Greater Bank Business Line of Credit - Secured by a Term Deposit
Line of creditSecured
Revolving credit facility for business purposes - Secured by a Term Deposit
- Establishment fee
- Not published
- Monthly fee
- $15
- Borrow
- From $30,000
Interest rate a year, from
Loan details
Rates
- Interest rate (a year)
- 9.95%
- Rate type
- Variable
- Security
- Secured
- Type of finance
- Line of credit
Limits and fees
- Loan amount
- From $30,000
- Loan term
- Not published
- Establishment fee
- Not published
- Monthly fee
- $15
Pros and cons
Pros
- One rate for everyone. Everyone approved gets 9.95%, so the rate you see is the rate you get.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
Cons
- A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
- Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
- A $50 late payment fee. Setting up automatic repayments avoids it.