Personal Line of Credit
Think of a personal line of credit as money ready to borrow at any time. You can access funds quickly and conveniently and you'll only pay interest on the amount you access. How you use the money is up to you.

The rates we offer on our personal line of credit products are lower than most credit cards. Plus, you can choose a secured line of credit for an even better interest rate.

For complete peace of mind, creditor insurance is also available.

Features and Benefits:

Finance a major purchase or just be ready for the unexpected
Pay down higher-rate debts
Credit limits from as low as $5,000
Low variable interest rate

Unsecured vs Secured Line of Credit
	Unsecured	Secured
Benefits	Quick approval process Ongoing access to funds for smaller purchases	Access a lower interest rate by securing it with your home or other cash assets Ongoing access to funds for larger purchases, debt consolidation or home renovations
Security required	No	Yes
Starting minimum limit	$5,000 and up	$5,000 and up

Secured Line of Credit
Gain access to more funds at a lower interest rate by leveraging the equity you have in your home or other assets like Canada Savings Bonds, Ontario Savings Bonds or term deposits.

As with a regular personal line of credit, you only pay interest when you access your funds and the rates are lower than most credit cards.

For complete peace of mind, payment protection is also available.

Features and Benefits:

Ideal for financing a major purchase, home renovation or debt consolidation
Flexible payment options, including interest-only payments
Credit lines from as low as $5,000
Lower variable interest rate

Unsecured vs Secured Line of Credit
	Unsecured	Secured
Benefits	Quick approval process Ongoing access to funds for smaller purchases	Access a lower interest rate by securing it with your home or other cash assets Ongoing access to funds for larger purchases, debt consolidation or home renovations
Security required	No	Yes
Starting minimum limit	$5,000 and up	$5,000 and up

Student Line of Credit
Our student line of credit is a great option for eligible students currently enrolled in full- or part-time post-secondary studies at an accredited Canadian university or college. It provides an easy solution to cover expenses such as tuition, books and living costs.

Features and Benefits:

✓ Access up to $10,000 per year, up to a maximum of $40,000 over four
years of study*

✓ Make interest-only payments while in school and up to one year after
graduation

✓ Competitive interest rates (we have some of the lowest interest rates
in the market)

How to improve your credit score

Your credit score determines how much you qualify to borrow and how much you’re charged for a loan. Here are 7 tips to help boost your score.

How to use your line of credit

A line of credit acts as a preset borrowing limit. It provides you with the flexibility to take money out at any time to cover unexpected expenses or to use as a resource to pay for projects such as home renovations.

Get Approved for a Line of Credit or Loan

Loans and lines of credit have lots of similarities but there are some differences. Understanding these differences is the first step towards getting approved.

Creditor Insurance
Protect your loved ones and gain peace of mind. Our payment protection† benefit ensures your financial obligations will be met if you experience disability, critical illness or job loss, or in the event of your death.

Creditor insurance is available for the following products in the event of death, disability, and critical illness:

Mortgages
Personal loans
Lines of Credit

Furthermore, creditor insurance is also available for the following products in the event of job loss:

Mortgages

Legal

*Approval and credit limit are subject to Alterna’s credit approval criteria.

†Payment Protection Legal Disclaimer:
Creditor’s group insurance coverage is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.

Line of Credit Options

Unsecured vs Secured Line of Credit

Unsecured

Secured

Benefits

Security required

Starting minimum limit

Unsecured vs Secured Line of Credit

Unsecured

Secured

Benefits

Security required

Starting minimum limit

Personal Loans

Articles

How to improve your credit score

How to use your line of credit

Get Approved for a Line of Credit or Loan

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