Once you’ve established an OPPA Credit Union line of credit, you may be surprised at just how useful it is to you – for home renovations and major purchases, for paying off higher interest credit card balances, for emergencies and much more.

When approved for a line of credit, you can borrow up to your credit limit instantly, by writing a cheque, withdrawing cash or transferring funds to your account.

Unsecured Lines of Credit

• Once your line of credit is established, you never have to reapply
• As soon as you repay any of the credit used, it immediately becomes available to you again
• Interest rates are lower than most credit card interest rates

Home Equity Line of Credit

• A home equity line of credit lets you use the equity in your home to secure a higher credit limit, at a lower interest rate
• Your credit limit starts at $25,000 and may be as high as 75% of the value of your home, less the outstanding balance of any existing mortgage
• You can use your home equity line of credit as an alternative to a traditional mortgage, and make monthly payments of as low as interest only

Interest Rates

• Lines of credit are offered at variable rates only. A variable interest rate rises and falls with changes in the OPPA Credit Union Prime Rate.  Rate changes take effect on the 1st day of the following month in which a change has occurred.