Should I choose a personal loan or a line of credit?

It depends on your borrowing needs. If you're looking to use funds for one large expense, then you might be better off with a personal loan. If you want an ongoing source of funding that you can access when needed, a line of credit might be more suitable.

How much can I borrow with a personal loan vs. line of credit?

Most lenders offer personal loans and lines of credit of up to $50,000 (approximately). However, larger amounts may be available from some lenders, and you may also be able to access a larger loan amount or a higher credit limit by providing an asset as collateral.

How do I access money from a line of credit?

The access options available to you depends on the lender. However, you will typically be able to access funds via online and mobile banking, withdrawing cash at an ATM, writing a cheque or by visiting a branch.