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| Line of credit | Instalment loan | Payday loan | |
|---|---|---|---|
| Rate range | 19.8 - 34.99% APR | 5.98 - 46.96% APR | $14 per $100 |
| Interest charged on | Only what you draw | The full amount from day one | Flat fee per $100 borrowed |
| Repayment | Revolving, minimum payment | Fixed instalments, set end date | Due in full on your next payday |
| Re-borrow without reapplying | Yes | No | No, and rollovers are banned in most provinces |
| Best when | Costs arrive over time and you cannot size them yet | You know the amount and want a payoff date | A small shortfall you can clear from your next cheque |
| Watch out for | No end date means a balance can persist for years | Interest on funds you may not need | The highest cost per dollar of any form on this site |
| Term | Monthly payment | Total interest |
|---|---|---|
| 2 years | $546 | $3,099 |
| 3 years | $410 | $4,773 |
| 5 years | $308 | $8,463 |
A line of credit gives you a limit rather than a lump sum. You draw what you need, pay interest only on what you have drawn, and the limit refreshes as you repay.
That structure suits one situation specifically: recurring or unpredictable need. A variable income month, a series of small expenses across several weeks, a buffer you may not use at all. For a single known expense, an instalment loan is usually cheaper and always more disciplined.
7 of 17 lenders in our network offer a revolving line.
Revolving credit has no payoff date. That is its advantage and its cost.
A fixed instalment loan reaches zero on a known day. A line of credit at a minimum payment can persist for years, and the total interest paid over that period exceeds what an instalment loan on the same amount would have cost. The flexibility is real, and so is the drift.
The practical guidance: if the balance is not going to be cleared inside a few months, the product working in your favour is probably the fixed one.
Limit follows income and credit standing, not the amount you ask for. Lines are generally opened smaller than an equivalent instalment approval and increased over time with payment history.
The rate applies to the drawn balance only. An open, unused line costs nothing at most lenders in our network. Check for annual or inactivity fees, which some charge.
Minimum payments are a percentage of the drawn balance, so they fall as you repay. That is what makes long persistence possible.
Similar to an instalment loan, with one difference: because the limit is ongoing rather than a single advance, lenders weight stability more heavily. Income regularity matters more here than income size.
For ongoing or unpredictable needs, yes. For a single known expense with a repayment plan, a fixed instalment loan usually costs less and ends sooner.
An unused limit generally helps utilisation. A heavily drawn line hurts it, the same way a near-limit credit card does.
No. Interest applies to the drawn balance only.
Yes. Limits on revolving credit can be reduced or closed at the lender's discretion, which is a real difference from an instalment loan whose terms are fixed at signing.
