Line of Credit

Access what you need, when you need it.

What Is A Line Of Credit?

A line of credit (LOC) is a borrowing option where you apply only once for a credit limit (funds) that you can continue to use and re-use based on your needs. You are charged interest only on the amount that you use.
Personal Line of Credit

Get flexible access to funds for everyday expenses, at interest rates lower than most credit cards.

Meet your present and future borrowing needs with a revolving access to funds. You're in complete control of how much you borrow without having to reapply every time.

Features
  • Interest charged only on the funds you use

  • Flexible payment options

  • Secured or unsecured options are available

  • Make deposits to and withdrawals from your line of credit through digital banking or in branch.


Annual Fees: None

Credit Limit: $5,000 - $50,000

Interest Rate: Variable

Repayment Schedule: Flexible  

Student Line of Credit

Designed for full-time students pursuing post-secondary education in an accredited Canadian university or college.

Only use the funds you need, when you need them to pay for tuition, books, living expenses, and other education-related expenses.

Features
  • Interest-only payments up to 6 months after graduation

  • Maintain full-time status and make interest-only payments while in school

  • Make deposits to and withdrawals from your line of credit through digital banking or in branch.


Annual Fees: None

Credit Limit: $3,750 - $30,000

Interest Rate: Variable

Repayment Schedule: Flexible  


Home Equity Line of Credit

Leverage the equity in your existing assets to cover the cost of a renovation or home improvement project. It's a simple and smart way to make your home equity work for you.

Consolidate your credit card balances or other loans, use what you need and pay interest only on what you borrow.

Features
  • One-time application

  • Interest paid only on funds used

  • Secured by real estate

  • Finance purchases related to home ownership, including home renovations and unexpected home repairs

  • Make deposits to and withdrawals from your line of credit through digital banking or in branch.


Annual Fees: None

Credit Limit: based on a percentage of the value of your home minus any outstanding mortgage amount

Interest Rate: Variable

Repayment Schedule: Flexible  



What Is A Line Of Credit?

A line of credit (LOC) is a borrowing option where you apply only once for a credit limit (funds) that you can continue to use and re-use based on your needs. You are charged interest only on the amount that you use.
Personal Line of Credit

Get flexible access to funds for everyday expenses, at interest rates lower than most credit cards.

Meet your present and future borrowing needs with a revolving access to funds. You're in complete control of how much you borrow without having to reapply every time.

Features
  • Interest charged only on the funds you use

  • Flexible payment options

  • Secured or unsecured options are available

  • Make deposits to and withdrawals from your line of credit through digital banking or in branch.


Annual Fees: None

Credit Limit: $5,000 - $50,000

Interest Rate: Variable

Repayment Schedule: Flexible  

Student Line of Credit

Designed for full-time students pursuing post-secondary education in an accredited Canadian university or college.

Only use the funds you need, when you need them to pay for tuition, books, living expenses, and other education-related expenses.

Features
  • Interest-only payments up to 6 months after graduation

  • Maintain full-time status and make interest-only payments while in school

  • Make deposits to and withdrawals from your line of credit through digital banking or in branch.


Annual Fees: None

Credit Limit: $3,750 - $30,000

Interest Rate: Variable

Repayment Schedule: Flexible  


Home Equity Line of Credit

Leverage the equity in your existing assets to cover the cost of a renovation or home improvement project. It's a simple and smart way to make your home equity work for you.

Consolidate your credit card balances or other loans, use what you need and pay interest only on what you borrow.

Features
  • One-time application

  • Interest paid only on funds used

  • Secured by real estate

  • Finance purchases related to home ownership, including home renovations and unexpected home repairs

  • Make deposits to and withdrawals from your line of credit through digital banking or in branch.


Annual Fees: None

Credit Limit: based on a percentage of the value of your home minus any outstanding mortgage amount

Interest Rate: Variable

Repayment Schedule: Flexible  



Let’s Do This! How Do I Apply?



  • Book an appointment: Your journey starts with a meeting. Our lending experts will sit with you and discuss what works for you.

  • Gather the required documents: Such as government issued ID, proof of employment, a list of what you own and owe, and ​proof of security (if used).


  • Review: We’ll review your situation and come up with a line of credit plan to help you reach your goals.


  • Access your money: Make deposits to and withdrawals from your line of credit through digital banking or in branch.


Frequently Asked Questions

A secured line of credit typically has a higher maximum credit limit and uses assets you own as collateral.

Benefits:

  • Lower interest rate on credit secured by your home or other assets

  • Ongoing access to funds for larger purchases, debt consolidation, or home renovations

Term: Open
Rate: Variable
Security Required: Yes

An unsecured line of credit will tend to have a lower maximum credit limit as no assets are acting as collateral.

Benefits:

  • Get access to credit with a quick approval process

  • Ongoing access to funds for everyday purchases

Term: Open

Rate: Variable

Security Required: No

While they sound similar, they aren’t. A line of credit often is more competitive and has lower interest rates than many retail credit cards. With LOC's, you will only pay interest on the amount you borrow, opposed to other charges, such as annual or hidden fees.

Our lending experts will review your credit history and experience, as well as your short and long-term financial goals to help you find the best borrowing option.

As soon as you repay the credit used and its interest, the money is immediately available to use again. The only cost of borrowing is the interest on the exact amount you borrow and for the number of days you've used it.

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