What's a personal line of credit?
It's access to credit for a pre-arranged dollar limit that you can borrow from on an ongoing basis. You only pay interest on the amount you borrow for the number of days you've borrowed it.
Personal lines of credit provide peace of mind during renovations and expected (or unexpected) life events.
Advantages
- Apply only once
- Access money when you need it
- As you pay the balance down, the funds become available for use again
- Repay the balance owing fully or partially. Line of credit interest is charged only on the funds used, for the time it's used
- A line of credit interest rate can be more competitive than a credit card
Our lending team can help you reach your goals and help you decide your best option.
