Line of Credit:
Funds when
you need it City Hall - Stratford - Carol Rawlings
Line of Credit
A line of credit is essentially a pre-approved loan amount that provides a source of funds whenever you need it. This revolving credit is accessible through your chequing account or debit card - you don’t have to reapply for a loan every time you need cash for a major purchase.
Repayment is flexible, but you must pay at least the interest owing every month. Often better than credit cards, the amount approved and rate of interest are determined by credit factors.
Compared to a loan, a Line of Credit can make purchases and payments easier, but you must be comfortable with managing your balance as part of your financial plan.
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