Secured Line of Credit

A secured line of credit is secured by equity you have, such as term deposits or equity in your home. This self-managed form of credit allows you to have access to the money you need, when you need it.

If you make a number of payments each month - perhaps a credit card payment, a loan payment and a payment to a retail outlet - you may save money and simplify your financial life by consolidating this debt to one payment through a line of credit.

A secured line of credit from FirstOntario has a number of great features, including:

• A preferred interest rate.
• Credit limits up to $50,000.
• Interest applied only to the amount you use, calculated on the daily closing balance.
• Highly flexible repayment options to match your cash flow.
• Choose a repayment schedule to meet your personal needs. The only requirement is that you repay the interest (if any) monthly.
• The option to pay more is always available.
• As you pay down your line of credit, the available balance becomes immediately available for use again.
• FirstOntario credit lines are included in your monthly consolidated statement. This makes your personal recordkeeping very easy.

A home equity line of credit or MeritLine™ is a line of credit fully secured by the equity in your home. See Home Equity Line of Credit

Protection

Do you value safety and security? To protect your family and your estate, FirstOntario can provide you with Monthly Premium Credit Life and Disability Insurance, through CUMIS™. This insurance can assist with your family's financial security should unexpected disability or death occur. Contact us for details.