Personal Finance

Please share your Unsecured Line of Credit interest rates and lenders

  • Last Updated:
  • Jul 25th, 2017 11:46 pm
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Deal Expert
Aug 26, 2001
15483 posts
420 upvotes
Oak Ridges, ON
$48000 PLOC from the Big 5 I used to work for, for Prime + 1% (so 3.7%)
Member
Nov 1, 2010
389 posts
49 upvotes
konfusion666 wrote:
Apr 19th, 2017 5:03 pm
$48000 PLOC from the Big 5 I used to work for, for Prime + 1% (so 3.7%)
PLOC sounds so much better than ULOC!
Deal Expert
Aug 26, 2001
15483 posts
420 upvotes
Oak Ridges, ON
123nicolas wrote:
Apr 19th, 2017 8:01 pm
PLOC sounds so much better than ULOC!
lol, it's the same thing. "Personal Line of Credit"
Jr. Member
User avatar
Mar 16, 2008
173 posts
7 upvotes
Mississauga
TD said they can offer promo rate of 2.99% for a year, and that I can try to renew again at that rate in a year. Not sure what the "regular" rate will be, but I'm going in this weekend to discuss details.
Jr. Member
Mar 16, 2011
131 posts
47 upvotes
OK, reading through this thread, I think I can do much better!

I have some old PLOCs which I've never re-negotiated. Recently, they were
TD LOC 9.69%
Scotia 6.0%

I recently checked my current Equifax Score and it was 826, which is pretty darn good.

BMO offered me a LOC at 5.35%
TD LOC agreed to reduce my rate to 6.75%
I haven't asked Scotia yet to adjust my rate as i wanted to research what i should be asking for.

Looking at the rates in this thread, I think i should be able to do better than 6.75% for sure.
Newbie
Sep 25, 2016
26 posts
29 upvotes
rangeroad07 wrote:
Apr 19th, 2017 4:44 pm
Ah ok, thx makes sense. I'd be curious what they'd offer you now. Sometimes I wish it was 2012 again..lol
I got prime+2 at TD last summer. Just walked in and asked what they could offer. The manager immediately offered 30k at prime+2 once he checked my profile. Didn't even look at the NoA that I brought and I only had a Visa with them at that point. Credit score was around 800 at the time. RBC, on the other hand, wouldn't budge even when I asked them to match TD's offer and threatened to close several accounts, so my RBC LoC is still at prime + 3.84%, which is why I don't use it anymore. It all seems arbitrary, though I'm sure there are other factors involved that they just won't disclose.
Jr. Member
Oct 16, 2014
189 posts
13 upvotes
North York, ON
I applied for my first ULOC's last month, when my Equifax score was 834.

TD = $5k, 5.7%
BMO = $35k, 8.7%
Jr. Member
Oct 12, 2011
102 posts
34 upvotes
Wow, these rates are so totally random with everybody posting really decent to excellent credit scores. Really interesting stuff going on here, so many factors.
Jr. Member
Mar 16, 2011
131 posts
47 upvotes
buliwyf wrote:
Apr 20th, 2017 4:31 pm
I applied for my first ULOC's last month, when my Equifax score was 834.

TD = $5k, 5.7%
BMO = $35k, 8.7%
That BMO rate looks silly with your credit score. They must be using a bunch of other factors. yikes.
Newbie
Apr 7, 2017
4 posts
1 upvote
insanesnowman wrote:
Feb 11th, 2017 7:43 pm
LOC is used for investments...
If I am applying for a LoC at a new bank, and I say the main reason is for investments, I wonder if that will affect the rate/amount? The only reason I would ever use a LoC on a continual basis is for investments, but I've always imagined in my head they would give me a lower amount and higher rate if I told them this was the main purpose of getting a new LoC.
Jr. Member
Oct 16, 2014
189 posts
13 upvotes
North York, ON
chopperE wrote:
Apr 21st, 2017 12:02 am
That BMO rate looks silly with your credit score. They must be using a bunch of other factors. yikes.
They said it may be because I have 0 business with BMO lol. They also gave me a pre-approved MasterCard with $13k limit, and $2,500 overdraft if I open a chequing account with them.

The MasterCard has a 4% cashback for the first 4-months, so I am going to use that.
Deal Fanatic
User avatar
Apr 29, 2008
5691 posts
1499 upvotes
Montreal
serumm wrote:
Apr 21st, 2017 8:00 am
If I am applying for a LoC at a new bank, and I say the main reason is for investments, I wonder if that will affect the rate/amount? The only reason I would ever use a LoC on a continual basis is for investments, but I've always imagined in my head they would give me a lower amount and higher rate if I told them this was the main purpose of getting a new LoC.
Consider getting a margin account at your brokerage account if it's your goal, which will allow to borrow for investments directly.
(if you meant for investments on stock market).

Not a recommandation to borrow to invest
Member
Nov 1, 2010
389 posts
49 upvotes
buliwyf wrote:
Apr 21st, 2017 3:03 pm
They said it may be because I have 0 business with BMO lol. They also gave me a pre-approved MasterCard with $13k limit, and $2,500 overdraft if I open a chequing account with them.

The MasterCard has a 4% cashback for the first 4-months, so I am going to use that.
Interesting response you got. My PLOC is the only business I have with BMO and when I contacted them for it, I was offered Prime + 2%. I did mention that I'd only sign with a good rate. As Rangeroad07 points out above, these things appear to be totally random.

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