Line of Credit

Get immediate access to pre-approved funds. Apply for a line of credit and once approved, you have instant access to the full value of the line of credit, for whatever you need, but you only pay interest on the amount of money you are using.   

For example, a member may apply and be approved for a $10,000 line of credit, which remains available to them at any time. If they use $1,000, they pay interest on only the $1,000 until it is repaid. The $9,000 balance remains available in case it is needed.

The interest rate on a line of credit is much better than credit cards.

Many people use a line of credit as overdraft protection, or for emergency funds.

Accounts Details

Features

  • Connected to your chequing account, you can access the money by writing a cheque, a pre-authorized debit, through Interac transactions or withdrawing funds in person.
  • Replace the funds with a regular deposit.
  • Interest rates much lower than credit cards
  • If you don’t use it, you don’t pay interest
  • Interest is calculated on the daily closing balance, charged monthly

For today’s rates, click here.