Bank of Montreal has launched a service permitting Canadian students to apply for lines of credit over the Internet.

Assisted by American Management Systems Inc., the Toronto-based bank began offering mortgages and credit card loans via the Internet earlier in the year.

The services are available 24 hours a day and are designed to provide approval decisions within 30 seconds.

"Recognizing that students are cyber-savvy, we have made the line of credit available over the Internet," said Jane Weatherbie, vice president of Bank of Montreal's personal lending services.

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