A Loan When You Want It
Now there’s a cool idea: Be your own lender.
Set up a line of credit at Creative Arts, and then draw on it anytime you like, for any purpose. You control the time of advance, and you decide on the repayment schedule.
The Ultimate in Flexibility
A line of credit (LOC) is a personal or business loan with no fixed repayment period. Interest charges are calculated as a percentage over the Prime Rate, which is at a very attractive 4.00% today. Interest on the amount borrowed is payable monthly but you decide how quickly you want to repay the principal. Typically, Creative Arts requires a minimum monthly payment of 3 percent of the amount drawn as a principal reduction on a personal LOC.
Ready Cash When You Need It
Here’s the beauty of a LOC – once the line is established, it’s available to you without notice to the credit union and without a new application for each borrowing purpose. The undrawn portion of the line remains available to you at all times and you can access it conveniently by transferring lump sums to your chequing or current account. Then just use your debit card, a cheque, or online or telephone banking to spend the funds. Keeping the line in force year after year is easy – it’s subject only to a satisfactory annual review of your credit standing. And there’s no monthly fee – don’t use it; don’t pay a cent.
Two Great Choices
Creative Arts offers two attractive types of LOCs:
The ADVANTAGEline Line of Credit can be either unsecured, or secured with collateral, depending on your credit history. The minimum credit limit is $5,000, and there are no set-up costs.
The MERITline Home Equity Line of Credit allows you to use the equity value in your home to secure the line, which guarantees you the lowest borrowing rate possible. The minimum credit limit is $20,000 and set-up costs, including an appraisal, are as low as $420.
If you want to avoid the hassle of applying for a new loan each time a borrowing need comes along, consider a line of credit. For a personal, private conversation, call us at 416-642-6749 or 877-643-3660, or stop by our office in the ACTRA building. Find out how empowering it can be to be your own banker.
Creative Arts is working with potential suppliers to offer a customized credit card product where the approval process is sensitive to the special circumstances of entertainment professionals, such as self-employment and variable income. We expect to announce our credit card offering in the months ahead.
Check our current rates.