Line of Credit

Maximize your purchasing power. When it comes to smart money management, one of the smartest things you can do to make the most of your purchasing power is to establish a Line of Credit with the credit union.

A Line of Credit is a one-time approved ongoing loan that allows you to borrow up to a pre- arranged limit by simply writing a cheque, using an ATM, or making a Direct Payment purchase.

You only pay interest on the exact amount you borrow and only for the number of days you’ve used it… at rates substantially below retail credit cards.

It’s ready cash when you really need it – travel emergencies, car repairs and to take advantage of savings on specially priced on-time bargains. And the Line of Credit is your protection at any time against over-drawing your account or having cheques returned because of insufficient funds.

The OWCU Line of Credit is a sensible part of your money management program to maximize your buying power:

  • Lines of Credit are loans which advance to chequing accounts as required – providing overdraft protection.
  • These are variable rate loans – interest rates may fluctuate through the repayment period, based on changes in the market and the prime rate.
  • Interest rates are based on the type of security available.