What do I need to know about applying for a Fair & Fast loan?

The maximum eligible amount is $2500.  In order to get the maximum amount, you would need to meet the minimum criteria for income. Please call our Member Services Centre (MSC) if you are looking for a higher amount.

We do our best to identify all income types, (e.g. all payroll direct deposits, cheque deposits as well as government benefits like CPP and OAS are considered eligible income), however we are not able to lend to members who receive social assistance as loans can impact your eligibility to receive certain types of benefits. If you are unsure whether your social assistance will be impacted, please call your case worker or the provincial / federal government before you apply.

You can still apply for a loan, but you will not be able to use the online application. Please call our Member Services Centre (MSC).

You can use a joint account as the account where we review income deposits. This means that the loan is funded to the joint account and the payments will come from the joint account.

To make sure that the loan is held under the correct member profile, we will create a new sole relationship for the member who is applying (unless they already have a sole relationship) and hold the outstanding loan in the sole relationship. The new sole relationship will be linked to the member card that you logged into online banking with to complete the online lending application.

Yes, you can qualify for this loan if you receive disability income. Before you apply, we recommend that you confirm with your case worker that this loan will not change your eligibility for the benefits you currently receive.

Yes, you may qualify for an additional loan, depending on your income deposits and your current outstanding loan balance. You must make at least one scheduled payment to an existing online loan, before you can apply for a new one.

On your desktop, go to the Borrow link on the left-hand navigation menu to get started. You can apply for the Fair & Fast Online loan on all browser options however only the most current version of web browsers are supported. Google Chrome is recommended.

On your mobile app, the Borrow link will be visible on the main screen (bottom left corner) and then you will need to select the Fair & Fast loan.

You do not have to upload documents to complete this application.

No, if you wish to apply for a joint loan, please call our Member Services Centre (MSC).

Members can choose from weekly, bi-weekly or monthly payments for online loans.  No semi-monthly option is offered. If you’re paid on the 15th and the last day of the month, choose the payment frequency that best aligns with when you receive your deposits.

Choosing your first payment date allows you to customize when your payment is withdrawn from your account, to allow you to choose what works best for your financial situation.

Currently, we don’t have the ability to provide insurance quotes, enrollment or waivers online. If you would like to discuss your insurance options, please do not complete an online application and call our Member Services Centre (MSC).

Currently, you are only able to take out separate loans (up to your approved amount). If you’d like to combine or increase a Fair & Fast loan, we recommend calling our Member Services Centre (MSC). 

You can pay off your Fair & Fast loan or make additional payments at any time. The overall interest costs/total costs associated with the loan are reduced if you pay it off early or make additional payments.

Payments can be made in online banking by making a direct transfer to the loan or over the phone by calling our Member Services Centre (MSC).

Note: If you would like to pay off the loan online, please call the MSC to make sure there aren’t any interest fees pending before closing your loan account.

We only charge interest based on the length of the outstanding loan. It is prorated to the number of days that the loan is held. So, if the loan is paid off early, then the overall cost of the loan will be reduced.

Note: Due to residual interest (interest accumulated from the date of your last statement to the current date), the loan does not close automatically if you pay off what you see online as the full balance. If you would like to pay off and close the loan, please call our Member Services Centre (MSC) to get the full payout amount and close the loan.

Our online system reviews your account to determine your income. Approval is based on your income. This information is then used to determine an affordable loan approval amount. If the online system approves you for less than you need, please call our Member Services Centre (MSC) to see if there is anything we can do to meet your needs.

This could be for a variety of reasons – Your application is in progress and it’s best not to start a new application but to contact Vancity to complete your loan application. You can phone our Member Services Centre (MSC).

Based on the information provided, the system has determined you are not eligible for this product however you may still be eligible for other loans we provide.    Please contact our Member Services Centre (MSC) to find out more.