Lines of Credit

Working with you towards your goal

Imagine having access to funds as you need them, without making a loan application or setting up a payment plan. That’s not a dream. It’s the convenience of a FirstOntario Line of Credit (LOC).

Interest on money borrowed against your LOC is set slightly above the prime rate and calculated against your balance monthly with no fixed payment schedule.

 Talk to us about an LOC and how it can help handle your financial needs.

How can a FirstOntario LOC help you?

Overdraft Protection - Avoid the embarrassment, complications and cost of an NSF cheque by opening an LOC to make up the necessary funds.

Personal LOC - As much as $5000 in unsecured cash can be made available if you qualify. The money is there when you need it, at low rates, and you make payments as you are able.

MeritLine Home Equity LOC - If you’re a homeowner, you qualify for the lowest rate available by using the equity in your home as security. Use the money to redecorate or renovate your home, take a much-needed vacation, or make a major purchase such as new furniture or appliances. Pay the borrowing costs monthly and the balance when you choose, without penalty.

Student LOC - Paying for a student’s tuition, books and living expenses can be a burden for many Canadian families. A FirstOntario Student LOC will provide up to $10,000 annually to a maximum of $40,000, at low interest rates. Cash is available as needed, to a fixed credit limit, through online, mobile and telephone account services, ATMs and Interac. Interest-only payments can be applied during schooling and up to six months after graduation, with up to 10 years for full repayment.

 

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