Lines of Credit
Money
now when you need it.
Lines of Credit: The flexibility you need
A line of credit is the ultimate in flexibility. Once your limit is approved,
you can draw against your line of credit any time, without going through an
application process. It's ideal for bridging cash flow in a small business,
financing renovations, or for a variety of other hard-to-predict financial
needs.
- No monthly maintenance or transaction fees
- Variable rate interest based on Prime*
- Minimum monthly payment as low as 2% of the
balance outstanding at each month end
- Line of Credit minimum payments automatically
transferred from your chequing or savings account on the last
day of each month
- Additional payments may be made at any time
- Credit Life and Disability Insurance, based
on the outstanding balance, is available at competitive rates
Home Equity Line of Credit: An attractive option
Our Home Equity Line of Credit works like any other Line of Credit,
but you get a discounted rate when you use your home as collateral.
- Variable rate interest
- Up to 80% of the appraised value or purchase price of your
home , whichever is lower
- Can be operated through an existing or new account
- Minimum monthly payment as low as interest only
Overdraft: A little extra insurance
- Overdraft protection is linked to your personal chequing
account
- No monthly fees, no transaction fees
- Interest is calculated on the daily closing balance and is charged to your chequing account on the last day of each month
- If used, interest charges must be paid each month
Student Line of Credit
- Available up to $10,000 per year based on Prime*
- Minimum monthly payment as low as interest only, while in school
- Converts to a regular term loan within one year of completing
or terminating post-secondary education
- Requires parent or guardian co-borrowing signature
- Linked to your personal chequing account
Creditor Insurance available through CUMIS
Insurance Services
*Rate is dependent on credit status and security offered
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