Help Center
Select a Topic
Open Menu IconLine of Credit FAQs
A Line of Credit is a personal loan that can be used for ongoing personal expenses. It gives you access to your money when you need it. Once you’re approved, you will receive your loan credit limit. You have the flexibility to borrow any amount at any time, up to your approved credit limit. No need to reapply to access funds – if you have available credit, you can request additional advances.
To apply with LendDirect, you will need to be at least 18 years old and have the following:
- A valid ID
- An open bank account in your name
- Proof of recurring income
- Be a Canadian resident
Our online application will ask for a variety of information. Please have the following ready:
- ID number
- Income information
- Open and active bank account, institution, and routing number
- Proof of income
To receive funds on your Line of Credit, you’ll need to have a bank account that accepts direct deposits or Interac e-Transfer®.
You can apply online, over the phone, or at a branch. To see if LendDirect services your province, visit our loans page.
During business hours, applicants may receive a pre-approval decision almost immediately. If final approval requires verification, you will be notified immediately. Once your files are received, you should have your final lending decision within 48 hours, often the same day.
Verifying your income helps us determine the loan amounts and repayment schedules that will best fit your financial situation.
You can check the status of your application at any time by logging in to your online account. You’ll also receive email alerts as your application is processed.
You can choose to receive your funds in as little as 15 minutes via Interac e-Transfer® or via direct deposit into your bank account. See funding times for details.
A Line of Credit gives you the freedom to access money whenever you need it. If you're approved for $3,000 but only need $1,000 right now, you can borrow what you need and pay interest only on that amount. Then, if you need more money in the future, you can request additional advances to access the amount you need – up to your maximum credit limit.