Loans and Lines of Credit

For a personal loan, you generally know the exact amount you need to borrow up front. You’re charged interest as soon as you borrow it and you pay it off in fixed scheduled payments so that it’s paid within a set period. This is a great option when you want to consolidate other high interest debts like credit cards or for big ticket items like appliances.

A personal line of credit is a form of revolving credit that lets you borrow money when you need it, up to a predetermined amount. This is best for when you’re not sure of the specific amount you need in home renovation projects, you have an unexpected purchase or you need an emergency fund. Plus, interest is generally lower on lines of credit and you only pay interest on the amount borrowed.

You can check your balance on your account at any time if you’re signed up for Online or Mobile Banking. You’ll also receive statements (paper or electronic) for lines of credit if there is a balance owing. Alternatively, you can call the client centre or visit your branch to inquire about your balance.

You can see your effective interest rate on your statement, or you can give us a call or visit your local branch.