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| Line of credit | Instalment loan | Payday loan | |
|---|---|---|---|
| Rate range | 19.8 - 34.99% APR | 9.99 - 34.99% 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 |
Neither is better in general; they solve different problems. A line of credit wins when you cannot size the cost yet, such as a renovation or a run of appointments, because you pay interest only on what you draw. An instalment loan wins when you know the amount and want a fixed payoff date, and it usually starts at a lower rate.
Opening one adds an inquiry and a new account, both small short-term effects. The larger ongoing factor is utilization: carrying a balance near your limit weighs on your score, while keeping it low relative to the limit can help over time.
No end date. An instalment loan forces the balance to zero on a schedule; a line of credit does not, so a balance can persist for years with minimum payments. Set your own repayment schedule when you draw, and treat it as a loan rather than a permanent buffer.
