Lines of credit

The perfect solution for when those “just in case” situations actually happen, a line of credit from IC Savings is ideal if your need for credit fluctuates over time. It’s like having a personal reserve of funds that you can access quickly and conveniently whenever you need to.

•    Offered as either a personal or business loan.
•    Offered as a secured or unsecured line of credit.

•    Secured lines offer better interest rates and higher credit limits.  

•    No fixed repayment period.
•    Interest charges are calculated as a per cent above prime.
•    Itemized monthly statements are available to track your transactions.

A human approach to granting credit

At IC Savings you’re not a just a customer, you’re a neighbour — our neighbour. That’s why we take a more personal approach to granting loans, taking all of your circumstances into account, rather than applying automated scoring models that treat you the same as the guy down the street. 

We get to know you as a person, not just a number, and we promise to work harder to build the line of credit that works best for you.

Cash when you need it

The beauty of a line of credit is that once established, it’s available to you up to the approved credit limit. No giving notice to the credit union every time you use it, and no new application for each borrowing purpose.

Keeping the line of credit in force year after year is also easy. It will be subject only to a satisfactory annual review of your credit standing.


Don’t use it? Don’t pay

First, there is no monthly fee associated with our lines of credit. Don’t use it, don’t pay a cent.

What you will pay is the interest on the money that you do use. Interest on the amount drawn is payable monthly, but you decide how quickly you want to repay the principal. Typically, we require a minimum monthly payment of 3% of the amount drawn as a principal reduction on a personal line of credit.
 
And then, the undrawn portion of the line of credit will remain available to you; conveniently access it as you need to by transferring funds to one of your current IC Savings banking accounts.

Come in to speak with a member of our experienced and knowledgeable branch teams today. We’re here to help.

Home equity lines of credit

If you’ve built up equity in your home and have a need for larger amounts of credit, you may benefit from a secured home equity line of credit with us. Talk to a member of our branch teams to learn more.

 

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