What’s better than a loan that’s always there when you need it? You can take money out when you need to, pay it back when you can and you’re only charged interest on what you use. Revolving credit is a bit like a revolving door – money goes in and out with ease.
You can use a revolving loan to manage extra day-to-day expenses in the same way you might use a credit card, except your revolving loan will come with a much lower interest rate.
We have two revolving loan types. They serve the same function, but work a little differently.
Line of Credit
This seamless loan is directly connected to your chequing account. Having it means that you don’t need to worry about your balance dipping below zero – that’s when the Line of Credit starts working. To pay it off, simply make a deposit to bring your balance back above zero. It’s there as a cushion when you need it.
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Like the Line of Credit, except it’s a loan that isn't connected to your chequing account. Once it’s set-up, you can move money to your chequing account or anywhere else you need to, simply using your online banking or the Affinity Mobile app. It’s that easy! Maybe we should have called it the quick and easy loan.
Interest is charged monthly on quick loans and lines of credit, and they’re available at competitive rates that vary depending on if they’re secured or unsecured.
To find out which is the right option for you and to learn more about lines of credit, give us a call at 1.866.863.6237 to speak with an advisor.