Linked directly to your Daily Chequing account, a personal Line of Credit is used primarily as “overdraft protection”, filling the gap between pay days and purchases. It has fully open terms, so you can repay as much as you want at any time, however you are required to cover the interest on a monthly basis which is payable at the last day of the month. The interest rate fluctuates with the Prime Rate and varies based on whether your LOC is unsecured or secured (usually with a PARAMA Term Deposit, GIC or TFSA). Secured or partially secured Lines of Credit have lower rates than unsecured do. In order to apply, all we need is an application and confirmation of your income.
Complete the form below in order to apply online: