Upon qualification of your loan the following options are available to suit your needs:

Loan Repayments:

• Weekly
• Bi-weekly
• Semi-monthly
• Monthly

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Loan Interest Rates:

• Fixed Loan Interest
• Variable Loan Interest

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Loan Amortization:

• Maximum 5 years

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Meritline™ - Home Equity Line of Credit

• If you're planning a major expenditure, whether for a home renovation, a vacation cruise or your investment portfolio, then Meritline™ will give you the flexibility you need.
• Prosperity ONE's MERITLINE™ Home Equity Line of Credit provides the flexibility you need.
• MERITLINE™ Home Equity Line of Credit  can be pre-arranged for up to 80% of the appraised value of your property, less any existing mortgage.
• Using that balance as a line of credit lets you borrow what you need, when you need it.
• Maximum repayment flexibility-it may well be the last loan you'll ever need.

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Line of Credit

• A Line of Credit is a pre-arranged and approved loan which allows you to borrow money up to a pre-determined amount without arranging for individual loans.
  
  
• You apply once for a line of credit and after approval is obtained, advances up to the line of credit limit can be withdrawn, usually by cheque or personal withdrawal.
  
  
• Interest is only on the amount of the outstanding loan for the period used.
  
  
• Line of Credit interest is calculated on the daily closing balance and charged to the account monthly.

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Overdraft Protection

• This specific line of credit is a convenient service which guarantees a specific amount of credit to cover cheque withdrawals in excess of funds available in a chequing account.
  
  
• Interest is charged only when the line of credit is used.
  
  
• The variable interest rate on the line of credit is calculated on the daily closing balance.
  
  
• Interest on the line of credit is charged to the account at the end of the month.

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Student Line of Credit

• A Student Line of Credit is especially for young adults aged 18 through 25 years who are currently enrolled as full-time students in a Canadian post-secondary educational institution that offers recognized degrees and diplomas.
  
  
• Lines of Credit are available up to $10,000 per academic year (to a maximum of $40,000).
  
  
• Repayment of the line of credit principal begins 6 months after completion of studies, at which time, the line of credit is converted to a personal loan which can be repayable over 10 years at a preferred rate of interest.

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"Take 10" Loan

• This loan provides a means for you to borrow money for the purpose of maximizing your RRSP contributions.
  
  
• This loan product gives you an opportunity to borrow for previous years carry forward contribution room at a loan rate as low as prime and allows you 10 years for repayment.
  
  
• Repayment of the loan may be made weekly, bi-weekly, semi-monthly or monthly.
  
  
• While the loan interest paid may be higher than the interest earned the tax advantage is what makes it worthwhile.

CLICK HERE for Prosperity ONE calculators.