Lines of Credit

A Line of Credit is a type of revolving loan with a preapproved credit limit. The Line of Credit gives you flexible access to funds, whenever you need it.

You can utilize part or all available funds from the line of credit which is linked to a Chequing or Masterplan account. When a deposit is made to the account it transfers any amount owing back to the Line of Credit. The funds are then available for withdrawal again as required.

The features of our Line of Credit are:

  • Flexible access to funds
  • Interest only payments for limits over $5,000 and 3% of balance payment for limits under $5,000
  • Creditor insurance available to protect members in the event of sickness, injury or death
  • Only pay interest on the amount being used for the duration it is used
  • Unsecured:
    • Competitive variable interest rate – floats with the credit union’s prime lending rate
  • Cash Secured:
    • Secured by funds on deposit with ACU (with the exception of RRSPs)
    • Generally interest rates are lower (variable – floats with prime or fixed – interest rate set based on rate or term)
    • Allows for an easier approval process

The benefits are:

  • Eligible for memberSHARE Loyalty Program Product Bundles and Bonus on interest paid when approved for payment
  • Easy access to funds for a variety of purposes:
    • Home renovations
    • Special purchases such as a vehicle
    • Unexpected expenses / emergencies
    • Education
    • Investing
    • Vacation
  • Interest rates are based on member’s credit worthiness and the ability to pay back the debt
  • Using funds on deposit as security is a great alternative to redeeming investments when funds are needed unexpectedly
  • Interest rates are much lower than credit card rates
  • Payment protection option protects credit and assets (no health questions for LOC under $50,000)
  • Payroll / direct deposit often covers payments

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