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A line of credit can be one of the cheaper ways to borrow in Canada, but the best rate depends on what kind of credit line you want and what you can offer the lender. A homeowner with strong equity will usually see the lowest pricing. A student in a professional program may also qualify for unusually low rates. Most other borrowers fall somewhere in the middle, with unsecured personal lines priced higher because the lender is taking on more risk.
That is why shopping around matters so much. A line of credit from a reputable provider like Innovation FCU may be worth a look, but it should still be compared with bank offers, online lenders, and other credit unions before you sign. The right choice is the lender that gives you a strong rate, a sensible limit, low fees, and repayment terms you can live with after the first few months are over.
Where Rates Sit Right Now
As of early April 2026, Canada’s prime rate is 4.45%. That number matters because most variable lines of credit are priced as prime plus or minus a spread. If prime moves, your rate usually moves with it. Right now, the sharpest widely visible HELOC pricing is around the high 4s to mid 5s. Meridian is publishing 4.95% for its secured home equity line and 5.95% for its student line of credit, while National Bank’s All In One line of credit is listed at Prime plus 1.00%, or 5.45%.
Unsecured personal line rates are less transparent because many lenders quote them on a case-by-case basis instead of posting a clean headline number. In practice, strong borrowers are usually trying to land a rate that starts with a 6, 7, or low 8, while average borrowers often see something higher.
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