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To access your line of credit, you can write a special check, on the institutions website, over the phone or in person at an institutions branch. This is during your draw period. Youll then pay back the money you borrowed, plus interest, during the repayment period.
A line of credit is a flexible loan from a financial institution that consists of a defined amount of money that you can access as needed. You can repay what you borrow from a line of credit immediately or over time in regular minimum payments. Interest is charged on a line of credit as soon as money is borrowed.
Easy access overdraft protection. A checking line of credit is a revolving credit line that is attached to your checking account.
To access money from your line of credit, you may: write a cheque from your line of credit. use an automated teller machine (ATM) pay a bill using telephone or online banking. transfer money to your chequing account using telephone or online banking.
The borrower can access funds from the LOC at any time as long as they do not exceed the maximum amount (or credit limit) set in the agreement.

People also ask

A line of credit is a flexible loan from a bank or financial institution. Similar to a credit card with a set credit limit, a line of credit is a defined amount of money that you can access as needed and use as you wish. Then, you can repay what you used immediately or over time.
Like credit cards, a line of credit is considered revolving debt and treated similarly when generating your credit scoreif you make your payments in full and on time, it will reflect positively in your credit score.

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