A Line of Credit ensures funds are available when you need them.
A Line of Credit is like an on-going pre-approved loan. Funds are advanced, as required, up to your approved limit without having to re-apply. Enjoy this convenience without the service charges or stand-by fees of overdraft protection.
Repayment each month is based on the following factors:
- An amount equal to 3% of the Line of Credit principal balance outstanding and any interest owing as of the 15th of each month. Interest is calculated daily on the balance and the number of days that balance was outstanding.
- The payments are taken automatically from your chequing account on the 15th of each month. You may also apply additional funds to your Line of Credit anytime you wish.
- This loan is completely open and can be partially or fully paid down at any time.
Questions? Contact Us