Online Banking

Loans + Lines of Credit


A personal loan can help make your dreams a reality, or simply help you finance an unexpected (and out of budget) cost. They are one of our most versatile products offerings and can be tailored to suit many needs.

Loans generally have a much lower interest rate than a credit card and are a great option for financing any of the following:

  • Home renovations
  • Family vacations
  • Purchasing major appliances
  • Buying a car
  • Repairing a car
  • Wedding costs
  • Paying down higher interest debts
  • Purchasing an RRSP

Whatever your reason is, please contact us to discuss your options!

Line of Credit

Having a line of credit allows you to be in a financial position to access money when you need it: emergencies, home appliance replacement, automobile repairs, etc. It will allow you to overdraw your chequing account within a pre-established limit through Direct Payment purchases and ATM cash withdrawals.

Interest rates on lines of credit are lower than with credit cards so it makes sense to use the line as a revolving source of cash. Interest is only charged on the amount borrowed and only for the number of days it is used.

  • Overdraft protection up to a pre-authorized limit
  • Instant access to funds for purchases or bill payment
  • Interest much lower than a credit card. Calculated on the negative balance in your chequing account on a daily basis but charged monthly
  • Interest is not charged unless the line of credit is used
  • No annual fee
1. How does a line of credit work?
Members who have a chequing account and are 18 years of age or over may apply through our lending department. The interest charged is based only on the amount and the number of days used. So, if you don't use it, there is no charge. It is flexible because the monthly repayment minimum is interest only

2. How is interest calculated?
Interest charges are based on a floating rate relative to Prime plus and are charged on the negative closing daily balance, compounded monthly.

3. Is this better than having an outstanding credit card balance?
Yes. The interest charges are considerably lower.