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Line of Credit

Personal, Commercial & Agricultural

Having a line of credit allows you to access money when you need it - for emergencies, home appliances, car repairs, etc. How you use the funds is up to you. A line of credit allows you to overdraw your chequing account within a pre-established limit. The line of credit is accessible by issuing cheques, Direct Payment purchases and ATM cash withdrawals.  Interest is charged on the amount borrowed and only for the number of days it is used. If you don't use it you don't pay interest.

Personal Line of Credit

  • Overdraft protection up to a pre-authorized limit
  • If your line of credit is not used, interest is not charged
  • Interest is calculated only on the negative balance in your account on a daily basis and is charged monthly
  • Funds can be accessed by writing a cheque, by using your MEMBER CARD® Debit Card, or by withdrawing funds in branch on the connected chequing account
  • No yearly fee for personal lines of credit
  • We offer competitive interest rates

Commercial and Agricultural Line of Credit

  • Accessible immediately up to a pre-authorized limit
  • Built in flexibility to help your business operate because when your cash flow in does not always match your cash flow out.
  • No separate account to manage. Your Erickson Credit Union Line of Credit operates like an overdraft on your chequing account. This saves you money as you only pay interest on the amount you are using and only for the number of days that you use the line of credit.
  • Low monthly fee of $5 / month.
  • No interest charges if the Line of Credit is not used.
  • We offer competitive interest rates.

 

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We've Got You Covered

When you use your debit card, purchases are protected if broken or stolen, and their warranties are extended. A unique benefit for credit union members!

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