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Student Line of Credit (LOC)
Studying is easier when you don’t have to worry about cash!
Easy access to cash
The Student Line of Credit allows you immediate access to up to $8,000* per year, when you need it. Use the funds to pay for tuition, books or even a new laptop or rent using your debit card or cheques. Make bill payments and review your account via YNCU telephone or on-line banking. Once you’ve been approved there is no need to re-apply!
Flexible payment options
No payment of principal is required while you’re in school, and for up to six months after. Your only obligation is to pay the monthly interest owed on your current balance.
Competitive interest rate
We offer rates as low as PRIME+1% - that’s better than most credit cards!
How do you qualify?
The Student Line of Credit is for students enrolled in a certificate, diploma or degree program on a full-time or part-time** basis. Proof of enrollment is required annually. Normal credit granting criteria applies. Applicants may be of any age, but those under 18 require a guarantor or co-applicant. Applicants must be a Canadian citizen and resident of Ontario.