There are times in life when you need an extra boost. Pam and Aubrey want to get ahead on their debt as they are expecting their first child. Claire and Marshall wake up one day to discover that the pipes in their bathroom needed a major overhaul. Self-employed Vera and Isaac want to jumpstart their investments during a slump in Vera’s income.
All these people were able to achieve what they set out to do by using a line of credit. Different from a loan or a credit card, a line of credit (LOC) has a place for almost all Canadians.
What it is
While a typical personal loan provides a set amount of cash, a LOC acts more like a credit card, allowing you to access the funds only when they are needed. A LOC typically has a lower interest rate and a higher limit than a credit card.
There are a number of different kinds of LOCs, but they typically fall within two categories:
When to use it
As with all loans, it’s important to think carefully when taking out an LOC. A debt-dependent lifestyle can hinder your financial and personal growth. But when used conscientiously, they are a valuable tool to have in your financial arsenal.
Some examples of how a LOC could be used:
A line of credit can be a lifesaver, but it can’t fix every problem. The flexibility and low interest rate of a line of credit can provide the financial boost needed in a variety of situations, but developing a repayment plan is essential.
When faced with difficult financial decisions, the best strategy is always to weigh your options, and get professional advice. Discuss your options with SafeBridge today.
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Chris is a Co-Founder and Financial Advisor at SafeBridge Financial Group, the originators of Mortgage Centered Financial Planning, and is passionate about serving his clients and empowering the incredible team to “Be Better. Be Inspiring.” Prior to co-founding SafeBridge, Chris started his career as a Financial Advisor with Sun Life Financial, formerly Clarica Financial Services, and had the privilege of serving many clients financial needs for over a decade.
Over the last 20 years we’ve been successful in attracting over 60 various lenders that our clients can benefit from. SafeBridge has evolved over the years and has become a very successful company…. The education, that comes along with not just the mortgage agent side of things, but also on the insurance and the investments and the financial planning all comes together in one holistic approach.
Dena is a seasoned Mortgage Broker with 24 years experience in the financial industry. She started her career at Canada Trust as a part-time Teller while attending York University. During her 15 years with TD Canada Trust, Dena held various positions of increasing seniority. As a Senior Financial Advisor she gained knowledge in many disciplines in the banking and investment arena.
For several years Andre has worked in the Financial Planning and Mortgage Solutions field with Scotiabank. After experiencing success, and gaining a wide knowledge base in the banking world, he decided to leave the bank to join a Boutique Mortgage Brokerage, Safebridge Financial Group. Andre made the change so that he could offer clients a wider variety of mortgage options and lenders.
At SafeBridge we believe in experiencing growth together. We want to ensure that each of our agents is successful and feels a part of the SafeBridge team. We offer customized training, lender previews, team events and even team trips to build the strong culture of inclusion and support that so many of our agents enjoy.
We believe it is essential to hire and Partner with the right people. We are looking for the best and brightest in the Industry to join our Exclusive Group of Professionals. Our team consists of loyal top producing Agents that have demonstrated exceptional care for their clients and passion for the industry in which they serve. Our Mortgage Centered Financial Planning approach helps our team foster long lasting relationships, which brings a unique process to the mortgage business.
With over 20+ years in the Mortgage Industry, SafeBridge has built a solid reputation in the industry and is well respected by all major lending partners. SafeBridge has partnerships with over 10 insurance providers in Canada and has access to hundreds of mortgage products.