Personal Line of Credit Questions

[Bamelin]

I'm just wondering if paying 5% interest is good on a personal line of credit (offered this by CIBC) of 15k? Never applied for one of these before and I decided I wanted to consolidate some stuff for one payment, to make life easier and lower interest rate.

Not sure if this 5% is standard or if all the banks would compete in this area offering different rates ...

Wife and I have beacon scores over 700, steady full time employment, etc ...

[uglyguy]

In my opinion, i think that is reasonable rate.

My in-law got it for 5.75% and i thought it is low. My is under HLOC so it is a bit lower at prime + 1.

[Donomight25]

I'm just wondering if paying 5% interest is good on a personal line of credit (offered this by CIBC) of 15k? Never applied for one of these before and I decided I wanted to consolidate some stuff for one payment, to make life easier and lower interest rate.

Not sure if this 5% is standard or if all the banks would compete in this area offering different rates ...

Wife and I have beacon scores over 700, steady full time employment, etc ...

If you're a homeowner, that's far too much. I pay 2.75% on my PLOC w/ my bank.

[Bamelin]

We are homeowners but we only just bought our place (closed on Sept 24).

Only 5 percent downpayment (first time homebuyers) in the home so we can't get a LOC based on our home equity.

[LondonTown]

In that case 5% is pretty good.

[Bamelin]

Actually we got 5 and a quarter (Prime +3)

Just wanted to make sure this was decent based on our situation

[Salinger]

I just got a PLC at CIBC as well, also for $15k and also at P + 3%. I understand this is pretty much the going rate and not too bad. Prior to the banks raising their unsecured LOC's 1% across the board recently, this was, in essence, the equivalent of P + 2%, which is quite good for unsecured credit.