Island Savings

Personal Line of Credit

This line of credit is for you if:

  • you could use a little help paying for that dream vacation.
  • you've finally decided to put the deck on the house.
  • you just have to take advantage of that juicy investment opportunity.

Overview

A line of credit is similar to overdraft protection, in that it also gives you access to available funds up to an approved limit. A line of credit differs in that the approved limit can be much greater and generally secures a much lower interest rate than overdraft protection.

Key Features & Benefits

  • LOC amount: minimum $5,000
  • Can be used to purchase a car, pay for a vacation or to cover short term cash needs
  • Your money is simply an extension of your account
  • Choose between an unsecured line of credit (based on your income and credit rating) OR secured line of credit (based on your assets)
  • Interest charged only on the funds you use
  • Quick approval
  • Interest only payments allowed
  • Flexible payment options
  • No prepayment penalties

Here's how it works

  1. Contact us using our secure online contact form or call any of our branch locations
  2. Your application will be sent to your local Island Savings branch
  3. One of our account managers will contact you to discuss the details
  4. You'll need to come in and sign some paperwork
  5. You'll receive your money—quick and simple!

Protection

Types of Protection

All line of credit protection insurance is paid monthly and is based on the balance owing on your line(s) of credit at the end of each month. These are your insurance options:

Line of credit life insurance

  • Pays the outstanding insured balance of your line(s) of credit, up to $1,000,000, should you die
  • Benefits are paid directly to Island Savings, ensuring there are no tax implications for your family
  • Available to anyone (up to age 65), regardless of the type of employment
  • Protects other insurance policies (private and employee benefits) to provide income for your family

Line of credit disability insurance

  • Covers up to $3,000 a month in regular insured line of credit payments if you become sick or injured and are unable to earn an income
  • Benefits are paid directly to Island Savings, ensuring there are no tax implications for you or your family
  • Available to anyone regardless of the type of employment
  • Protects other insurance policies (private and employee benefits) to provide income for your family

Line of credit critical illness

If you are diagnosed with life-threatening cancer, or suffer a heart attack or stroke, critical illness insurance will pay off your line(s) of credit balance in full.

  • Available for purchase between the ages of 18 and 59. (Coverage ends at age 75.) Joint coverage is available at reduced costs.

Eligibility

What you'll need

You'll need to be at least 19 years of age to apply for a personal line of credit with us.

Ready to apply? Applying for a line of credit with us is easy!

Online

Contact us to let us know you're interested in a personal line of credit—we'll do the rest.

In Person

If you'd rather visit us in person, we'd be happy to go through the application process with you.

By Phone

If you’d like to call us, here is a complete list of our branch phone numbers.