What is a Line of Credit?
A line of credit is a flexible way to borrow cash just when you need it. Apply once and use the amount you need, up to your loan limit. You don’t have to receive all the cash at one time since it’s available on an ongoing basis. That’s the beauty of a line of credit. The loan stays open as long as you need it. Borrow, pay back, and borrow again as needed. And you only pay interest on the funds you use for the amount of time you use them.
How is a Line of Credit different from a Payday Loan?
Both loans are high-cost loans that could be helpful in emergency and unexpected situations. A payday loan provides a small amount of money to be paid back on your next payday. A line of credit loan allows you to apply one time to have ongoing access to money.
Max Loan Amount
Payday loans offer a one-time loan amount up to $1,500.
Line of credit loans offer ongoing access to a credit limit up to $10,000.
Loan Term
The term on a payday loan depends on your next payday. Terms can range from 7 – 30 days.
A line of credit has an “open-ended” term, which means it stays open as long as you are using it. Your loan will only be closed if you request it to be, or if you do not use it for 1 full year.
Interest & Fees
Payday loans cost a flat fee for the amount borrowed.
Line of credit loans accrue daily interest on the outstanding principal balance.
Access to Cash
With a payday loan, if you need more money you have to apply for a new loan.
With a line of credit, you can access money (up to your credit limit) without having to reapply.
Satisfied Customers
Actual Customer Testimonials
How it Works:
1. Apply online, in-store, or give us a call at (877) 526-6639.
2. Provide documentation to verify your income. EI and disability are accepted.
3. Receive a fast lending decision.
4. Sign your loan agreement (if approved).
5. Choose the amount you would like to withdraw initially (up to your approved credit limit) and get your cash.
6. Make payments as outlined in your loan agreement (typically due around your paydays).
Pro Tip: Make payments early to save on interest paid.
7. Receive money at any time with additional cash advances up to your credit limit.
What Do I Need To Apply?
- CheckedValid ID
- CheckedVerifiable source of income
- CheckedOpen chequing account
Common Questions
As often as you need! As long as you have available credit and have been keeping up with your scheduled payments, you can borrow up to your credit limit.
You have the option of enrolling in automatic payments. If you choose to enroll in this option, then we will send the PAD the morning of every due date. If you choose not to enroll in automatic payments, then you can manually make payments in store, online or over the phone. Manual payments must be made by the close of business on your due date. Please keep in mind, if payment is not made on time then your account may be sent to collections.
We’re proud to offer loans to Canadians with various credit scores. Your credit score is only one of many factors we consider when processing applications.
