–a revolving loan with preapproved credit limit
IF YOU had the financial freedom to do three things, what would you do? Get rid of the old dining room furniture and replace them with something new? Break away from the daily grind and take that much-needed vacation? Tackle that credit card debt and pay down your balance from all that holiday spending? If you answered yes to any of these questions, a line of credit may be the solution for you. A line of credit is a revolving loan with a preapproved credit limit that’s available over a specified period of time. Once approved for a line of credit, you can access the funds on the line of credit whenever you need to. The money available on a line of credit account can be withdrawn at any time during the specified time period. As you make payments on a line of credit, those funds are made accessible again.
ScotiaLine is now available for customers in Guyana at a low introductory rate at 9.99%. It functions like an “open loan” and once you’re approved, the money is there, available for you to access any time – by cheque, phone, online or at any Scotiabank branch.
So, how does a Scotia line-of-credit differ from a personal loan? Well, with a personal loan, you make a one-time withdrawal of your total loan amount, and pay back a set amount every month.
The ScotiaLine differs because it’s accessible to you at any time. What’s more, you can even set up your own repayment schedule. You can decide if you want to pay it in full every month, make a minimum payment, or establish fixed repayments.
“There are a number of ways ScotiaLine can help you take more control of your finances,” says Amanda St. Aubyn, Country Manager of Scotiabank Guyana. “For example, paying off your credit card debt with the money available on your ScotiaLine will help you save more money over time. You can pay down that debt at a manageable interest rate when the balance is on your ScotiaLine.”
With ScotiaLine, you can be your own loan manager, St. Aubyn says. It’s a pre-set limit that you control, and interest is charged only on the amount you withdraw. You can also control how much you spend, and set up a repayment schedule that works for you. “ScotiaLine is money that’s there when you need it, and (it) can be used for unforeseen expenses, but (it) also gives you the flexibility to pay off those expenses at your own pace,” St. Aubyn says. “Additionally, the line of credit costs nothing if you don’t use it.”
It’s a new year, and there’s a new reason to discover what’s possible with ScotiaLine. More details can be found Online @ www.guyana.scotiabank.com/scotialine, or visit your nearest branch today.
You may also contact Ms. Jennifer Cipriani by calling her on 684-9582.