Personal Finance

Advice for applying for a LOC

  • Last Updated:
  • Apr 26th, 2018 7:19 pm
Sr. Member
Oct 12, 2005
909 posts
821 upvotes
Vancouver

Advice for applying for a LOC

My current RBC Student Loc (prime +1%) is going to expire in a couple of months. I do banking with RBC, and Simplii, I have credit cards with RBC & Scotia, and my mortgage is through Coast Capital Credit Union.

My question is without getting hard credit checks from each of these places, where am I likely to get the best rate on an unsecured LOC of $10k?

I have about 750 credit and $90k per year income and no unsecured debt currently.

I know I could probably apply for a HELOC if I wanted to, but I’m not sure the extra set up fees and hassle are worth it since I only usually borrow for short periods. And I’ve found Coast Capital a big pain to deal with in the past (mostly due to mistakes made and unknowledgable reps).

Thoughts?
1 reply
Member
Feb 5, 2012
431 posts
132 upvotes
Toronto
My income and salary are quite similar to yours and I recently shopped around for unsecured LOC. Best I could get was through National Bank and CIBC as they participate in a professional program - for medical professionals, doctors, CPAs (might be a few more as well), CIBC gave me $20k with Prime + 1% and National Bank gave me $33k with Prime + 0.75% as long as I got a no-fee Mastercard with them.

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