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Loans and Lines of Credit

Looking for more information? Visit our Lending section of our website or visit our contact page and submit your question through the "Who can help me?" link or call one of our financial experts at any of our three branches.

1. How can I change the frequency of my loan or line of credit payments?
2. What is Line of Credit Overdraft Protection?
3. What is the repayment structure for OMISTA Overdraft Protection?
4. What are the fees for using OMISTA Overdraft Protection?
5. How do I apply for OMISTA Line of Credit Overdraft Protection?
6. Can I access my OMISTA student loan or personal loan through online banking?
7. What are the eligibility requirements for an OMISTA Line of Credit?
8. How do I apply for OMISTA Line of Credit or Personal Loan?
9. What is the difference between an OMISTA Line of Credit and Line of Credit Overdraft Protection? 
10. What is a fixed rate personal loan?
11. What is a variable rate personal loan?
12. What is the repayment structure for a personal loan?
13. What are the eligibility requirements for a personal loan?

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1. How can I change the frequency of my loan or line of credit payments?

We understand that changes in your lifestyle may also require changes in the frequency of your payments. To change your payment frequency simply visit the branch of your account and one of our financial experts will be able to assist you in changing your payments to a frequency that suits your lifestyle and needs. Please note that interest charges may be owing for the period from your last payment date to your revised payment date.

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2. What is Line of Credit Overdraft Protection? 

Line of Credit Overdraft Protection gives you access to a predetermined credit limit amount. Overdraft Protection is available off of your OMISTA chequing account and automatically provides you with the cash you need instantly up to your approved limit. By having a Line of Credit you protect yourself against overdrawing your account or having cheques returned due to insufficient funds. Overdraft Protection is not offered on youth accounts.

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3. What is the repayment structure for OMISTA Overdraft Protection?

OMISTA owners must pay 3% on the month end balance or a minimum of $10.00.

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4. What are the fees for using OMISTA Overdraft Protection?

Based on the interest rate and amount of days in overdraft you will need to pay fees. If you do not use your Overdraft Protection then you do not need to pay at month end.

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5. How do I apply for OMISTA Line of Credit Overdraft Protection? 

You can apply for OMISTA Line of Credit Overdraft Protection by visiting the branch of your account and speaking with an OMISTA expert or by completing an online application.

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6. Can I access my OMISTA student loan or personal loan through online banking? 

Yes, your student loan or other personals loans, lines of credit, chequing accounts, savings accounts etc... are all accessible through online banking. To get started on online banking please visit an OMISTA expert at any of our three branches between 10 a.m. and 5 p.m. to get your Personal Access Code (PAC).

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7. What are the eligibility requirements for an OMISTA Line of Credit?

You must be a Canadian resident and have reached the age of majority: 19 years for NB, and meet OMISTA’s standard credit requirements.

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8. How do I apply for OMISTA Line of Credit or Personal Loan? 

You can apply for OMISTA Line of Credit or Personal Loan by visiting the branch of your account and speaking with an OMISTA expert or by completing an online application.

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9. What is the difference between an OMISTA Line of Credit and Line of Credit Overdraft Protection? 

An OMISTA Line of Credit gives you a personal reserve of funds that you can access any time, for whatever purpose. A line of credit is a separate product altogether from your chequing account and typically provides a larger balance of available funds. A line of credit overdraft is an extension of available funds off of your chequing account to protect yourself against overdrawing your account or having cheques returned due to insufficient funds. Line of Credit Overdraft Protection gives you access to a predetermined credit limit amount, typically smaller than a line of credit.

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10. What is a fixed rate personal loan?

With a fixed rate personal loan, the interest rate determined by your financial expert at the time of the application and remains unchanged for the term of loan. The rate, therefore, does not fluctuate with OMISTA’s prime rate. The minimum term for an OMISTA personal loan is 1 year with a maximum term of 5 to 7 years.

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11. What is a variable rate personal loan?

With an OMISTA variable rate personal loan, the interest rate is tied to OMISTA’s prime rate and can increase and decrease when prime changes.

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12. What is the repayment structure for a personal loan?

Every owner is unique and your lifestyle may require a different repayment structure to suit your needs. Visit an OMISTA branch today and work any of our financial experts to set up a loan and repayment structure that fits your lifestyle. 

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13. What are the eligibility requirements for a personal loan? 

To be eligible for an OMISTA personal loan you must be a Canadian resident and have reached the age of majority: 19 years for NB. You must meet OMISTA’s standard credit requirements and any bankruptcy must be discharged. You also must have been employed continuously for at least 3 months, or past your respective company’s probation period, and actively working at least 25 hours per week.

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