What do I need to apply for a line of credit?

When applying for a line of credit , you’ll want to do your research to understand the total costs, terms and conditions for your needs. Some things to have ready for your application include: Identification (ex. Passport, driver’s license) Recent pay stubs Tax returns Credit report Other documents as needed (ex. Bank statements, bills of sale)

How do I use my line of credit and/or access funds?

Once you’ve been approved for a line of credit, accessing it is easy. Similar to a credit card, you can borrow the amount that you need as you need it, until you hit your credit limit. Plus, you’ll only pay interest on the amount that you borrow. This is a great option for home renovations or any other expenses that don’t have a definitive cost just yet.

What is the difference between a line of credit and a credit card?

The main difference between a line of credit and a credit card is the way you use them. A credit card is intended for everyday use on an ongoing basis, while a line of credit comes with set periods for withdrawal and repayment. With a credit card, you use your physical card or credit card number to make purchases. With a line of credit, you can use your borrowed funds by transferring money from your loan account directly into a checking account. Also, the interest rates on lines of credit tend to be lower than credit cards. Not sure which option is right for you? We can help you choose .

How do I check the balance on my loan or line of credit?

You can check your balance on your account at any time if you’re signed up for Online or Mobile Banking. You’ll also receive statements (paper or electronic) for lines of credit if there is a balance owing. Alternatively, you can call the client centre or visit your branch to inquire about your balance.

Loans & Lines of Credit

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