$5k$25k$50k
A personal line of credit gives you a pool of money you can draw from anytime — pay interest only on what you actually use. Approve it once at 4.95-7.45% APR, then it sits there ready for emergencies, opportunities, or anything in between. Most Canadians who set one up never go back to credit cards for big purchases.
Add real draws and repayments. We'll show your live balance, monthly interest, and how much you save vs. a credit card.
EQ Bank's personal line of credit is the lowest published rate in Canada — even the Big 6 charge Prime + 2.50% or higher. Fully digital. No annual fee. No setup fee. No minimum draw. Approved limits average $18,500.
Min credit score 680. Variable rate: Prime + 0.50% (Prime currently 4.45%). Interest-only minimum payment. No annual fee. Available nationwide except Québec. CDIC-insured federal bank.
Every lender below offers no annual fee, no setup fee, and interest-only minimum payments. Pick by rate.
Once you have one, you'll wonder how you ever managed without it. Real scenarios, real math, real numbers.
Approved once, available forever. An unused $10k LOC costs $0 sitting open — but it's instant when the water heater dies.
Pay contractors as the work happens. Interest accrues only on what you've actually drawn — not the full project cost.
Self-employed or freelance? Draw during slow months, repay in busy ones. Auto-replenishes as you pay it down.
Travel, wedding, appliance? A credit card charges 19.99% APR. A LOC drops it to 6.40% — same money, two-thirds less interest.
Pay each semester at registration, not the whole year upfront. Interest accrues only on the current draw — not the full $8k.
Severance ending, new job starts later? A LOC closes the gap. Draw to cover bills, repay when the first paycheque lands.
Soft credit check shows your approved limit and rate. No score impact at this stage.
Two recent pay stubs or a Notice of Assessment for self-employed. T4 if employed.
Lender runs a hard credit check. 5-10 point temporary score drop. Decision within 24-48 hours.
Your limit is ready to draw. Transfer to your chequing, write cheques, or use a linked card.
Interest accrues only on drawn balance. Repay any time. Auto-replenishes as you pay down.