Lines of Credit

Inflation Buster

The Credit Union offers a variety of credit facility options that can assist our members during periods of uncertainly. We offer Line of Credits, Mortgages and Meritlines with helpful options to make payments more affordable especially during challenging times. If you are finding it difficult to make ends meet, call us today for a consultation.

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.

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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. It 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.

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Balance Buffer

With our Balance Buffer 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.

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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.

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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.

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Investment Line of Credit

With an Investment Line of Credit, you need only apply once and the funds are available to you year after year. The investment is held on deposit here at the Credit Union.

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*Line of Credit (LOC) rates are a Variable Rate LOC based on the Credit Union’s Base Rate (Prime). Variable Rate LOCs will have an adjustment factor above the Base Rate. For example, if the Base Rate is 4.00% with an adjustment factor of 4.00%, your total Interest Rate will be 8.00% APR. The Credit Union may vary the Base Rate at anytime. The Base Rate is not geared to the Bank of Canada’s Rate or the Prime Rate you may see at other Financial Institutions. Your adjustment factor will remain the same for the term of your LOC.