Lines of Credit

Meritline

With a Meritline home equity line of credit you are able to tap into the cash your house is holding captive! If you’re a homeowner who’s built up some solid equity in your home, flexibility in borrowing is now within reach! Unlike a conventional loan, once you decrease the balance owing by paying into the account, that money then becomes available for you to use again. A Meritline home equity line of credit is also mortgage secured.

  • Flexible payment options
  • Revolving credit – no reapplications
  • Lower interest rates than retail credit cards
  • You decide when and why to use the funds
  • Better interest rates because the credit is secured
  • Freedom to make lump sum payments
  • Prompt, one time approval

Example: 

Appraised value of your home: $150,000
80% of appraised value:            $120,000
Present mortgage balance:      $   50,000

Available line of credit:               $ 70,000

You can borrow up to 80% of the appraised value of your home, less the outstanding balance of any mortgage. And in some cases, the interest is tax deductible. So go ahead and make that home improvement you didn’t think was possible. Erase those university loans. Consolidate some bills. The possibilities are endless.

Once your Meritline home equity line of credit is set up, just write a cheque on your PenFinancial Credit Union Chequing Account. Interest rates at PenFinancial are always competitive and with a PenFinancial Meritline, you don’t start to pay interest until you write that cheque.

Overdraft Protection

When you require under $5,000 in overdraft protection, then the PenFinancial Platinum is right for you.

Benefits:

  • Protection if you need extra money
  • Automatic repayment when money is deposited into your chequing account
  • You only pay for what you use

Who is eligible?
Any member with a chequing account may apply (Businesses and Organizations can also apply, but there are special conditions as it would be considered Commercial Credit).

Rates
The interest rate on your overdraft is variable and attached to PenFinancial prime. Interest will only be charged if you use the overdraft, and only for the amount of days that you use it – you won't be charged for a full month if you only use it for a week.

Payments
Payments are easy – all you have to do is make a deposit to your chequing account.

Platinum Line of Credit

When you require over $5,000 in an unsecured line of credit, then the PenFinancial Platinum Line of Credit is right for you.

Benefits:

  • Protection if you need extra money
  • Automatic repayment can be set up from any of your PenFinancial accounts
  • You only pay for what you use

Who is eligible?
Any member with a chequing account may apply (Businesses and Organizations can also apply, but there are special conditions as it would be considered Commercial Credit).

Rates
The interest rate on your Platinum Line of Credit is variable and attached to PenFinancial Prime. Interest will only be charged if you use the overdraft, and only for the amount of days that you use it – you won't be charged for a full month if you only use it for a week.

Payments
Payments are easy – and can be set up automatically from any PenFinancial account.

RRSP Line of Credit

With a PenFinancial RRSP Line of Credit you can apply once and borrow money at a low rate every year to contribute to your RRSPs.

Features: 

  • Establish a RRSP loan credit limit and then, with one phone call, borrow up to that limit for RRSPs every year without re-applying
  • Use your tax refund to pay off your loan - you can wait up to 90 days to begin repaying your loan, and you can make loan payments at any time
  • Weekly or accelerated bi-weekly payment schedules -repay your loan quicker
  • Easy to set up
 

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