Apply for a line of credit.​​

Lines of credit are flexible and quickly / easily accessible in case of emergency. 

Own your line of credit, step-by-step.

HOW does a line of credit WORK?


A line of credit has a maximum limit you can borrow, just like your credit card. 

  • Once a line is established, you can draw money whenever you please and for any purpose using a debit card - up to your limit.
  • Once you've drawn your maximum, you can't borrow more until you pay back part / all of what you owe. 
  • ​You can apply to change the line's maximum limit after a while. 
  • Lines of credit tend to last about 10 years before they need to be renewed (this is called their 'term').

​You and your lender will agree on how often you'll make interest payments.

  • Unlike credit cards, lines of credit have no monthly grace period on interest payments - you'll start owing interest as soon as you draw on your line.​
  • ​Interest is charged only on the amount borrowed, not the entire limit. Interest payments may include an additional service fee.
  • ​Lines of credit tend to have higher limits than credit cards, at lower interest rates.

You can start repaying the principal (what you've drawn) whenever.

  • The sooner you do, the less you'll pay in interest overall.
  • You’ll have to make minimum monthly payments (usually a small percentage of your balance (what you've drawn). They’ll be used to pay the interest owed on your line. If there’s anything leftover from a payment, it will be used to repay the principal.

Lines of credit are revolving credit: as long as you make the minimum monthly payment, you can continue to draw upon the line up to your limit, without having to re-apply with your lender.​

  • They're best used when you don't know exactly how much you need, when you'll need it, or when you'll be able to repay it. 

​They can have fixed or variable interest rates and can be both secured or unsecured.

What's Next?

Line of credit