Lines of credit
Explore our lines of credit
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Have a project that'll cost at least $1,000? Use our tool to help you choose the financing that's right for you.
Before you borrow
- Take the time to review your budget.
- Come up with a plan to pay down your debt.
- Learn more about your credit report and how it's used.
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What is a line of credit?
With a Personal Line of Credit, you get a pre-authorized amount that you can access independently. You can also reborrow the amounts you pay back as you need. If you choose this option, make sure you’re able to manage your loan responsibly. You must be able to pay more than the interest each month and to repay any amount used as soon as possible.
FAQ
What is the difference between a line of credit and a credit card?
There are many differences between an unsecured Personal Line of Credit and a credit card.
- Use: A line of credit is most useful for unexpected expenses and renovations, while a credit card is best for ongoing expenses.
- Interest rate: The interest rate on a line of credit is usually lower than that on a credit card.
- How interest is calculated: Interest on a line of credit is calculated daily from the time you borrow the funds. Credit card interest is calculated on the average daily balance from the date of each purchase or cash advance.
- How interest is paid: You must pay the interest on a line of credit at least once a month. With a credit card, you have a grace period to pay off your balance from the date your monthly statement is issued. If you pay it off before the statement due date, you don’t have to pay interest, except on cash advances.
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–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.
How does interest on a line of credit work?
You start accumulating interest on the amount you borrow from the day you use the funds. This interest is calculated daily based on your line of credit balance and your annual interest rate. You must pay it at least once a month.
Can I make transfers between my line of credit and my everyday account?
Yes, you can transfer funds from your line of credit to your everyday account or pay down your line of credit by transferring funds from your everyday account. Here’s how.
In a browser
- Log in to your account.
- Select Transfers, then Transfers between accounts.
- Select the accounts you’ll be transferring from and to.
- Enter the amount you want to transfer, then select Confirm.
In the Desjardins mobile services app
- Log in to the app.
- Select Transfers, then Transfers between accounts.
- Select the accounts you’ll be transferring from and to.
- Enter the amount you want to transfer, then select Confirm.
How do I increase my line of credit limit?
Contact your advisor if you want to increase your line of credit limit.
Book an appointment to discuss your plans
By phone
Montreal area:
514-224-7737 This link opens your phone app. (514-CAISSES)
Elsewhere in Canada:
1-800-224-7737 This link opens your phone app. (1-800-CAISSES)
We can also call you when it's convenient.