People change, families grow, and personal living needs in a home come and go. However, the homes themselves structurally stay the same, which is why renovations, interior upgrades and modifications are such a good idea over time. However, these projects need liquidity to happen and, unless the homeowner has a significant pot of cash set aside and ready to go, lines of credit tend to be the normal approach for a home construction event. Lines of credit provide valuable flexibility, especially when the homeowner may have multiple contractors to deal with, a lack of cost specificity at the beginning, and different phases with different payout deadlines for construction delivery.

Unfortunately, traditional banks and lenders in Canada tend to be very fussy about lines of credit. From the bank accounting perspective lines of credit (LOCs) represent open exposure that they don't control. They know they have a liability but the bank has no idea for what specifically. And for a consumer an LOC in the bank's eyes is like a giant open credit card at too low of an interest rate. So, at a minimum, banks tend to link LOCs to a given home as a second mortgage for financial protection in case of default. However, this doesn't work well if the market is flat and the home equity has not increased much; there would be nothing for the bank to recover against in such instances. Then the bank feels it has no recourse and no protection, so they then tend to deny such applications en masse.

With a personal secured line of credit in Canada from Bad Credit Loan in Canada, homeowners can obtain a line of credit provision to pay for their home project and not get tangled up in the red tape bureaucracy of a big bank. Instead, a simple, straight-forward application is filled out by a borrower, the homeowner's personal file is reviewed along with income information, and the loan is processed. Now the homeowner can focus on his home renovation and repair versus worrying about where his request fits in the priorities of a big traditional bank and their profit-making agendas. And that makes a huge difference in enjoying a home or just being frustrated with what could be and never be able to make it a reality.