Join Frontline Credit Union today!
At Frontline, a loan can make good financial sense. Interest rates are much lower than those charged on many credit cards. The interest rate is fixed which means the monthly payments are more predictable and stay the same over the life of the loan.
To put it simply, a line of credit is a maximum approved borrowing amount that is determined based on financial circumstances.
A personal line of credit provides an increased amount of flexibility and financial benefits. The funds can be used how and when you see fit and you will only pay interest on the used balance of the line of credit. Should you decide to pay it off entirely, the available balance will always be there for you, just in case. Feel free to use the money as you see fit, from home renovations to the dreaded scheduled maintenance checks on your car that always seem to uncover hidden costs.
Bottom line is, a Frontline line of credit is flexible, versatile and, thanks to the always competitive interest rates, efficient.
Sometimes we just don't have enough money left in the pot to contribute to our RRSPs for maximum tax savings. In a case such as this, an RRSP loan can be an efficient way to capitalize on the tax savings benefits of an RRSP.
A low interest rate on your loan, coupled with added income tax, make investing in an RRSP very beneficial. These loans are open, which means that you can apply your tax refund to pay down your loan at anytime.
Please don't hesitate to ask us if an RRSP loan is in your best interest, that's what we're here for!