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What fees are associated with a personal line of credit?
The types of fees you pay will depend on your line of credit. One commonality however is that all lines of credit will start accumulating interest from the moment you withdraw funds.
This interest is calculated daily, from the first day you use your line of credit, and you’ll be charged until the balance is paid off in full. Therefore, it's best to start paying off your balance as soon as you can.
Some lines of credit, such as the Home Equity Line of Credit and the Personal Flex Line®, also have service charges. The Personal Flex Line also has fees for certain transactions that you can pay on a per-transaction basis or with a fixed-cost package.
Related questions
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How can I afford to buy a home or go back to school? Buy a home or go back to school using an RRSP loan or line of credit. You can also maximize your RRSP contributions and save for your long-term projects. -
How does a line of credit work? A line of credit can provide additional funds with a lower interest rate than most credit cards. Use them to pay for renos, your bills, or emergencies. -
How does paying off my line of credit work? The process of paying back the line of credit is simple. Your only obligation is to repay the minimum payment shown on your monthly statement. -
How do I apply for a line of credit? Apply for a line of credit either in person or over the phone. You’ll benefit from a preferential variable rate to finance your projects. -
How do I choose between an RRSP loan or line of credit? Learn how to choose between an RRSP loan or line of credit.
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