Personal Finance

What's a good LOC (unsecured) rate?

  • Last Updated:
  • May 30th, 2014 8:58 am
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Sr. Member
Sep 29, 2007
515 posts
196 upvotes
Toronto

What's a good LOC (unsecured) rate?

I have prime +2.5 from CIBC. I have good credit and was told that was the best they can do. Anyone else have better rates than that?
9 replies
Jr. Member
Nov 17, 2010
155 posts
32 upvotes
I have Prime +1 at TD...

HELOC is Prime +0%
Deal Fanatic
User avatar
Apr 4, 2009
7698 posts
794 upvotes
North York
Does the amount of the unsecured LOC, affect the interest rate?

Under $20K
Between $25K-$50K
Between $50K-$100K
Over $100K
Sr. Member
Sep 29, 2007
515 posts
196 upvotes
Toronto
Do you both have investments/mortgages with your banks? I wonder what the odds are of me walking into TD or Scotia and getting that rate as a new customer.
Deal Expert
User avatar
Jul 30, 2007
33236 posts
21165 upvotes
Toronto
I believe the preferred rate is a combination of your business with the bank + credit history.

I have P+2 - regular. But I get the special limited time offer (thru mailing) that I can get P.
Deal Addict
Aug 17, 2012
1752 posts
742 upvotes
Windsor
Busybuyer888 wrote: Does the amount of the unsecured LOC, affect the interest rate?

Under $20K
Between $25K-$50K
Between $50K-$100K
Over $100K
Yes amount affect the rate ... bigger the amount lower the rate .. thats what i heard from PC financial..
Sr. Member
Oct 27, 2009
769 posts
10568 upvotes
Montreal
Larry81, ZafarJamal .. You guys both have amazing rates. Many of the big banks have great offers for specific groups = Lawyers have P+.5 at Desjardins, Nurses have P+1 or lower National Bank, Medical professions have P at RBC.

Even as an employee of RBC, I can only get P+1.5. Lowest I have been given to clients is P+2. I am in QC if that matters.
Financial and Debt Advisor
Member
User avatar
Feb 2, 2013
275 posts
92 upvotes
Toronto
I have unsecured at prime and secured also at prime BMO
My bank accounts are all at BMO

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