Lines of credit
A line of credit is a smart way to ensure you have some extra funds available for situations like unexpected purchases or cases of an emergency. Once approved for a line of credit, you do not have to re-qualify again. Once approved, you are free to make advances from your line of credit up to your available approved limit, and pay interest only on the amount you borrow. Repayment on your line of credit will be dependent on your budget and ability to make payments at the frequency you choose. Both secured and unsecured lines of credit are available and rates, limits and qualifications will be mainly dependent on the applicant’s credit worthiness and security offered.
To help protect you and your loved ones, Bow Valley Credit Union offers life, disability and accidental insurance on our lines of credit. In the event something happens to you that could alter your ability to continue with payments, your insurance coverage will cover both interest payments due monthly, and pay back a part of the balance owing based on the amount owing over the past few months. This option provides you with the peace of mind knowing that your payments will be covered, while maintaining your good repayment history, so that you can focus on getting better. Flexibility is also available in that you only pay for insurance coverage monthly, based on the amount you had borrowed for the previous month.
Should you be using your Line of Credit to purchase a home, vehicle, home repairs, etc Bow Valley Credit Union offers Home and Auto Insurance with our partnership through Johnson Insurance. At discounted rates offered exclusively to our Bow Valley Credit Union Members, it is just one more reason to get a free no obligation quote and start saving today.