With borrowing needs that could vary throughout the year, you might want to consider a Canadian Imperial Bank of Commerce (CIBC) Personal Line of Credit (PLC). A PCL is a flexible way to get the funds you need whenever you need it. You can withdraw any amount of money up to the predetermined, approved credit limit – of course this is based on your financial situation.With a CIBC Personal Line of Credit you have a competitive interest rate that is lower than most retail credit cards – it is a variable rate and is based on the CIBC Prime Rate. If your PLC is secured by the equity in your home or other assets your interest rates can be even lower.
Your PLC credit limit can range from $5,000 to $200,000 and as I said before you can borrow any amount up to your credit limit, at any time.
The best part of the CIBC Personal Credit Limit is that it is a one-time application which means you will not have to re-apply for credit every time you need it. Your monthly repayment amount is based on your outstanding balance and are due within the period stated.
The CIBC Prime rate is the variable interest rate of interest per year and is declared from time to time to be the prime rate for Canadian dollar loans made by CIBC in Canada.
The CIBC Personal Line of Credit is a great choice for anyone who needs the funds throughout the year and knows that it will not be a one-time action.
If you are interested in applying, Click Here.