Personal Line of Credit
Get a set amount
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What is a Personal Line of Credit?
Our Personal Line of Credit is a pre-authorized amount of money that you can access at any time for whatever you need. It’s a good financing option if know how to manage your credit.
Benefits of the Personal Line of Credit
Cover costs
Pay for short-term expenses or use the available funds for an unexpected bill.
Make a big purchase
Use your line of credit to help you pay for a major purchase, such as a new refrigerator.
Cross items off your bucket list
Pursue a personal goal, like renovating your kitchen or going on a trip.
What sets our Personal Line of Credit apart
Quick access to funds
Access the available amount directly from the everyday account linked to your line of credit.
Good interest rate
Get a variable rate that’s generally lower than rates on credit cards.
Self-service
Manage your funds yourself using our mobile and online services, whether you’re making a payment or requesting a credit limit increase.
Benefits of the Personal Line of Credit
Convenient
Use the amount available on your line of credit whenever you see fit.
Reusable
You can reuse the credit you’ve paid back for future needs.
Flexible
Though you have to pay the interest each month, you can repay the amounts you’ve used at your own pace. Note that the earlier you pay it down, the less debt you’ll have.
Features
Amount available
Based on your needs, financial situation and ability to repay
Interest rate
Variable, tied to the prime rate and based on the authorized amount and other factors, such as your current financial behaviour
Interest rate calculation
Calculated based on the daily balance and only applies to the amount used
Repayment
Monthly interest payments required, can repay principal at any time without penalty
Differences between the Personal Line of Credit and a personal loan
| feature | Personal Line of Credit | Personal loan |
|---|---|---|
| Amount loaned | Depending on your needs, financial situation and ability to repay | Depending on your needs, financial situation and ability to repay |
| Availability of funds | Amount available at any time, to use when you see fit | Fixed amount paid out once |
| Interest rate | Fixed rate | Fixed or variable rate |
| Interest | Only on amount used | On entire amount borrowed |
| Regular payments | Monthly interest payments required, can repay principal at any time without penalty | Fixed payments (both principal and interest) on a set schedule until fully paid off |
| Full or partial repayment | At any time and without penalty | At any time and without penalty before the end of the term |
What you need to know before applying for a line of credit
- Make sure you clearly state your financing need so we can properly process your application.
- Learn about debt management to make sure you can repay any amounts you borrow.
Useful tools available in our online services
Find a borrowing solution
Have a project that’ll cost at least $1,000? Use our tool to help you choose the borrowing solution that’s right for you.
Credit report
View your credit report for free and keep an eye on any changes to your credit score.
Manage debt
Check your debt level in a few quick steps and get personalized tips to help you get on top of things.
FAQ
How do I repay my line of credit?
You can fully pay off your line of credit or schedule a partial payment using our mobile and online services.
In the app
- Log in to the Desjardins mobile services app.
- In the Accounts section, select See all.
- On the Account summary page, under Cards, loans and credit, select your line of credit account.
- Select Make a transaction, then Line of credit payment.
In a browser
- Log in to AccèsD.
- On the AccèsD home page, under Cards, loans and credit, select your line of credit account.
- Select Line of credit payment.
How do I increase the limit on my Personal Line of Credit?
You can increase your line of credit limit in our mobile and online services.
In the app
- Log in to the Desjardins mobile services app.
- Select your line of credit, then select Manage limit.
In a browser
- Log in to AccèsD.
- Select your line of credit.
- Select Account actions, then Manage limit.
For questions regarding your line of credit, you can schedule a call and we’ll call you when it’s best for you.
What is the difference between a secured line of credit and an unsecured line of credit?
With a secured Personal Line of Credit, you provide collateral. Collateral is an asset that may be seized if you don’t pay off your loan. You could use your vehicle or savings as collateral, for example. Providing collateral usually gets you a lower interest rate than you’d have with an unsecured Personal Line of Credit.
Apply for a Personal Line of Credit
By phone
Montreal area:
514-224-7737 This link opens your phone app. (514-CAISSES)
Elsewhere in Canada and the US:
1-800-224-7737 This link opens your phone app. (1-800-CAISSES)
To avoid waiting on hold, you can also schedule a call.