How can we help you?
We matched that to:
How is interest calculated on my Line of Credit?
For the revolving portion of your Line of Credit, interest is calculated on a daily basis on the outstanding principal balance and payable on a monthly basis.
Should you choose to lock in all or a portion of your balance with our Fixed Rate Advantage Option, interest on a secured Line of Credit is calculated on a semi-annual compounding basis on the outstanding balance of the fixed portion daily from the date of the last payment, and is collected in the regular payment. Interest on the locked-in portion of an unsecured Line of Credit is calculated on a daily basis on the outstanding principal balance and payable on a monthly basis.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.