Personal Finance

Please share your Unsecured Line of Credit interest rates and lenders

  • Last Updated:
  • Jul 19th, 2018 4:32 pm
Tags:
None
Newbie
Mar 24, 2015
54 posts
8 upvotes
Guelph, ON
Unsecured LOC with TD currently at 9.75%. Credit rating of 839. They have no intentions of lowering it either. Just shopped at BMO (Common-law partner has a relationship with rep there) - they initially offered me 12.75% which they later lowered the offer to 9%. Not sure why my rate is so high. My mortgage is not with a major bank, so I can't use that as an argument for a better rate.
Member
Mar 16, 2011
346 posts
161 upvotes
RitchieE24 wrote:
Jun 11th, 2018 11:21 am
Unsecured LOC with TD currently at 9.75%. Credit rating of 839. They have no intentions of lowering it either. Just shopped at BMO (Common-law partner has a relationship with rep there) - they initially offered me 12.75% which they later lowered the offer to 9%. Not sure why my rate is so high. My mortgage is not with a major bank, so I can't use that as an argument for a better rate.
Those seem really high for interest rates. Is your overall debt level quite high? There must be other factors here.
Newbie
Mar 24, 2015
54 posts
8 upvotes
Guelph, ON
chopperE wrote:
Jun 11th, 2018 11:26 am
Those seem really high for interest rates. Is your overall debt level quite high? There must be other factors here.
My debt level is relatively low. Less than average mortgage and small car payment where current value is twice that of my amount borrowed. BMO rep commented that my credit utilization ratio was incredibly good. It's pretty frustrating and if I could find out why it's so high, I'd be OK with it.
Sr. Member
Nov 8, 2017
505 posts
208 upvotes
RitchieE24 wrote:
Jun 11th, 2018 11:31 am
My debt level is relatively low. Less than average mortgage and small car payment where current value is twice that of my amount borrowed. BMO rep commented that my credit utilization ratio was incredibly good. It's pretty frustrating and if I could find out why it's so high, I'd be OK with it.
pretty crappy, considering there's CC's with lower interest. Amex essential (8.9) and CWB @ 9.9
Newbie
Mar 24, 2015
54 posts
8 upvotes
Guelph, ON
User455957 wrote:
Jun 11th, 2018 11:54 am
pretty crappy, considering there's CC's with lower interest. Amex essential (8.9) and CWB @ 9.9
Glad I'm not the only one thinking that. Thanks for the feedback! I'll keep trying with the banks. May have to check elsewhere as well. I'm not in a hurry however, not looking to use them until the fall.
Deal Addict
Jun 29, 2007
4049 posts
945 upvotes
I was at BMO branch for something else and just asked what my $50k LOC interest is. 6.09% Weird number but it's bank prime + x% = regular rate - y% discount = 6.09%

Have had it for maybe 10 yrs. Only used it 2-3 for a week or two as bridge financing. Wife has same rate and $75k limit.

We moved our mtg from BMO about 8 yrs ago. Don't have much there now except Investorline but I don't think it matters since for 1-2 yrs, we had nothing at Investorline.
Newbie
Jan 19, 2018
39 posts
3 upvotes
Just got a 21k ULOC at prime + 2.5% with Scotiabank. Anyone know what others are currently offering?
Member
User avatar
May 17, 2012
348 posts
123 upvotes
Montreal
bobohobo2kx wrote:
Jun 15th, 2018 3:46 pm
Just got a 21k ULOC at prime + 2.5% with Scotiabank. Anyone know what others are currently offering?
Couple months ago I got prime + 3% for 25 k$ ULOC at BMO.
Newbie
Feb 27, 2015
87 posts
39 upvotes
Newcastle, ON
For those who use the CIBC professional line of credit, were you required to open a $29/month chequing account to get the P+1% LoC?
Member
Feb 5, 2012
206 posts
28 upvotes
Toronto
john2922222 wrote:
Jun 15th, 2018 5:32 pm
For those who use the CIBC professional line of credit, were you required to open a $29/month chequing account to get the P+1% LoC?
Nope, was not required to do anything else.
Jr. Member
Jun 29, 2015
108 posts
67 upvotes
Canada Eh?
21K ULOC at TD for 7.99%.

Normal LOC, not professional or student.
Deal Addict
User avatar
Aug 3, 2009
1714 posts
254 upvotes
Nova Scotia
Considering cibc for professional loc given what seems like the best advertised rate and tacking on business aerogold at same time. Anyone do both at the same time? Has anyone added spouse into their loc so they also have a debit card?
Newbie
Jan 19, 2018
39 posts
3 upvotes
Just to add another data point - my brother has Scotiabank professional student LOC at prime. They still let him keep it even though he graduated.
Last edited by bobohobo2kx on Jun 17th, 2018 1:59 pm, edited 1 time in total.
Member
Mar 16, 2011
346 posts
161 upvotes
bobohobo2kx wrote:
Jun 16th, 2018 11:46 pm
Just to add another data point - my brother has Scotiabank professional LOC at prime.
I inquired about Scotia Professional LOC. They told me i needed to open a business account and the LOC is used as like an overdraft. Not that useful to me at all.

But i have a 31.6k ULOC at 5.35% with them
Newbie
Jan 19, 2018
39 posts
3 upvotes
chopperE wrote:
Jun 17th, 2018 11:24 am
I inquired about Scotia Professional LOC. They told me i needed to open a business account and the LOC is used as like an overdraft. Not that useful to me at all.

But i have a 31.6k ULOC at 5.35% with them
Sorry I should clarify my brother has the professional student LOC. Works just like a ULOC.

Top

Thread Information

There are currently 2 users viewing this thread. (2 members and 0 guests)

ShuttleBoy, Kestral