Desjardins Personal Loan: Cooperative Rates, Member Benefits
Desjardins offers flexible personal loans with a cooperative twist. But is it the right fit for you?
The Quick Version
Desjardins Personal Loan offers APRs from 6.95% to 12.95% for amounts between CAD 3,000 and CAD 50,000. With terms ranging from 12 to 60 months, it's a solid choice for those with strong credit. The real perk? Desjardins is a cooperative, meaning profits return to members, not shareholders.
Desjardins Personal Loan
Desjardins Personal Loan overview
Desjardins Personal Loan
What You Get
Desjardins offers personal loans from CAD 3,000 to CAD 50,000, with APRs ranging from 6.95% to 12.95%. Terms are flexible, spanning 12 to 60 months. You have the option to choose between fixed or variable rates, and you can switch between these at any time, providing a level of flexibility not often seen in personal loans.
What's Actually Good
One standout feature is the cooperative model. Profits go back to members, which can make a difference in terms of rates and customer service. The ability to switch between fixed and variable rates without penalty is a rare perk, offering flexibility if market conditions change. Plus, Desjardins' online application process is straightforward, making it easy to apply without stepping into a branch.
The Catch
The main catch is that you'll need a high credit score to qualify for the best rates. If your credit is less than stellar, expect to see rates closer to the 12.95% mark. Also, while the cooperative model is great for members, non-members will find it harder to access the same benefits, potentially making the process less straightforward if you're not already in the Desjardins ecosystem.
Who Should Apply
If you have a high credit score and are already a Desjardins member, this loan is a no-brainer. It's also a good option if you value flexibility in your loan terms and appreciate that profits feed back into the community. However, if you're not a member or have a lower credit score, you might want to look elsewhere for more accessible options.
The Bottom Line
Desjardins Personal Loan is best for those with strong credit and a desire to engage with a cooperative model. If you're a member, the perks are solid. Otherwise, consider exploring other options like Fig Financial: Solid Mid-Market Personal Loan Option for more straightforward terms.
