CIBC 3.7% $15000
Please share your Unsecured Line of Credit interest rates and lenders
- Last Updated:
- Jun 17th, 2018 2:00 pm
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- d60
- Member
- Oct 5, 2010
- 369 posts
- 170 upvotes
- faken
- Deal Addict
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- Sep 21, 2007
- 4277 posts
- 70 upvotes
- Winnipeg
Random question. Is it better to go in without a balance owing on your LOC or with one to reduce the rate?
"An essential aspect of creativity is not being afraid to fail." -- Edward Land
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- masoud100
- Deal Addict
- Nov 26, 2011
- 1730 posts
- 151 upvotes
- Ottawa
Unsecured Line of Credit at 5.34% with BMO
Equifax Credit Score of 767
Equifax Credit Score of 767
- 111222
- Newbie
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- Apr 20, 2009
- 83 posts
- 47 upvotes
- Ottawa
- AShenCA
- Jr. Member
- Feb 9, 2017
- 185 posts
- 218 upvotes
RBC Prime +1% 10,000 Student
BMO Prime +3% 10,000 Preapproved
TD Prime +4% 10,000 Preapproved
BMO Prime +3% 10,000 Preapproved
TD Prime +4% 10,000 Preapproved
- insanesnowman
- Newbie
- Oct 12, 2015
- 3 posts
- Vancouver, BC
I have an unsecured LOC at TD for $50k (as does my wife for the same amount at same rate). We have arranged to pay the LOC down over a seven year term..essentially turning it into loan. Because of this we got a teaser rate of 2.99% for the first year. Subsequent years would be prime+2 (4.7%). But each year we've renewed the 2.99% rate and topped up LOC back up to $50k each. LOC is used for investments..it's a great cheap loan. Reading what others have said here..this may sound to good to be true, but it's no joke.
- MisterMercenary
- Newbie
- May 3, 2015
- 7 posts
- 5 upvotes
- Penticton, BC
Answer to this question as well as an update to my posts on Page 13 (about a week ago). I don't think balance or no balance on your LOC will have much impact. It will come down to your credit history, your income average within the last 2-4 years, your provable assets and your history with the bank you are making requests with. I had a 1 hour meeting with TD Loan Advisor and presented them my finances listed earlier. She knew what I was going to ask as I sent a note along before the meeting outlining I was going to request Prime + 2% on an unsecured LOC. Loan advisor was sympathetic and agreed with me but explained that I screwed myself 10 years with my irresponsible spending. She explained that they will reduce the rate from P + 9.55% to P + 5.65% on my $15,000 unsecured LOC. However, she threw me this bone, sign a secured LOC (HELOC on my $295K house) and they would give me $100K at P+ 0.5%. I will accept this for now as things moved in the right direction. However, I will be open to options with other companies.
Doesn't matter how good you are with money now, even after you learned from your hard mistakes. Those irresponsible years will really come back to bite you. But get back on track, you will always have to pay, but always ask while presenting a solid case if you have one.
- faken
- Deal Addict
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- Sep 21, 2007
- 4277 posts
- 70 upvotes
- Winnipeg
Thanks!MisterMercenary wrote: ↑Feb 12th, 2017 1:29 amAnswer to this question as well as an update to my posts on Page 13 (about a week ago). I don't think balance or no balance on your LOC will have much impact. It will come down to your credit history, your income average within the last 2-4 years, your provable assets and your history with the bank you are making requests with. I had a 1 hour meeting with TD Loan Advisor and presented them my finances listed earlier. She knew what I was going to ask as I sent a note along before the meeting outlining I was going to request Prime + 2% on an unsecured LOC. Loan advisor was sympathetic and agreed with me but explained that I screwed myself 10 years with my irresponsible spending. She explained that they will reduce the rate from P + 9.55% to P + 5.65% on my $15,000 unsecured LOC. However, she threw me this bone, sign a secured LOC (HELOC on my $295K house) and they would give me $100K at P+ 0.5%. I will accept this for now as things moved in the right direction. However, I will be open to options with other companies.
Doesn't matter how good you are with money now, even after you learned from your hard mistakes. Those irresponsible years will really come back to bite you. But get back on track, you will always have to pay, but always ask while presenting a solid case if you have one.
"An essential aspect of creativity is not being afraid to fail." -- Edward Land
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- mkl38s
- Deal Addict
- Jan 21, 2014
- 2735 posts
- 728 upvotes
Wow, your unsecured LOC has better rate than my HELOC (prime+1%). I have asked TD to reduce it (to prime or prime+0.5%) many times but it's still the same. The reason was they said I am not using it anyway. It was prime many years ago but TD raised it to prime+1% and I didn't bother to argue since I wasn't using itinsanesnowman wrote: ↑Feb 11th, 2017 7:43 pmI have an unsecured LOC at TD for $50k (as does my wife for the same amount at same rate). We have arranged to pay the LOC down over a seven year term..essentially turning it into loan. Because of this we got a teaser rate of 2.99% for the first year. Subsequent years would be prime+2 (4.7%). But each year we've renewed the 2.99% rate and topped up LOC back up to $50k each. LOC is used for investments..it's a great cheap loan. Reading what others have said here..this may sound to good to be true, but it's no joke.
- jello_bob
- Sr. Member
- Dec 1, 2007
- 590 posts
- 70 upvotes
- St Thomas, ON
TD has given me 8.65% for $25K
BMO just offered me 5.35% for $10K. I took that offer to TD and am waiting to see if they'll adjust that to 5.35% too. Advisor said they'll ask for an exception but won't say for sure if it'll go through.
BMO just offered me 5.35% for $10K. I took that offer to TD and am waiting to see if they'll adjust that to 5.35% too. Advisor said they'll ask for an exception but won't say for sure if it'll go through.
- rangeroad07
- Jr. Member
- Oct 12, 2011
- 122 posts
- 47 upvotes
Damn I'm getting fleeced at 5.7 @ TD and 6.14 @ RBC...
- superfresh89
- Deal Addict
- Nov 22, 2015
- 2983 posts
- 1755 upvotes
That's 'getting fleeced'? That's P+3% and P+3.47% respectively. It's actually a very good rate... likely the best you'll get at any institution without negotiation/threatening to move your investments/mortgage etc.
- rangeroad07
- Jr. Member
- Oct 12, 2011
- 122 posts
- 47 upvotes
I was reading further back in thread people getting +1 and +2 without any negotiation...?
- xGoodwillx
- Newbie
- Nov 3, 2010
- 92 posts
I have 10k with Scotia at prime plus 3.25
I have another 25K with Scotia at prime plus .50
I have 10k with TD at prime plus 4.5
I have another 25K with Scotia at prime plus .50
I have 10k with TD at prime plus 4.5
- rangeroad07
- Jr. Member
- Oct 12, 2011
- 122 posts
- 47 upvotes
Anyone else out there with updated LOC negotiations from banks? I was really pushed hard on the RBC LOC saying I wouldn't come close to finding anything better, and now the media is saying all the banks have been strong-arming clients.
RBC $33,000 @ 6.14%
TD $25,000 @ 5.7%
I have good credit, no bankruptcies, defaults, or missed payments. Last checked I think it was 770s or something via Equifax.
RBC $33,000 @ 6.14%
TD $25,000 @ 5.7%
I have good credit, no bankruptcies, defaults, or missed payments. Last checked I think it was 770s or something via Equifax.