Competitive interest rates and revolving-credit flexibility
The process for the Simplii Secured Line of Credit involves an evaluation of the property, along with a personal credit analysis. Therefore, throughout the entire process, you will receive human and specialized support.
In the case of Simplii, the interest rates applied are competitive, often close to the market’s preferred rates. It is important to watch the Annual Percentage Rate (APR) that will be offered, as this will be your main indicator of savings. Unlike a personal loan, the revolving line of credit allows you to repay the principal at your own pace, as long as you cover the monthly interest.
Advice for you
When applying for the Simplii Secured Line of Credit, remember that discipline is your strongest ally. Use the low rate to accomplish major plans at a lower cost, but avoid using the full limit unless absolutely necessary.
Finally, when using the funds, prioritize paying down the principal so that the outstanding balance decreases as quickly as possible, freeing your property from collateral. Use this tool wisely to strengthen your financial position in Canada.
How to apply for the Simplii secured line of credit?
To begin your application process, know that the first step is to contact Simplii Financial to start the evaluation of your profile and your property. Since this process involves using a house as collateral, you will be in contact with bank representatives throughout the entire process. Click the button below to be redirected to the official page and start your consultation.
