REVOLVING FLEXIBILITY

Personal Line of Credit

Compare revolving credit options where you can borrow as needed and pay interest only on what you use.

Access funds as needed up to an approved limit
Only pay interest on the amount you borrow
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RateBuddy line of credit insight
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Compare personal lines of credit before choosing flexible borrowing

A personal line of credit can be more flexible than a fixed loan, but the right option depends on rate, credit limit, repayment rules, minimum payments, lender requirements, and how often you expect to borrow.

Use the filters below to narrow line of credit matches by amount, credit profile, income range, lender, and must-have features.

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Personal Line of Credit Options

Compare revolving credit options by rate, credit limit, repayment flexibility, and eligibility factors.

LendDirect
LendDirect Line of Credit
Est. APR
34.99%
Loan Amount
Up to $10k
Loan Terms
Varies
Recommended Score
All Credit Types
Loan Insurance Available
Online Application
No Early Repayment Penalty
Mobile App Available
Soft Credit Check for Pre-approval
Credit Bureau Reporting
Funds Deposited within 24h
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR 34.99%
Loan Amounts $0 - $10,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Loan Insurance Available Online Application No Early Repayment Penalty Mobile App Available Soft Credit Check for Pre-approval Credit Bureau Reporting Funds Deposited within 24h
Highlights & Pros
  • Extremely fast funding via Interac e-Transfer in as little as 15 minutes
  • Reports to Equifax to help build credit history if used responsibly
  • No-fee advances once your line of credit is open
  • Ongoing access to funds: Apply once and take advances whenever needed without reapplying
Things to Consider
  • Very high fixed APR of 34.99%
  • Minimum advance requirement of $50
  • Requires an open bank account in your name and proof of recurring income

Legal Disclaimer: Advances only available for a Line of Credit in good standing; $50 minimum advance requirement.

CIBC
CIBC Personal Line of Credit
Est. APR
Varies
Loan Amount
From $5k
Loan Terms
Varies
Recommended Score
All Credit Types
Online Application
Flexible Repayment Options
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $5,000 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Online Application Flexible Repayment Options Online Account Management
Highlights & Pros
  • Revolving funds mean you only apply once and can reuse the credit as you pay it back.
  • Lower minimum borrowing amount ($5,000) than the secured Home Power Plan.
  • Security is optional, allowing for unsecured access based on creditworthiness.
Things to Consider
  • Variable interest rates fluctuate with the CIBC Prime Rate.
TD Canada Trust
TD Investment Secured Line of Credit
Est. APR
Varies
Loan Amount
Varies
Loan Terms
Varies
Recommended Score
All Credit Types
Secured Loan
No Early Repayment Penalty
Interest-Only Payments Available
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Loan Insurance Available No Early Repayment Penalty Mobile App Available Online Account Management Interest-Only Payments Available
Highlights & Pros
  • Access lower interest rates than unsecured lines of credit by leveraging your existing assets.
  • Maintain your investment strategy and avoid triggering capital gains taxes by borrowing instead of selling.
  • Ultimate repayment flexibility: choose to pay only the interest due each month.
  • Revolving credit nature allows you to borrow, repay, and re-borrow as needed without re-applying.
Things to Consider
  • Market Volatility Risk: If the value of your investments drops, TD may require an immediate principal repayment.
  • Application requires a branch appointment or consultation with a TD Wealth Advisor; no full online application.
TD Canada Trust
TD Personal Line of Credit
Est. APR
Varies
Loan Amount
$5k - $50k
Loan Terms
Varies
Recommended Score
All Credit Types
Online Application
Flexible Repayment Options
Mobile App Available
Online Account Management
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $5,000 - $50,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Loan Insurance Available Online Application Flexible Repayment Options Mobile App Available Online Account Management
Highlights & Pros
  • The Fixed Rate Advantage Option allows you to lock in a fixed interest rate on specific portions of your balance.
  • Extremely convenient fund access: use your TD Access Card, write cheques, or send Interac e-Transfers directly from the credit line.
  • Existing TD customers can apply completely online.
  • As you repay the principal, your available credit is instantly replenished without needing to reapply.
Things to Consider
  • The maximum unsecured credit limit is capped at $50,000.
  • New customers must book an in-person branch appointment to finalize their application.
RBC Royal Bank
RBC Royal Credit Line (Unsecured)
Est. APR
Varies
Loan Amount
From $5k
Loan Terms
Varies
Recommended Score
All Credit Types
No Collateral Required
Flexible Repayment Options
Online Account Management
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $5,000 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
No Collateral Required Loan Insurance Available Flexible Repayment Options Online Account Management
Highlights & Pros
  • No withdrawal fees or overlimit fees, reducing unexpected costs.
  • Excellent account control: easily decrease your limit or close the account entirely via online banking.
  • Set up customized available credit alerts to proactively manage your finances.
Things to Consider
  • Variable interest rate fluctuates with the RBC Prime Rate.
BMO Bank of Montreal
BMO Personal Line of Credit
Est. APR
Varies
Loan Amount
Up to $25k
Loan Terms
Varies
Recommended Score
All Credit Types
No Collateral Required
Online Application
Flexible Repayment Options
Interest-Only Payments Available
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - $25,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
No Collateral Required Loan Insurance Available Online Application Flexible Repayment Options Mobile App Available Online Account Management Interest-Only Payments Available
Highlights & Pros
  • Extremely low minimum monthly payments (2% of balance or $50, whichever is greater).
  • Interest-only payment options available to maximize monthly cash flow.
  • Existing BMO customers can apply online in minutes.
  • Easily access funds via mobile banking, in-branch, or through line of credit cheques.
Things to Consider
  • Variable interest rate means your borrowing costs can fluctuate with the BMO Prime Rate.
  • Unsecured online applications are capped at $25,000 (higher amounts may require collateral and a branch visit).
Mogo
Mogo Line of Credit
Est. APR
Varies
Loan Amount
$500 - $35k
Loan Terms
Varies
Recommended Score
All Credit Types
Fast Approval
Online Application
No Early Repayment Penalty
Soft Credit Check for Pre-approval
Funds Deposited within 24h
Funding: Within 24h
100 Day Money Back Guarantee
Trusted & secure — no obligation
100 Day Money Back Guarantee
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $500 - $35,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Within 24 Hours
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Fast Approval Online Application No Early Repayment Penalty Soft Credit Check for Pre-approval Funds Deposited within 24h
Highlights & Pros
  • 100-day money-back guarantee on interest and fees if principal is repaid
  • Pre-approval process does not impact your credit score
  • No penalties for paying off the balance in full at any time
Things to Consider
  • Base interest rates are not disclosed on the main landing page
  • Availability may be restricted to specific licensed provinces (AB, BC, MB)
KOHO
KOHO line of credit
Est. APR
19.90%
Loan Amount
$1k - $15k
Loan Terms
Varies
Recommended Score
All Credit Types
Fast Approval
Online Application
Online Account Management
Soft Credit Check for Pre-approval
Origination Fee: $0.00
Funding: Within 24h
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR 19.90%
Loan Amounts $1,000 - $15,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Within 24 Hours
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Fast Approval Online Application Online Account Management Soft Credit Check for Pre-approval
Highlights & Pros
  • No annual, late, or origination fees
  • Applying does not impact your credit score
  • Only pay interest on the amount of credit you actually use
Things to Consider
  • Only available to residents of AB, ON, NB, SK, NS, and BC
  • Requires a KOHO account/membership
Nyble
Nyble Credit Building Line
Est. APR
0%
Loan Amount
$30 - $250
Loan Terms
Varies
Recommended Score
All Credit Types
Online Application
Flexible Repayment Options
Bad Credit Considered
Credit Bureau Reporting
Funds Deposited within 24h
Min Income: $12k/yr
0% Interest. Optional $11.99/mo membership for instant funding and identity protection.
Trusted & secure — no obligation
0% Interest. Optional $11.99/mo membership for instant funding and identity protection.
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $30 - $250
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income $12,000/yr
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Online Application Flexible Repayment Options Bad Credit Considered Credit Bureau Reporting Funds Deposited within 24h
Cash Money
Cash Money Line of Credit
Est. APR
34.99%
Loan Amount
$500 - $10k
Loan Terms
Varies
Recommended Score
All Credit Types
Fast Approval
Online Application
Funds Deposited within 24h
Accepts Govt Benefits
Soft Credit Check
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $500 - $10,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Fast Approval Online Application Funds Deposited within 24h Accepts Govt Benefits Soft Credit Check
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Personal Line of Credit Calculator

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Personal line of credit guide

How a personal line of credit works in plain English

A personal line of credit gives you flexible access to money up to an approved limit. You borrow only what you need, pay interest only on what you use, and can reuse the available room as you repay it.

Best for

Flexible borrowing

Useful when costs may come in stages or when you want access to funds without taking a full lump sum on day one.

Works well for

Cash flow gaps and planned needs

Common examples include emergency expenses, ongoing projects, or consolidating higher-interest balances more strategically.

Less ideal for

One-time fixed borrowing

If you already know the exact amount you need and want a fixed repayment schedule, a personal loan may be easier to manage.

1

You get approved for a limit

The lender approves a borrowing limit based on your income, debt picture, credit profile, and other factors.

2

You use only what you need

Unlike a lump-sum loan, you do not need to borrow the full amount upfront.

3

You make monthly payments

Minimum payments are still required each month, even when the balance feels manageable.

4

Credit room opens again

As you pay the balance down, that room becomes available to use again without reapplying.

Why people like personal lines of credit

  • You only pay interest on what you actually borrow
  • You can borrow, repay, and borrow again
  • They can be more flexible than a fixed installment loan
  • They may carry lower rates than credit cards
  • They can work well for uneven or uncertain expenses

What to watch out for

  • Easy access can turn into repeated borrowing
  • Minimum payments can make debt feel smaller than it is
  • Variable rates can rise over time
  • Interest-only style repayment can slow progress
  • A flexible product still needs a repayment plan

Personal line of credit vs personal loan vs credit card

These products solve different problems. The best choice depends on how you plan to use the money.

Product Best when Repayment style Things to keep in mind
Personal Line of Credit Costs may come in stages or you want ongoing access to funds Flexible monthly repayment with reusable credit room Strong for flexibility, but easier to keep carrying debt if you only make minimum payments
Personal Loan You know the exact amount you need upfront Fixed installments over a set term Easier to budget because payments are structured
Credit Card Short-term everyday spending or very short borrowing windows Revolving balance with minimum monthly payment Convenient, but often much more expensive if you carry a balance

When a personal line of credit makes the most sense

A personal line of credit is often strongest when flexibility matters. That could mean funding a renovation in stages, creating a lower-cost backup to a high-interest card balance, or keeping emergency access available without borrowing the full amount immediately.

It can also be a useful middle ground between a rigid installment loan and a more expensive revolving product like a credit card.

Friendly pro tip

The best way to use a personal line of credit is to treat it like a controlled tool, not extra income. Go in knowing why you are borrowing, how you will repay it, and how long you want the balance to stay open.

Before you apply

A few quick checks can help you choose more confidently.

Review the rate type

Know whether the rate is variable and how changes could affect your payment.

Understand the minimum payment

A small minimum can feel comfortable, but it may keep the balance around much longer.

Match the product to the job

If you want structure, a personal loan may fit better. If you want flexibility, a line of credit may fit better.

Best next steps

Compare offers, run the numbers, and make sure the repayment plan is as clear as the borrowing plan.

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Find your perfect Personal Line of Credit

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