Get fast cash with a personal line of credit
Ready money, low interest rates and the flexibility to pay back the balance on your own time.
Flexible lines of credit
Apply for a line of credit once and get access to cash up to your approved limit. As you repay your balance, those funds become available again.
Borrowing options
Choose an unsecured or secured line of credit for an even lower rate.
Revolving credit
Borrow, repay, and borrow again — just like a credit card, but with better rates.
Pay for what you use
Interest is charged only on the amount you borrow, not the whole limit.
Flexible repayment
Make monthly payments and pay back the balance at your own pace, without penalty.
Choose a line of credit
Borrow what you need with confidence through unsecured or secured lines of credit, with options for students and homeowners.
Unsecured line of credit as low as 7.49%*
Access flexible cash without collateral. An unsecured line of credit helps you cover everyday expenses or unexpected costs.
Secured line of credit as low as 6.49%*
Borrow at lower interest rates by using your assets. A secured line of credit offers higher limits and flexible access to funds when you need them.
Student line of credit as low as 5.50%*
Support your student life with flexible funding. A student line of credit helps cover tuition, books, and living expenses while you study.
MeritLine home equity line of credit (HELOC)
If you are a qualifying homeowner, use your home equity as security and lock in our lowest rates.
- Invest in large-scale projects like renovation or education
- Consolidate your debts and pay less interest each month
- Fund investment opportunities with the potential for returns to exceed your HELOC interest
Top 5 questions about lines of credit
What is the difference between a personal loan and a personal line of credit?
A personal loan provides a one-time lump sum with a fixed repayment term, making it ideal for a single major purchase. In contrast, a personal line of credit is reusable; once you pay down your balance, the funds are available to use again without reapplying. You only pay interest on the specific amount you use, providing ongoing flexibility for varying needs.
How is interest calculated on my low interest line of credit account?
Interest at FirstOntario is calculated daily on the outstanding principal balance and is payable monthly. Because your interest is based on the daily balance, making payments at any time — not just on the due date — can help you save on interest costs over the life of the credit line.
How do I apply for a secured vs. unsecured line of credit?
You can apply for an unsecured line of credit online in just a few minutes. For a secured loan or a home equity line of credit, we invite you to visit one of our branches or connect with our Member Solutions Team at 1-800-616-8878 (option 2) to be guided through the application process over the phone.
Can I pay off my line of credit balance early?
Yes! With a FirstOntario line of credit, you have flexibility: make minimum payments, lump-sum payments, or pay off your balance anytime — all with no prepayment penalties. And your available balance replenishes for future borrowing.
Do I need to be a member to get a line of credit?
Yes, FirstOntario is a credit union, which means we serve our members, who are also owners. To access our low-interest personal lines of credit and profit-sharing benefits, you must be a member. Becoming a member is easy, open to everyone in Ontario, and gives you ownership in the credit union.
Ready to make your plans a reality?
We can help with your personal lines of credit application over the phone or online, and you can visit us in person at a branch.
Call us
at 1‑800‑616‑8878
Book an appointment
to meet with us virtually
Visit us
at one of our branches