the ‘life happens’ line of credit (or money when you need it)
In an ideal world, money would be unlimited, and you wouldn’t need a line of credit. But as we all know, this just isn’t the case and sometimes you need a couple of extra bucks to buy groceries or finish up a project around the house or (knock on wood) replace a broken appliance.
What is a line of credit?
To get technical for a moment, the Sunova LOC acts as a pre-authorized borrowing limit attached to your chequing account. Think of it as an extension of your account, there in case you are running short on cash or are hit with a surprise expense (like if your furnace goes).
- Instant cash whenever you need it.
- No monthly service fees.
- You only pay interest on the portion you use.
Hassle-free access to your funds – since your LOC is attached to your chequing account, you have access to the funds through cheques, in-branch withdrawals, your Sunova debit card, and online banking.
Rate is often much lower than a typical credit card rate
As highlighted above, the best part of the ‘life happens’ LOC is you are charged interest on the portion you use. So, if you use $100 of your $5,000 line of credit, you only have to pay the interest on $100. Simple as that! Also, as you pay down your line of credit, the funds become available again, and you ‘re-borrow’ as you need.
The line of credit amount and interest rate are subject to credit approval. You can contact one of our branches for more information and to book an appointment.