sascu Line of Credit
this credit union personal line of credit at prime + 0.5%: revolving access up to $100,000 with interest only on what you use.
The Banking Checklist: Credit
- The sascu line of credit is priced at prime + 0.5% APR.
- You pay interest only on the amount you use - not the limit.
- Limits go up to $100,000 for qualified members.
- Access is instant from the the platform app or via any ATM.
How a Line of Credit Works
Revolving access: draw any amount up to your limit and pay interest only on the outstanding balance.
A personal line of credit is agreed with a limit once; then you draw and repay as you like. sascu prices personal product at prime plus 0.5%, which is 6.45% at the Bank of Canada prime rate of 5.95%.
The minimum payment is the interest plus 5% of the balance once a month, and everything is transparent in the app view.
| Detail | Value | Note |
|---|---|---|
| Rate | Prime + 0.5% | = 6.45% today |
| Limit | up to $100,000 | Approval based |
| Withdrawal | Instant | App, ATM or cheque |
| Minimum payment | Interest + 5% | Monthly |
Applying Is Quick
Existing members apply in-app and get a decision in 3 minutes.
For members with a our team chequing account, the application is pre-filled from data we already hold; the soft-credit check returns an indicative limit instantly, and a hard check happens only at acceptance.
Income proof is generally not requested for limits up to $50,000 for a member in good standing.
Smart Uses and Cautions
A line of credit suits emergencies and credit building; avoid using it for regular spending.
The best uses are: emergencies, bridge financing between paydays, and small renovation projects that add value. The caution: because the minimum payment is small, balances can become long-term, and payment history matters to the bureau.
For purchases with cash back and purchase protection, the sascu credit card remains a better fit; for overdraft bridge, see overdraft protection.
Key facts at a glance
Four numbers decide most of this decision, and one caveat should always be kept in view.
- Rate: P + 0.5%.
- Limit: $100k max.
- Decision: 3 min.
The quoted rate does NOT apply to secured lines against securities or home equity, which price lower. We priced the line at bank-par for a year; member churn to competitors with prime-linked prices forced the repricing in 2026.
The official methodology is detailed in the sascu overview.
Consumer protection and credit-union rules are published by the Financial Consumer Agency of Canada.
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