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Student loans, credit card bills, home repairs, waiting for that full-time position…it's a lot to juggle. Add to that a wedding or a first child and a line of credit (LOC) is your port in a storm. It's a pre-approved loan for a set limit that you can tap whenever you need to and for whatever purpose. With lower rates than conventional credit cards and flexible payment options, a LOC can save you thousands of dollars in interest charges annually.

  • Unsecured Line of Credit

    Less than $50,000
    Loans up to

    $50,000

    Starting at

    4.35%

    variable interest rate

    Do you have multiple high-interest credit card balances and loans? Lower your interest payments (and headaches) with a no-fee Unsecured Line of Credit (LOC). Low-interest rates and minimum monthly payments can help smooth out your monthly expenses so you can stop worrying and start living.


    Common Questions

    • Why an Unsecured Line of Credit instead of a Loan?

      You're in control. You decide when, or if, to use it, how much to withdraw and what to use it for. Unlike a loan, you don't pay interest until you use it. And it's reusable. Once you're approved you can tap the line whenever you need to.

    • Can I make payments at any time without penalty?

      Yes, make as many payments as you would like. Payments may be made weekly, bi-weekly, mid-monthly or monthly.

    • How can I access my funds?

      You can access your Line of Credit through any of these methods: online, by phone, cheque or ATM.

  • Secured/Home Equity Line of Credit

    $50,000 and up
    Loans up to

    80%

    of your home equity
    Starting at

    2.85%*

    variable interest rate

    This option gives you the highest credit limit available, based on the equity in your home. You can receive a loan up to 80% of your property's value. Enjoy the option of interest-only monthly payments, lower interest rates and lower monthly payments than you would get from the unsecured line of credit.

    *For a limited-time, get a promotional rate of 2.85% on a secured line of credit rate for the first 90 days. After 90 days the rate then goes to 3.35%.


    Common Questions

    • Why a Secured Line of Credit instead of a Loan?

      You're in control. You decide when, or if, to use it, how much to withdraw and what to use it for. Unlike a loan, you don't pay interest until you use it. And, unlike a Loan, it is reusable. Once approved, you can tap into it whenever you need to.

    • Can I make payments at any time without penalty?

      Yes, make as many payments as you would like. Payments may be made weekly, bi-weekly, mid-monthly or monthly.

    • How can I access my funds?

      You can access your Line of Credit through any of these methods: online, by phone, cheque or ATM.

  • Ontario Teachers Insurance Plan
    OTIP RAEO logo

    Receive a $25 Indigo or WINNERS | HomeSense | Marshalls Gift Card* if your insurance policy is expiring in the next 60 days and you get an auto or home insurance quote from OTIP.

    *Restrictions apply. See details.

    Learn more
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