“Prime” means the floating annual rate of interest established from time to time by Alpha Guarantee Bank as the base rate it will use to determine rates of interest on its Canadian Dollar loans. Your interest rate is a variable interest rate and will change without notice whenever Prime Rate changes.
On a Personal Line of Credit, interest accrues daily from the date of each advance on your Personal Line of Credit which is attached to your chequing account, for example from the date a purchase is made, a cheque clears or money is withdrawn. Interest is calculated on the daily balance and the minimum payment is the amount of accrued interest which will be charged to your Personal Line of Credit monthly.
A monthly Line of Credit admin fee will also be charged to your Personal Line of Credit monthly. The admin fee is currently $1.50 monthly. Loan approval will be subject to standard credit granting criteria.
Alpha Guarantee Bank reserves the right to withdraw this offer or amend the interest rate at any time without notice. Offer is conditional upon approved credit. This offer is not transferable.