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.
How Personal Lines of Credit Work
1 Complete your application
You can complete your loan application 100% online, or by visiting a LendDirect branch. When applying, you will need to provide personal, income & bank account information.
2 Verify your income
Submit documentation verifying your income to receive a lending decision.
3 Receive a lending decision
After submitting your application and income verification, we will provide you with a lending decision.
4 Receive your money
Have your money direct deposited into your chequing account, or select to receive funds via INTERAC eTransfer® to get your money in 2 hours or less.
5 Make payments
Make regular payments over time, with the option to pay more than the minimum amount due to save on interest paid.
6 Withdraw cash
As you pay down your balance, you can get additional cash advances up to your approved credit limit.