Lines of Credit



Personal Line of Credit

      Access funds quickly and conveniently. How you use the money is up to you, and you'll pay interest only on the amount you use. Think of it as money ready to borrow at any time. 

With a personal line of credit, you only pay interest when you access your funds, and the rates are lower than most credit cards. You can choose from a competitive personal line of credit or a secured line of credit, which typically gives you an even better interest rate. For complete peace of mind, payment protection is also available.

Features & benefits:
 
  • Finance a major purchase at a competitive rate and be ready for the unexpected
  • Pay down higher-rate debts
  • Minimum credit limits as low as $5,000
  • Low variable interest rate

Unsecured vs Secured Line of Credit

Unsecured
Secured
Benefits
  • Get access to credit with a quick approval process                         
  • Ongoing access to funds for everyday purchases
  • Lower interest rate on credit secured by your home or other cash assets
  • Ongoing access to funds for larger purchases, debt consolidation or home renovations
Security Required No Yes
Minimum Starting Limit $5,000 and up $5,000 and up

Secured Line of Credit

      A secured line of credit gives you access to more funds at a lower interest rate, because you're backed by security like the equity in your home, funds on deposit, Canada Savings Bonds, Ontario Savings Bonds, and term deposits.

With a secured line of credit, you only pay interest when you access your funds, and the rates are lower than most credit cards.  For complete peace of mind, payment protection is also available.

Features & benefits:
  • Finance a major purchase, a renovation or consolodate debt at a competitive rate
  • Flexible payment options like interest only payments.
  • Minimum credit limits as low as $5,000
  • Lower variable interest rate

Unsecured vs Secured Line of Credit

Unsecured
Secured
Benefits
  • Get access to credit with a quick approval process                             
  • Ongoing access to funds for everyday purchases
  • Lower interest rate on credit secured by your home or other cash assets
  • Ongoing access to funds for larger purchases, debt consolidation or home renovations
Security Required No Yes
Minimum Starting Limit $5,000 and up $5,000 and up

Student Line of Credit

      The Student Line of Credit gives you an easy solution to cover expenses such as tuition, books, and living expenses. This is a great option for eligible students currently enrolled in a full or part-time post-secondary studies in an accredited Canadian University or College, so you can focus on school. 

Features & benefits:
 
  • Money, money, money - access up to $10,000 per year, up to a maximum of $40,000 over four years of study.*
  • Interest-only payments - you can make interest-only payments while in school and up to one year after graduation. 
  • Competitive interest rates - we have some of the best interest rates in the market. 


Contact us to start the conversation. 








Personal Loans

 

An easy way to borrow for a specific goal.

Compare our selection of Personal, Investment and Recreational Vehicle Loans. 





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*Approval and credit limit are subject to Alterna’s credit approval criteria.