Solutions Banking™ lines of credit
Flexible loans to finance your goals
Solutions Banking borrowing options can help you pay for the projects and purchases that are important to you and may otherwise take months or years to set aside money for.
Solutions Banking products and services are provided by National Bank of Canada, and are offered through certain advisors only. Other bank products and services are provided by National Bank of Canada under its own name, and are provided through other advisors. For further information, ask your advisor.
Flexible use
Use the funds for whatever you like, not just for a specific purpose.
Flexible repayment
You can pay back the money you owe at any time.
Lower interest
Line of credit interest is usually lower than for a credit card or a personal loan.
What is a line of credit?
A line of credit is a special type of loan lets you borrow money up to a pre-set limit. You can access the money from your line of credit by cheque, automatic teller, phone or online banking.
More advantages of a line of credit
You can use as much of the funds as you like, up to a specified maximum.
You only have to pay interest on the money you borrow.
Disdvantages of a line of credit
With easy access to money, you need to be disciplined to control your spending, so you don’t get yourself into financial trouble.
If interest rates rise, you may have difficulty paying back your line of credit.
Compare Solutions Banking lines of credit
|
Secured Personal Flex Line |
CSV line of credit | |
|---|---|---|
| Minimum credit limit | $5,000 |
$50,000 |
| Security |
Secured by your Canada Life Mutual Fund or segregated fund policy which means lower interest rate |
Secured by the cash surrender value (CSV) accumulated in your permanent life insurance policy issued by Canada Life |
| Interest |
Competitive variable interest rate | Competitive variable interest rate |
| Other features |
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- Footnote ®1
- ®1 Registered trademark of Fiserv Inc.
- Footnote TM
- TM Solutions Banking products and services are provided by National Bank of Canada, and are distributed by The Canada Life Assurance Company (Canada Life). Solutions Banking is a registered trademark of Power Financial Corporation, used under licence by National Bank of Canada and Canada Life.
- Footnote *
- * Fee waiver does not include Interac®1 and CIRRUS®3 network or services fees or convenience fees charged by some financial institutions or private ABMs. For full fee disclosure, refer to the Solutions Banking Product and Services Guide to Fees.
