Line of Credit Questions
Cash Money is here to help when you are in need of cash quickly. We understand that you may have questions about our personal loans and we want to make sure all of your questions are answered before you apply. We have complied answers for our most frequently asked questions about line of credit loans.
Select a help topic below to learn more.
Simply put, a line of credit is a personal loan that gives you the freedom to borrow what you need, when you need it. If you’re approved for a line of credit, then we will give you a credit limit. You have the flexibility to borrow any amount at any time, up to your limit.
A line of credit loan puts you in control of how you borrow. If approved, you may choose to borrow the full amount or use as much or as little of your loan funds, when and if you need them. Here’s an overview of how the process works:
- 1. Complete an application online, over the phone or at a store
- 2. Verify your income
- 3. Receive a lending decision
- 4. Get your cash
- 5. Make scheduled loan payments (you can make additional payments if you’d like to save in interest)
- 6. Access available credit by getting additional cash advances (up to your credit limit)
The biggest difference between a line of credit and other Cash Money loans is that if you need more money, you don’t have to apply for a new loan. As long as you have credit available, you can access the money you need.
To apply for a line of credit loan, you will need to be at least 18 years old and have the following:
- Valid ID
- Steady source of income
- Open chequing account
Cash Money offers line of credit loans in select provinces. Depending on the province you reside in, you may be able to apply for a line of credit online, in stores, or over the phone. As we like to say, just call, click or come in! Visit your province’s loans page to see if line of credit loans are available where you live.
Yes, Cash Money offers an online personal loan application so you can apply for a line of credit whether you’re at home, in the office, or on the go. The online process can be completed in about 10 minutes, and upon submitting your application, we will provide you with an instant lending decision.
How it Works
With a line of credit, interest is only charged on the amount you borrow, for the length of time you use it. Cash Money recommends only borrowing what you need at the time to keep your interest as low as possible.
A line of credit loan gives you the freedom to access money whenever you need it. If you're approved for $300 but only need $100 right now, you can borrow what you need and pay interest only on that amount. Then, if you need more money in the future, you can take additional cash advances to access the amount you need – up to your maximum credit limit.
If you have credit available on your loan, then you can get a cash advance by visiting a branch or signing into your account online or via the Cash Money mobile app.