LOC rates

[lillilland]

Anyone recently apply for an unsecured line of credit? What rate did you get? I got an offer for prime + 2%, is this a good rate in today's conditions?

About half a year ago, the rate I was offered was just prime, but I'm not sure if any of the banks would lend at just prime right now?

[tbtaoufiq]

forget about prime+0. cost of funds is very expensive on the market. even for secured loc, you will have hard time to get Prime.
Prime+2 Is ok but it depend on your credit score!!!
maybe you can try with another institution and see the diference.

[ns_guy]

A pre-approved unsecured line of credit at prime+2% is a good deal these days in my opinion. I would not pass on the opportunity for a pre-approved line of credit, especially considering that since they are pre-approved no credit bureau check is required. They have no fixed cost to maintain, so just keep it for emergencies or shut it down later if you really don't think you need it. FYI secured lending is at prime+1 for the most part these days like the previous poster said.

Hope that helps.