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Borrow the funds you need to achieve almost any goal – be it buying a car, consolidating debt, or covering life’s unexpected costs.

Wildfire Emergency Relief Program

Earlier this spring, B.C. Wildfire Services warned that there could be a challenging fire season ahead. To support our members during this challenging time, Beem is launching an Emergency Wildlife Relief Program to help ease the financial burden and to help cover the essential expenses of being displaced, including child and pet care or temporary housing.

This program can offer qualifying members a:

  • Short-term personal loan up to $10,000
  • Temporary overdraft of up to $1,000
  • Payment deferral on an existing mortgage, loan, or line of credit

Supporting members and communities in challenging times
This program focuses on providing financial support to members iso that they can focus on their safety and well-being.

Let’s talk
If you are interested in learning more about our Wildfire Emergency Relief Program or if you would like to discuss your specific situation, please connect with your local branch or our Member Service Centre at 1-855-220-2580 to learn more.


Personal loans

What is a personal loan?

A personal loan is a lump-sum amount you borrow from a financial institution. You can typically use the money for almost any goal, from consolidating debt to buying a car.

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How does a personal loan work?

With a personal loan, your financial institution will give you a set amount of money. You then pay it back to them over time in monthly installments, including interest.

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Why get a Gulf & Fraser personal loan?

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Many uses

Use our personal loans for any goal, whether a big purchase or an unexpected cost. 

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Competitive rates

Take advantage of competitive interest rates on our fixed and variable personal loans.

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Flexible options

Choose the repayment option that works best for you – monthly, semi-monthly, bi-weekly, or weekly.

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Penalty-free repayment

Make extra payments or pay off your loan whenever you want, without penalty.

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Quick & easy application

Submit your application, and we’ll get back to you within two business days.

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Credit protection

Protect your loan with optional insurance in case the unexpected gets in your way.

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Is a personal loan right for me?

Personal loans are great if you need a lump-sum amount for a specific, one-time purpose. For example, funding:

  • Major purchases, such as a car

  • Important goals, like a home renovation

  • Sudden, large expenses, like a leaky roof

For variable expenses and ongoing access to funds, a line of credit may be more beneficial.

Ready to set up your loan?


RRSP loans

What is an RRSP loan?

An RRSP loan is much like a personal loan. You borrow a lump-sum from a financial institution. The difference is that this loan is specifically designed to help you maximize your Registered Retirement Savings Plan (RRSP).

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How does an RRSP loan work?

Your financial institution lends you a specific amount to contribute to your RRSP. This allows you to top up your RRSP and take full advantage of its special tax benefits – reducing your tax bill while saving faster for retirement. 

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Why get a Gulf & Fraser RRSP loan?

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Tax benefits

Max out RRSP contributions to limit tax on your income and retirement savings.

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Competitive rates

Take advantage of competitive interest rates on our RRSP loans.

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Flexible terms

Get a loan that suits your timeline with terms up to 10 years.

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Is an RRSP loan right for me?

RRSP loans are a useful tool to maximize your retirement savings. They’re particularly helpful in certain situations:

  • Higher taxable income – if you’re in a higher tax bracket. This will maximize the tax savings you earn with your loan.

  • Excess contribution room – if you have room in your RRSP but don’t have the cash on hand to contribute.

  • Repayment ready – if you can fit the loan payments into your budget without impacting your finances.

Ready to set up your RRSP loan?


New recruit loans

What is a new recruit loan?

The new recruit loan is a special program specifically designed to help you start a policing career. It covers your tuition costs, so you can focus on your training without financial stress.

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How does a new recruit loan work?

Once you’re accepted into the Justice Institute program, you’ll automatically be approved for this loan. Gulf & Fraser will send the amount requested directly to the JIBC on your behalf.

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Why get a Gulf & Fraser new recruit loan?

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Penalty-free repayment

Make extra payments or pay off your loan whenever you want, without penalty.

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Flexible options

Choose the repayment option that works best for you – monthly or bi-weekly.

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Straightforward terms

Get a clear, uncomplicated loan with a four-year term and a variable interest rate.

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Payment protection

Add insurance to cover your payments in case the unexpected gets in your way.

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How do I apply?

Applying is easy. Simply fill out our application form and email it to with the subject line: “New Recruit Loan Application”. Make sure to include:

  • A copy of your employment letter or an email from your municipal police organization confirming your employment

  • A void cheque for the account you want your loan payments to come from

  • A note as to whether you’d like to make repayments monthly or bi-weekly

Ready to set up your loan?

Your new recruit loan questions answered

Once you’ve signed, we’ll set up your loan. We then add your name to a list we forward to the Justice Institute to confirm your payment. You’ll be able to see your loan details when you sign into your Gulf & Fraser online banking portal by the time your classes start at the Justice Institute.

If you have any questions, feel free to:

No, we don’t charge any loan processing or application fees.

Once you’ve provided your completed loan application and required documents, we’ll get back to you within 1 to 2 business days.

The most efficient way to submit your request is to email your signed, completed loan application and documents to We’ll then send you your loan documents for eSigning via One Span. Once you’ve received these documents, it’s important to eSign them as soon as possible. This ensures your tuition can be submitted to the Justice Institute before your first class starts.

Note: application response times may vary depending on the volume of requests.

No, everything is handled electronically to simplify the application process. And, if you have any questions along the way, you can simply call our Member Hub at 604-419-8888. They’re available to help 7:00 am to 7:00 pm Monday to Friday and from 8:00 am to 4:00 pm on Saturday.

Of course, you’re always welcome to visit any Gulf & Fraser branch with questions on our products and services! You can use our handy branch locator to find your nearest location.

Yes, you’ll get a tuition tax receipt from the Justice Institute. For more details, please reach out to them directly at 604-525-5422 or by visiting their website.

If you need a statement of loan interest paid for your taxes, we’ll be happy to prepare one for you. Simply email us

Since this is an “open” loan, you can make extra payments, increase your payment amount, or pay off your loan anytime you want without penalty. To do so, simply choose one of the following:

Our prime lending rate is a variable interest rate. This means it rises and falls based on the latest market conditions. All financial institutions use the Bank of Canada’s interest rates as a benchmark when setting their own prime lending rate. Visit the Bank of Canada website to see the latest benchmark rate.

When you join a credit union, you become a member and an owner. Your $5.00 membership fee lets you vote at our annual meeting and in the board of directors' election.

The Justice Institute accepts both Visa® and Mastercard® credit cards for tuition payments. Their student registration office is open from 8:15am to 3:45pm, Monday to Friday.

The Justice Institute will give some money back from your unused tuition. This will go to Gulf & Fraser to help with your loan. But it may not pay it off entirely because you won't get a full refund. If you want to leave the program, make sure to let the Justice Institute as soon as possible. Then, get in touch with us at 604-419-8888 to figure out a different payment plan for the remainder of your loan.

If you were injured on the job and had to take a long break to recover, the disability insurance would take care of your new recruit loan payments.

We looked at the insurance plans for law enforcement professionals and found they have great life insurance. However, new recruits might not have enough sick leave saved up. So, if they have to take a long break from work, they may not earn enough to cover their loan payments.

If you have enough money to handle a long break from work, you might not need this insurance. But most of our members in this demanding job choose disability coverage. It's only about 0.65 cents a day, and it gives great peace of mind.

If you're not sure whether you need coverage, book a chat with one of our advisors. They’ll be happy to help review your finances and see if disability insurance makes sense for you.

Yes, insurance coverage is optional. If you decide not to get it, please email us at to confirm. If you opt out within the first 30 days, you'll get a full refund that automatically goes towards what you owe on your loan. If you opt out after 30 days, you'll get a partial refund that will also go towards the loan.

Absolutely, you can get more info on life and critical illness coverage by:

Just remember, if you want these insurance options, they’ll need to be added when you set up your loan. So, if you're interested, talk to us as soon as possible.

Also, while life and disability coverage are separate, critical illness is like an extra option that comes with life insurance. You have to get it together with life insurance.

Yes, there is. You can download a pdf booklet here.

Making a claim is easy. Simply call our partner, CUMIS insurance, at 1-800-263-9120 and one of their representatives can walk you through the process.

No, you can still apply for other loans with us. We'll assess your application based on your overall financial situation, including your new recruit loan, income, and credit score. However, if you're new to policing, you'll likely need to finish your probation period before we can approve more lending.

Note: Other loans won't have the special pricing that comes with the new recruit loan because it's a different type of loan.

If you don’t finish your police training, this form lets us ask the Justice Institute for the tuition money we paid back. Any extra tuition money goes to pay down your new recruit loan.

Absolutely, you’ll get a copy of all your signed documents via OneSpan e-Signing when you open your account.

Yes, if something unexpected happens, you can ask to pause your loan payments. Just send us an email at, letting us know about the financial challenges you’re experiencing, and when you can start paying again. We'll find a solution that works for you.

All payments for new recruit loans are made through pre-authorized payments from your financial institution. We can also arrange for an automatic transfer out of your Gulf & Fraser account. We can set up a payment method that works best for you.


Let's keep boosting your borrowing know-how

Try our loan calculator

Our handy calculator helps you determine your lending options. You can start from the amount you want to borrow or the payment you can afford – whichever works best for you.


Your loans questions answered

Loans and lines of credit are both powerful tools to borrow for your goals. But there are key differences between them:

Lines of credit

Provides ongoing access to money

Provides a single lump-sum

Variable interest rate

Fixed or variable interest rate

Interest accumulates only when you borrow

Interest accumulates immediately

Flexible repayment anytime

Fixed, scheduled payments and can be paid down or paid off anytime without penalty

Great if you want to cover smaller, regular expenses

Great if you want to make a large, one-time purchase

Not sure which solution makes the most sense for your borrowing? Book a chat with one of our advisors. They’ll be happy to help review your options and figure out the best one for you.

That’s a good question. Let’s take a look at each option and the situation they’re best for:

Fixed-rate loans

This type of loan locks in your interest rate. This means your rate will stay the same throughout the term of your loan. It’s a good choice if you want peace of mind that your payments won’t change.

Variable-rate loans

The interest on this type of loan adjusts with the market. This means it will rise and fall as market conditions change. It’s a good choice if you want to take advantage of shifts in the market to potentially pay less interest over time.

Not sure which solution makes the most sense for your borrowing? Book a chat with one of our advisors. They’ll be happy to help figure out the best option for you.

The interest rate you qualify for depends on a number of factors:

  • Loan type – whether it’s unsecured, partially secured or fully secured by an item of value (e.g. deposits held at Gulf & Fraser)
  • Credit score – how strong your credit rating is
  • Insurance – if you have credit protection (critical illness, life, and/or disability insurance) for the loan
Interest is then calculated daily based on your contract rate and remaining loan amount. Loan payments are flexible. You can choose to make them weekly, bi-weekly semi-monthly or monthly.

We’ll look at a number of factors when reviewing a loan application:

  • Gross household income – how much you make before taxes
  • Debt-to-income ratio – how much of your income goes towards paying debts
  • Monthly expenses – how much you’re spending on recurring costs, like utilities and rent
  • Credit score – how strong your credit rating is
  • Collateral – how much of the line of credit is secured by an item of value, like deposits held at Gulf & Fraser

Not sure if you qualify for a loan? Book a chat with one of our advisors. They’ll be happy to help review your finances and figure out if a loan is the best borrowing option for you.

You can apply for one of our loans with ease. Simply:

Have more questions?

Don’t hesitate to reach out. We’re just a live chat, video, or phone call away when you need us.

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Ready to set up your loan?

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Chat with an advisor

Book an appointment

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Visit a branch

Find a branch

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Call our Member Hub

Call 604-419-8888

Other solutions you might want

Lines of credit

Want ongoing access to funds? A line of credit may be the perfect solution. You only pay for what you use, and you can repay it anytime.

Credit cards

Put your spending to work earning the rewards you want. Cash back, travel experiences – whatever your preference, we have a credit card to match.

Legal disclaimer: Payment protection coverage is optional and is underwritten and provided by CUMIS Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements.