Lines of Credit
A Line-of-Credit (LOC) is a revolving financing tool that provides valuable overdraft protection when attached to a chequing account. It ensures access to funds when needed, without waiting or arranging for a personal loan. A Line of Credit is great to have when unexpected expenses arise. You can use it to finance vehicle repairs or home renovations, take advantage of investment opportunities, fund education expenses, or even pay off credit card balances (as the LOC rate is typically lower than retail credit card rates).
Some benefits include:
- Control - You control how much you use, and you only pay interest on this amount.
- Accessibility - Funds are accessible by personal cheque, cash withdrawal, MemberCardTM debit card or Global Payment MasterCard®.
- Affordability - An ERCU Line of Credit has a competitive interest rate.
- Flexibility - Payment schedules are customizable to your needs.
- Convenience - Once you are approved, you can use the funds numerous times as per the terms of the financing agreement.