Lines of Credit

The Flin Flon Credit Union offers lines of credit for any number of purposes.  A line of credit is a useful insturment for a project or event where your budget may not be easy to figure out.  Interest only payments provide very good flexiability but it is important that you consider transferring the line of credit to a loan at completion of your project, otherwise you may end up paying off the line of credit for a long time, what we like to call the Never Ever Plan.  Avoid the Never Ever Plan and discuss how we can save you money in the long term.  All lines of credit offer the option of life, disability and critical illness creditor insurance through our partners at CUMIS.

Overdraft Protection

Many people have a small line of credit on their primary chequing account just to ensure they don't fall into trouble with an unexpected NSF fee.  These usually have limits of $5,000 or less.  We recommend, if you are using a line of credit for ODP, not to have a limit higher than one net paycheque.  If it gets larger than that you run the risk of finding it hard to get back to a positive balance.

Personal Line of Credit

Whether for renovations, buying a vehicle out of town, a family vacation or an upcoming wedding a personal line of credit can be the perfect way to cover that unknown final expense. 

Student Line of Credit

Upcoming tuition and living expenses for university or college can use the convenience and affordable asisstance of a Student Line of Credit for those attending post-secondary education. 

  • For full-time students (defined as a minimum of 60% course load over a minimum 8 months) a maximum credit line of $10,000 per year to a maximum of 4 years for a degree program.
  • For professional studies (e.g. Medical Doctor, Lawyer, etc) that is increased to a maximum of 8 years.
  • For part-time students a maximum line of credit of $5,000 to a maximum of 8 years is allowed.
  • Interest only payments are made during attendance of school.
  • Principal repayment is to commence no later than the first day of the 6 month following final departure from school over a maximum amortization of 10 years.
  • Verification of student's attendance/participation is required.
  • A guarantor is required on all student lines of credit.