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How a Line of Credit Works

LendDirect personal lines of credit work similarly to a credit card. Apply just once, and if approved, you have access to take cash advances as often as you'd like up to your credit limit.

Apply Now
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Get up to $15,000

How Personal Lines of Credit Work

Your Personal Loan Explained in 6 Simple Steps

  • 1Complete your application

    You can complete your loan application 100% online, or by phone. When applying, you will need to provide personal, income & bank account information.

  • 2Verify your income

    Submit documentation verifying your income to receive a lending decision.

  • 3Receive a lending decision

    After submitting your application and income verification, we will provide you with a lending decision.

  • 4Receive your money

    Have your money direct deposited into your chequing account or select Interac e-Transfer® to get your funds in as little as 15 minutes.

  • 5Make payments

    Make regular payments over time, with the option to pay more than the minimum amount due to save on interest paid.

  • 6Withdraw cash

    As you pay down your balance, you can get additional cash advances up to your approved credit limit.

Get Started Now

You can completely fill out your LendDirect application online.

Get started with:

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Basic personal information
(must be 18 years old to apply)

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Open bank account
in your name

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Proof of
recurring income

Is a Personal Line of Credit Right for Me?

We want you to be sure that you are making the right decision for your personal situation. Visit our help section to learn more about LendDirect personal lines of credit.

Go to Help Section
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Interest rates range from 29.99% to 46.93% Annual Interest Rate. Subject to eligibility, credit check, underwriting and approval. Terms and conditions apply. Credit limit and interest rate are based on creditworthiness at time of application. Payments are due on scheduled income deposits. Generally, applicants who are most creditworthy qualify for the lowest rates. BC Licence #83734

Lending decisions and funding times subject to system limitations.

Interac e-Transfer®: 15-minute funding available only when using Interac e-Transfer® (up to $10,000). Payments and funding via Interac e-Transfer subject to bank processing times, bank participation and system limitations, including daily send limits. Interac e-Transfer is a registered trade-mark and the Interac logo is a trade-mark of Interac Corp. Used under licence.

Cash advances only available up to approved credit limit; $25 minimum cash advance requirement; restrictions may apply.

Loan Protection: Must be 18 years of age or older, and under 70 years of age to be eligible. The optional Loan Protection Plan is a Credit Group Insurance Plan Underwritten by Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company.