A Line of Credit is an ongoing loan with one-time approval and is attached to your existing chequing account. Access money whenever you need it at a much lower interest rate than a credit card and you're only charged interest on the amount you use.
A Line of Credit guarantees you:
- Instant Cash - You can borrow by simply writing a cheque or by using your card through ATM's
- Substantially lower rates than retail credit cards
- Convenience – Cash when you need it
- Protection – against over-drawing your account or returned cheques for inadequate funds