Innovation Credit Union
Enjoy low 7.5% rates, flexible credit limits from CA$5,000, and fast approval. Interest is only paid on what you use. Quick funds and member rewards included.
Innovation Credit Union’s Personal Line of Credit offers a competitive 7.5% variable interest rate. Applicants must be Canadian residents over 18 with valid ID. Minimum limits start at CA$5,000, scaling as needed. No lump-sum borrowing is required, and you only pay interest on your outstanding balance. The line of credit is attached to your chequing account, instantly making funds available when you need them.
How to Apply: Step by Step
- Submit your application online or call a financial advisor directly.
- Receive instant approval if you meet the eligibility criteria and your credit rating is sufficient.
- Once approved, your credit line links automatically to your chequing account for easy access.
Major Advantages
One of the top features of Innovation CU’s line of credit is its low interest rate. Compared to standard credit cards, you could save significantly on interest.
Flexible repayments and the ability to use only what you need put you in control of your finances. Member rewards could add even more value if you do frequent banking with the institution.
Notable Downsides
A CA$25 annual fee is applicable, making it pricier than some no-fee cards if your usage is low. Application approval may require a strong credit profile.
Also, this loan is only available for personal use and to residents outside Quebec. Lending limits and interest rates can vary based on your creditworthiness.
Verdict
If you seek affordable access to credit with low variable rates and flexible repayment, Innovation Credit Union’s Personal Line of Credit is highly competitive. It is designed for Canadians needing quick and ongoing access to funds, with the added bonus of member rewards to grow your savings over time.
