Personal loan / line of credit

A loan pays itself off on a schedule; a line of credit only does if you pay more than the interest.

Assumptions

Monthly compounding, fixed rate.
Lines of credit are usually variable rate.

General information, not financial advice. This calculator gives rough estimates from simplified assumptions. It does not know your full situation. Check with a qualified professional and the official sources before making decisions.

Sources

FCAC (Canada.ca): Improving your credit score

Figures checked October 16, 2026. Rules and limits change; confirm with the source before acting.