Lines of Credit

Personal Line of Credit

This is a convenient option for borrowing cash on a continual basis without repeated applications. You can use the funds for whatever you like or keep available funds for rainy day emergencies. You only pay interest on what you borrow. Minimum interest payments are due at the end of the month. TECU Lines of Credit have the convenience of a credit card without those high interest rates. Operates separately or as a part of your regular chequing account.

Home Equity Line of Credit

TECU MERITline™ enables members to use the equity in their home for investment purposes or for any number of uses. MERITline™ works like a regular Line of Credit, where members have the option to pay interest only when and if you actually use it. If you don't use it, you pay no interest.

Overdraft Protection

With Overdraft Protection you can be covered in the event you run short on cash. You can save money by avoiding NSF fees, costly missed payments and bounced cheques. You can arrange protection starting at $500 up to $5,000.

Non-PCA Line of Credit

The Non-PCA Line of Credit works the same way a regular Line of Credit works; only it is not attached to your personal chequing account. This product would benefit those that are performing large projects and want to keep their finances separate from their everyday bills through their PCA.
 

Line of Flight

The Line of Flight line of credit works the same way as a Non-PCA line of Credit. In a separate account, members can be approved for up to $5000 for travel purposes. An automatic payroll deduction will send funds to the Line of Flight and funds will accumulate there until travel time!  The automatic deductions to the Line of Flight will be applied to the balance until the funds are paid back, and continues to accumulate and grow until it's time to travel again! As an extra bonus, members can also apply for a Credit Union MasterCard with Choice Rewards.
  • This card can earn 1 point for every $2 charged for net retail purchases.
  • You can redeem points for free travel from the CHOICE REWARDS Travel Agency.
  • No Restriction on travel: Any seat, any carrier (airline, cruise, ski package, etc.), Any travel time (even during seat sales and blackout periods), any destination.
If you have any questions please give our Lending Department a call at 416-238-5606.

For more information please click here.

 

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