Line of Credit
EVERYTHING YOU NEED TO KNOW
- 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.
- On approved credit only;
- Interest rates vary per application; and
- Available balance is dependent on amount being repaid to the LOC.