How much does a personal line of credit cost in Canada?

• Secured lines (HELOCs) are typically prime + 0.5%–1%.
• Unsecured lines run prime + 2% to prime + 6%.
• Rates are variable — when the Bank of Canada moves rates, your line's rate follows.

The risk is interest-only minimums: if you only pay interest, the balance never shrinks. Treat a line of credit like a loan and set a fixed monthly payment that clears it on a schedule.