Lines of Credit / Authorized Overdrafts

We all have unexpected expenses sometimes. A line of credit (LOC) or authorized overdraft (AOD) can be there to help... or they can provide you with access to cash for purchases such as a dream vacation, an RV, home renovations or an investment opportunity.


HOW CAN YOU BENEFIT?

  • It's a reuseable loan so once you pay down your Line of Credit or Authorized Overdraft, you can use it again!
  • Feel confident you've handled your money wisely as you only pay interest on the balance of the LOC or AOD that you use and interest rates are usually lower than that of credit cards.
  • You earn profit share on the loan interest that you pay!
  • You have immediate access to the cash from your LOC or AOD through your chequing account or debit card.

An Authorized Overdraft is revolving credit connected to your agricultural chequing account that allows your withdrawals to exceed your deposits up to a determined amount. You pay on your AOD every time you deposit to your chequing account. Your AOD amount will be determined between you and your lender.

AUTHORIZED OVERDRAFT (AOD)


LINE OF CREDIT (LOC)

A Line of Credit is a revolving loan with a flexible repayment schedule. This allows you to re-advance money on the LOC without re-applying each time you need to borrow money, as long as the total of the borrowed funds does not exceed the credit limit (which will be determined between you and your lender).
 

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