account you’d like to make your loan payment from (e.g. your No-Fee Chequing Account)
4. Choose your personal loan from the Transfer to option. Your transfer will be a principal only payment. If you’re paying your entire Personal Loan balance, call us to get the correct payment amount to cover all outstanding interest
   
5. Enter the amount you want to pay
6. Continue and confirm!

You sure can! You can choose among weekly, bi-weekly, or monthly options – whatever works best for you.

When you have an Innovation loan, you’ll earn cash every three months simply by having a loan with us. You can earn additional cash for having other Innovation loan or savings products, plus monthly cash for conducting basic digital banking transactions. Learn more about our Member Rewards program.