
Lines of Credit
A revolving line of credit is a loan with an approved limit that is attached to a chequing account for the purpose of facilitating funding for short term personal credit requirements as well as providing overdraft protection.
A line of credit will cover the shortfall of funds in your chequing account and, for your convenience, can be accessed through cheques, ATM, in-branch withdrawals, POS, or pre-authorized debits.
- A line of credit is intended to meet short-term credit requirements in the form of overdraft protection, so you no longer have to be concerned about overdrafts.
- A line of credit is self-renewing, which means as credit is repaid, the funds are automatically available again, so you don't have to reapply each time.
- Line of credit interest rates are lower than credit card interest rates, so you pay less for financing.
- Interest is charged only on the money that is used.
- Variable rates only
- Interest is paid monthly
A Line of Credit Availability fee is charged annually. Please click here for fee schedule.