Caisses Desjardins du Québec and Caisses populaires de l'Ontario [Change site]

Example of use – Long-time owner

How can you manage all your credit needs with the Versatile Line of Credit?

To better understand the advantages of this line of credit, let's look at John Cash's financial summary.

Value of the home: $250,000

Mortgage: $60,000

Credit situation
Line of credit available
Total financing used
Average interest rate
$10,000
application required for additional credit
$99,000
8.53%
$101,000
financing managed by John
$99,000
6.32%

Annual savings with the Versatile Line of Credit: Over $2,000.

Without the Versatile Line of Credit

Without the Versatile Line of Credit, John must apply each time he needs additional financing.

Credit products
Amount
Rate
Term
Mortgage
$60,000
Fixed at 5.90%
5 years
Auto loan (without insurance)
$25,000
Fixed at 12.50%
5 years
Personal Line of Credit
$10,000
Variable at 10.00%
N/A
Credit card
$4,000
Fixed at 19.40%
N/A
Total financing:
$99,000
Average rate of 8.53%
 

With the Versatile Line of Credit

With the Desjardins Versatile Line of Credit, John can redistribute his credit products and get much better rates since he took out security of mortgage with his financing.

Versatile Line of Credit (financing available = 80% of the value of the home): $200,000

New credit product distribution
Amountt
Rate
Term
Mortgage
Portion 1:
$30,000
Reduced variable at 4.50%
5 years
Mortgage
Portion 2:
$30,000
Fixed at 5.90%
5 years
Versatile Line of Credit
(variable portion of the Versatile Line of Credit)
$14,0001
Variable at 5.00%
N/A
Secured auto loan
$25,000
Fixed at 9.75%
5 years
Total financing used:
Financing still available:
$99,000
$101,000
Average rate of 6.32%
 
 

John doesn't have to apply again for additional financing; he can use the funds available as he wishes. In addition to a competitive rate, the Versatile Line of Credit lets him manage his projects or purchases independently from one another and gives him a realistic overview of his credit situation.

For more information
En ligne Online
By phone By phone
(Members)
Montreal area: 514-522-2373
Elsewhere in Canada and the U.S.: 1-800-CAISSES (1-800 224-7737)
At the caisse At the caisse
(Members and non-members)
Make an appointment with a caisse advisor:

1. The line of credit and credit card were combined under the Versatile Line of Credit to take advantage of a better rate.

Interest rate

Desjardins Personal Line of Credit
As of November 21, 2009
Amount
Rate
$5,000 to $12,500
9.75%
Other rates – Line of credit

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