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Line of Credit

EVERYTHING YOU NEED TO KNOW

  • Re-advanceable;
  • Lower rates than most credit cards;
  • Interest only payments are available;
  • Eligible for Creditor Insurance; and
  • Access to the funds the same way as a regular chequing account.

WHAT’S IN IT FOR YOU?

  • With a Line of Credit, the funds are available for multi-purpose purchases when you require them. There is no need to re-apply. Once the Line of Credit is in place, it stays there;
  • With a lower interest rate than most credit cards, it will save you money. Interest-only payments leave you with a low monthly payment option, allowing for more funds to be available to you for other expenses and savings;
  • In the event of unforeseen circumstances, the creditor insurance protects your credit score and other assets, giving you peace of mind that your payments will be taken care of; and
  • The Line of Credit operates similar to a regular chequing account, giving you the option of accessing the funds via online or telephone banking, cheque, debit cards, etc. You can use the funds available as a payment method for what you see fit. Use it the way you want it, when you want it.
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The Small Print
  • On approved credit only;
  • Interest rates vary per application; and
  • Available balance is dependent on amount being repaid to the LOC.
  • 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.

© 2013 Lake View Credit Union