NORTHERNLINE

This is a simple line of credit that gives you easy, continuous access to money (up to a certain limit), without having to re-apply for credit.

It actually works a lot like a bank account – when making a purchase you simply take the money from this account, and then pay it back in whole or in part. Unlike a conventional loan, once you decrease the balance owing by paying into the account, that money then becomes available for you to use again.

Who’s eligible?

Any person, business or organization who is a member. You must have a strong credit history to be eligible for this product.

Rates

When you’re approved for the line of credit, you’ll receive a variable rate, set on an individual basis. You’ll only be charged interest on the amount that you borrow from your line of credit, and only for the amount of time it takes you to pay it back.

Payments

Payment amounts, frequency and dates are agreed to when you’re approved. And they’re flexible – you can opt to pay a fixed amount, a percentage of the total amount owing or interest only. Your payments are taken automatically from another Northern Deposit Account of your choice, but only if there’s a balance owing.

You also have the freedom to make extra payments, or pay the balance owing at any time, without penalty.

Disability Insurance

If you find yourself injured or seriously ill, it can be very difficult to make your payments. That’s why we offer you the opportunity to buy disability insurance. This coverage activates if you’re off work for an extended period of time due to sickness or injury, and will cover your payments until you’re better, or until your line of credit is paid-off (certain conditions apply). We strongly recommend that you purchase this coverage.

Life Insurance

This coverage is similar to the disability coverage, but covers you in the case of your death, ensuring your loved ones are not stuck with your debt. We strongly recommend you purchase this coverage.