Lines of Credit

Personal Line of Credit
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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:
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Unsecured vs Secured Line of Credit
Unsecured |
Secured
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Benefits |
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Security Required | No | Yes |
Minimum Starting Limit | $5,000 and up | $5,000 and up |
Secured Line of Credit
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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:
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Unsecured vs Secured Line of Credit
Unsecured |
Secured
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|
Benefits |
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Security Required | No | Yes |
Minimum Starting Limit | $5,000 and up | $5,000 and up |
Student Line of Credit
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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:
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*Approval and credit limit are subject to Alterna’s credit approval criteria.