| Financial Institution |
Rate |
| Alterna Bank |
3.250 |
| Alterna Savings |
3.250 |
| Comtech Credit Union |
6.250 |
| FirstOntario Credit Un. |
5.250 |
| Laurentian Bank Canada |
5.500 |
| National Bank |
3.500 |
| PACE Savings & Credit Un |
6.750 |
| Your Credit Union |
4.250 |
| Your Neighbourhood C.U. |
5.750 |
Last Update: 11-07-2009 11:30:03
A line of credit is an agreement by a financial institution to loan money to a borrower up to an agreed upon maximum. Interest is only charged on the money that is actually withdrawn from the line of credit. Some financial institutions require that the borrower keep a balance of at least 10 per cent of the line of credit. With a secured line of credit, the bank holds as collateral some property of the borrower. If the borrower defaults on the loan, the collateral is forfeited.
The chart shows Secured Lines of Credit loan rates offered by selected Canadian financial institutions.
All rates are based on a line of credit of $5000.
These rates are for indication purposes only and should be confirmed with each institution directly. The actual rate available to a borrower will vary depending upon a number of factors which may include general credit worthiness, security/collateral provided, borrowing/repayment history and the extent to which the borrower has other products/services with that particular vendor.
Data provided by 
