Personal Finance

looking for a unsecured Line of Credit, what is my best option.

  • Last Updated:
  • Aug 19th, 2019 12:58 pm
[OP]
Jr. Member
Feb 22, 2017
171 posts
73 upvotes

looking for a unsecured Line of Credit, what is my best option.

Hello,
as the title mentioned I'm looking for a unsecured Line of Credit and I'm wondering what my best option(s) might be, it doesn't need to be huge I'm hoping for about $10,000.
my credit score isnt great 698.
i didn't get the email from tangerine that some threads has mentioned so im guessing thats off the table.

im with most major banks but the only one to recently send a line of credit offer was TD but i'm unsure if its the best deal or if i should look elsewhere.

TD email:
You're pre-approved for a TD Line of Credit with a credit limit of $15,000 and a variable annual interest rate of TD Prime Rate + 7.49%
TD Prime Rate is 3.95%, as of May 28, 2019. Plus, enjoy a Welcome Offer of a low fixed interest rate of 9.99%3 for one year if you set up the Fixed Rate Advantage Option.

thanks for the help
5 replies
Deal Addict
Oct 25, 2008
2273 posts
291 upvotes
North York
10%+ interest rate is very high.

Another option is to look at MBNA credit card which often comes with balance transfer of just 1% given the balance is repaid within 1 year and that you continue to make minimum payment. Again, this is YMMV and may not be available to you.

You should also shop around. Go to your branch to see if LOC is a possibiliy at lower rate.
Deal Addict
Sep 24, 2018
1632 posts
815 upvotes
HiddenEmailer wrote:
Jun 18th, 2019 10:01 pm
Hello,
as the title mentioned I'm looking for a unsecured Line of Credit and I'm wondering what my best option(s) might be, it doesn't need to be huge I'm hoping for about $10,000.
my credit score isnt great 698.
i didn't get the email from tangerine that some threads has mentioned so im guessing thats off the table.

im with most major banks but the only one to recently send a line of credit offer was TD but i'm unsure if its the best deal or if i should look elsewhere.

TD email:
You're pre-approved for a TD Line of Credit with a credit limit of $15,000 and a variable annual interest rate of TD Prime Rate + 7.49%
TD Prime Rate is 3.95%, as of May 28, 2019. Plus, enjoy a Welcome Offer of a low fixed interest rate of 9.99%3 for one year if you set up the Fixed Rate Advantage Option.

thanks for the help
Pr-approved, accept it, wont kill you and apply to CIBC and BNS, they'll have better rates but at your score, 6-9% is what I'm thinking
Newbie
Feb 26, 2002
90 posts
20 upvotes
Toronto
I got this with a 880 score.

TD Line of Credit with a credit limit of $21,000 and a variable annual interest rate of TD Prime Rate + 2.49%.TD Prime Rate is 3.95%, as of May 28, 2019. Plus, enjoy a Welcome Offer of a low fixed interest rate of 4.29% for one year if you set up the Fixed Rate Advantage Option.

My Scotia LOC began at Prime + 0.5% now it is at Prime + 5% - it's had no balance/no missed payments for past 6 years but every year they have jacked it up 0.5%. Crazy!!!
Newbie
Apr 24, 2019
28 posts
2 upvotes
Hi all,
I did apply for CIBC line of credit. It showed pre-approved for 20,000 but at the end while finishing the application it asked for income verification. I am a self-employed so I dont get payroll deposit but all my cheques goes into CIBC account. what does it mean when they ask for income documents? Is it a denial? Are there any chances that I can get line of credit?within howmany days should i have to submit the documents that they have asked.

Thanks in advance!

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