Line of Credit
Rates
| Type | Rate |
|---|---|
| Unsecured | from 6.95% |
| Preferred Rate | from 6.50% |
| Secured | from 4.20% |
| Equity (1st Mtg) | from 3.75% (FSCU Prime plus 0.75%) |
| Equity (2nd Mtg) | from 4.25% (FSCU Prime plus 1.25%) |
All of our Lines of Credit have these same great features:
- Apply once, then borrow and repay as often as needed without re-applying.
- Instant access to funds through online banking, cheque, debit, and ATM withdrawal.
- No maintenance fees.
- Only pay interest on the amount you borrow.
- Insurance options with premiums only charged when you have a balance.
The lowest rates are available to members with excellent credit ratings. We offer our Line of Credit in three styles to suit your circumstances:
- Our Personal Line of Credit gives you access to our unsecured rate (from 6.95%) and has a maximum amount of $25,000. Your payments are 3% of the outstanding amount.
- Our Deposit-Matched Line of Credit gives you access to our secured rate (from 4.20%) if you pledge non-registered deposits that you hold with FSCU for the duration of the loan as security. If you hold registered deposits with FSCU, you cannot pledge them as security, but still get access to our preferred rate (from 6.50%). The Deposit-Matched Line of Credit has a maximum amount of $50,000, and your payments can be as little as the interest charges each month.
- Our Home Equity Line of Credit allows you to pledge your home as security to get access to special rates (see sidebar). The maximum amount is $500,000 (or 80% of the appraised value of the property), and your payments can be as little as the interest charges each month.
Interested in a line of credit?
Charlene