 |
Home | About YNCU | Contact us | Find us | Jobs | Rates
|
 |
 About YNCU |
  Personal Banking |
Agricultural Services |
Business Banking |
 |
Self-serve
Loans
- Personal Loans
- Investment Loans
- Cut Credit Card Costs
- Line of Credit
- Student Line of Credit
- Apply for a loan
Line of Credit (LOC)
A line of credit is actually a pre-approved loan that provides a source of funds when you need it. If you write a cheque or make a withdrawal on your chequing account when you have insufficient funds in your chequing account, the funds are drawn from your LOC to cover the cheque. This creates a line of credit balance, and can occur repeatedly, until you reach the maximum allowed on your personal line of credit. The limit approved and rate of interest are determined by the amount applied for and other credit factors.