Lines of credit
A line of credit is a type of loan that lets you borrow money up to a pre-set limit. You don't have to use the funds for a specific purpose. You can use as little or as much of the funds as you like, up to a specified maximum.
You can pay back the money you owe at any time. You only have to pay interest on the money you borrow.
To use some lines of credit, you may have to pay fees. For example, you may have to pay a registration or an administration fee. Ask your financial institution about any fees associated with a line of credit.
Original Article Source Credits: Government Of Canada , https://www.canada.ca/
Article Written By: NA
Original Article Posted on: 2019-03-21
Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/loans/loans-lines-credit.html