Line of Credit

For a fast application process, you’ll need the following information. 

• Driver’s license or passport
• Employment information (name of employer, legal/physical address, phone number, occupation, total time with employer/time in sector, employment status (full time or part time; hourly or monthly)
• Income verification (a current pay stub AND recent T4 slip/final pay stub from previous year)
• 3 years of income tax and Notice of Assessment (if you’re self-employed)
• List of assets and liabilities
• Disclosure of previous bankruptcy, judgements, consumer proposals, alimony, child support
• Residence details (homeowner/renter, mortgage/rental payments, annual/monthly property tax, energy bills needed if on equalized payments)

When you get a line of credit, you usually take on a 5 to 10-year payment plan. If you repay your line of credit, those funds are still available to you should you need them again. 

Your approved loan amount is ready for you to access anytime you need it. You can simply transfer funds from the loan to your No-Fee Chequing Account in online banking or your mobile banking app.

• Choose Payments & Transfers > Transfers > Transfer Money
• Choose the To Own Account
• Follow the prompts and you're set!

Interest is calculated every day on what you owe.

• We add any new advances and subtract any payments.
• We multiply your unpaid balance by your annual interest rate and divide by 365 days (or 366 in a leap year).

A personal loan is a “one-time” loan with a purpose, for example, a major purchase. The loan funds are placed into your chequing account for your use. Once the loan is paid off, you no longer have access to those loan funds.

A line of credit is attached to your chequing account, which means if you spend more money than you have in your account, funds from your line of credit will cover you up to your approved limit. Lines of credit are  known as “revolving” credit which means you can pay off your line of credit but still have access to your approved funds anytime you need them again.

On top of that, you usually pay fixed interest on a personal loan, while a personal line of credit includes variable interest paid only on your outstanding balance.

An overdraft is an account safety net that automatically covers transactions that exceed your balance. It prevents declined transactions and non-sufficient fund fees. It is meant for short-term coverage since interest is calculated daily on the amount you use.

Overdrafts are typically between the amounts of $500 to $5,000.

A line of credit is a revolving loan where you transfer money from your line of credit to your chequing account as you need it. Lines of credit offer lower interest rates than overdrafts and interest is charged monthly on any outstanding balance.

Lines of credit are typically for larger amounts ($5,000 or more).

You’ll only pay interest on what you use for both loan types. 

A line of credit typically offers a much lower interest rate, annual fee, and flexible payment options.

A credit card can offer rewards points but an Innovation line of credit offers Member Rewards cash as part of their profit sharing program.

A secured line of credit is when you use your home, investment portfolio, or other item of value as collateral for your loan. You'll enjoy a higher credit limit, faster approvals times, and lower interest rate as compared to unsecured credit lines.

An unsecured line of credit is when you do not use collateral to apply for your line of credit. You'll receive a lower credit limit, starting at $5,000, with an interest rate based on your creditworthiness.

When you have an Innovation line of credit, you’ll earn cash every three months simply by having a loan with us. You can earn additional cash for having other Innovation loan or savings products, plus monthly cash for conducting basic digital banking transactions. Learn more about our Member Rewards program.