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Line of Credit
We’ve got you covered if you need help financing your current reno, an out-of-nowhere expense or to consolidate higher interest debt. Borrow what you need when you need it.
- Great rate - 2.99% for the first 3 months o
- No annual fee
- Apply online and get approved in minutes*
What is a line of credit?
A line of credit lets you borrow up to a set limit, often at lower rates than credit cards.
Use and reuse those funds as needed — no need to reapply. It offers flexibility to borrow anytime and for any purpose, up to your available credit.
A smart way to borrow
Low variable interest rate†. No annual fee. Borrow up to $30,000*.
Flexible repayment
Pay off your balance at your own pace only making your minimum payments. Use and reuse available credit as you need it.
Simple online convenience
Apply online in minutes. Get easy access to your funds online.
Eligibility checklist
If you meet the conditions, you could be eligible for a Personal Line of Credit.
Put your credit into view
Just about any major purchase in your life can be connected to your credit. So knowing and understanding the basics can help you accomplish your goals.
Uses of a Personal Line of Credit
One great advantage of using a personal line of credit to borrow funds is its flexibility. It can cover many different types of expenses and can be used and reused as needed.
A rainy day or emergency fund
If you don't have accessible savings, a line of credit can offer quick access to borrowed money when you need it.
Ongoing projects
Facing home repairs? The flexibility of a line of credit can make it ideal to cover your expenses.
Consolidate higher-interest debt
Carrying debt on your credit cards or other high-interest loans can be costly. Consolidating your debt with a line of credit could help you pay less in interest.
Unexpected travel or trip expenses
Cover costs of unplanned travel or unexpected trip expenses.
Large planned expenses
If your savings aren’t sufficient to cover education costs, wedding expenses, or other planned expenses, a line of credit could be a good solution to cover the difference.
Credit to use when & how you need it
Apply in minutes and enjoy flexible access to funds, up to your approved limit, at a low interest rate.
Don’t have our Mobile Banking app3 yet? Download it today, so you can bank easily from anywhere.
Personal Line of Credit FAQs
To be eligible for a Tangerine Line of Credit, you need to have reached the age of majority in the province or territory where you live. You also need to be a permanent resident of Canada and be clear of bankruptcies for at least 7 years. Once you apply, we'll check whether you meet our other credit criteria and will let you know if you’ve been approved.
A personal line of credit can help or hurt your credit score, depending on how you use it and make payments on it. It may improve your credit score by adding to your credit mix and building your credit history—particularly if you make payments on time.
Using your line of credit responsibly—by borrowing within your credit limit and making regular payments on time —can be a great way to build your credit over time.
However, missing payments or not paying at least the minimum amount when due each month can negatively impact your score, just like with any other credit product.
Check your credit score to help you stay on top of your credit health. https://www.tangerine.ca/en/tools-and-calculators/credit-score
There’s currently no annual fee or monthly fee for a Tangerine Line of Credit. However, certain other fees may apply—for example, an over-limit fee may be charged if your balance exceeds your approved credit limit. Remember that fees are subject to change.
When you borrow money, you agree to pay it back with interest. A loan is typically expected to be paid off over a set period of time with fixed payments. A line of credit allows the flexibility to repay as much as you want or as little as the minimum payment each month. You can pay your balance in full at any time without a penalty on a line of credit.
A loan isn’t a revolving form of credit, which means that once the debt is paid off under a loan, you no longer have access to re-borrow those funds and would need to reapply in order to borrow once again.
A line of credit is a revolving form of credit, which means you only need to apply once and can borrow up to your credit limit, unless you’d like to increase your credit limit and then an additional application for that increase may apply. With a line of credit, you can borrow up to your credit limit, pay the funds back, and borrow again.
Currently, once you’re approved for a Tangerine Line of Credit, the credit limit can’t be increased.
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Join with our app
Become a Client completely digitally with our Mobile Banking app3. Sign up without leaving your home or having to call us—it’s a fast, convenient and secure mobile experience.
Don’t have our Mobile Banking app3 yet? Download it today, so you can bank easily from anywhere.
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