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Access Funds Anytime
An Access Line of Credit Plus (ALOC+)- Quick or Max, provides flexible access when you have a cash flow need. Borrow up to your limit at a competitive rate for purchases like furniture, appliances, home repairs. You can also use the line of credit to support strategies such as retirement planning and consolidating higher-interest debts.
One of our Advisors can review the Line of Credit Plus with you to determine if it is suitable and aligns with your financial needs and goals.
Is our Access Line of Credit Plus right for you?
Yes, if you:
- Have investments or permanent life insurance to secure your line of credit
- Have enough income to make your loan payments
- Want access to borrowed money that costs nothing until you use it
Benefits of the Access Lines of Credit Plus
Rates & Fees
Credit Limit |
Interest |
|---|---|
| ALOC+ Quick $25,000 to $99,999 |
(Prime +1.50%) 6.45% |
| ALOC+ Quick $100,000 to $249,999 |
(Prime +1.25%) 6.20% |
| ALOC+ Quick $250,000 to $1,000,000 | 5.95% |
| ALOC+ Max $1,000,000 and greater |
(Prime +0.50%) 5.45% |
The Access Line of Credit Plus – Quick is available with a credit limit of $25,000 to $1,000,000, while the Access Line of Credit Plus – Max has an available credit limit of $1,000,000 plus.
Please review our Services and Fee Guide for a complete list of all services and associated fees.
FAQ
A secured line of credit, like the Access Line of Credit and Access Line of Credit Plus, is guaranteed by assets you own, such as investments or permanent life insurance. If you default on your loan, your investments or life insurance will pay it off for you. The advantage of a secured line of credit is that it generally offers a significantly lower interest rate than an unsecured line of credit.
People often have many different debts, including credit card balances, car loans and student loans. Consolidating debt at a lower interest rate can save you money, and a line of credit makes it easy. First, check to see which debts let you repay early without penalties and fees. Then apply for a credit limit large enough to cover these debts, use your line of credit to pay them off through online, mobile or telephone banking or write a cheque, and simplify your life with one monthly payment at a lower interest rate.
You can lower your limit at any time with a simple letter of direction - a letter that gives instruction letting Manulife Bank know you would like to lower your credit limit. To increase your limit, you have to apply for the extra borrowing room.
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*Approved carriers are: Manulife, Canada Life, Great West Life, London Life, Sun Life, Industrial Alliance, BMO Life, RBC Insurance, Ivari/Transamerica,
Equitable Life, Empire Life & Desjardins Insurance.
1Interest is calculated on the closing daily balance and paid monthly. The applicable tier rate is paid on every dollar. All rates are annual rates unless otherwise stated and are subject to change without notice.
2Corporate lines of credit do not have ATM and debit privileges. View our complete listing of service charges and fees.
The policy withdrawal value, funds market value, or contract maturity guarantee must be a minimum of $10,000 to be eligible.