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What is the difference between a Personal Loan and Personal Line of Credit?
A Personal Loan is a convenient way to borrow a lump-sum amount that protects you against any potential rate increases. You can have peace of mind repaying the loan with fixed monthly payments over a predetermined period, or prepay your loan at any time without penalty. We offer competitive fixed interest rates and variable interest rates.
A Personal Line of Credit is a revolving source of funds, up to an approved amount, that you can access when you need them. Any amount you repay is accessible to you again without reapplying. A line of credit lets you write cheques and make bank machine withdrawals, and you only pay interest on the funds you use. It’s the preferred choice over a credit card if you plan on carrying a balance for an extended period of time.
- How can I apply for a line of credit?
- When do I pay back my loan?
- What’s the difference between my online password, telephone password and PIN?
- What's the difference between a short-term and long-term mortgage?
- What's a co-borrower on a loan or a line of credit?
- What information do I need to provide when applying for a loan or line of credit?
- Is there a limit on how much I can pay back on my line of credit?
- What are the costs associated with a line of credit?
- How is interest calculated on my line of credit?
- What's a Secured Line of Credit?
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