Line of Credit

Funds when you need it

A line of credit is essentially a pre-approved loan amount that provides a source of funds whenever you need it.  You don’t have to reapply for a loan every time you need cash for a major purchase.

  • Connect your YNCU line of credit to an existing chequing account for access to funds when needed;
  • Managing your balance anytime with YNCU Mobile Connect mobile app, mobile web banking, online banking, telephone banking and in your branch;
  • Repayment is flexible, but you must pay at least the interest owing every month;
  • The minimum credit limit is $5,000.00; higher limits determined by your individual needs and credit application;
  • No additional transaction fees

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.

Alternative solutions

Overdraft protection or coverdraft protection

For lower limits, overdraft or coverdraft may be the solution to manage your cash flow when the unexpected happens.  Learn more here.

Student Line of Credit

Access up to $8,000 per year with no principal repayment while you're in school.  Get more information here.

MeritLine™ Home Equity Line of Credit

For the homeowner who has built up some solid equity in your home, the MeritLine™ home equity line of credit can be your solution for larger expenses. Learn more here.


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Line of Credit
Unsecured LOC: $2,500-$40,000 - YNCU P+3% 6.70%
Secured LOC: $2,500-$40,000 - YNCU P+2.5% 6.20%
Student LOC - $2,500-$75,000 Variable YNCU P+3% 6.70%
Overdraft LOC: $500-$2,500 21.0%