Personal Finance

Please share your Unsecured Line of Credit interest rates and lenders

  • Last Updated:
  • Jul 13th, 2018 10:48 am
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Sr. Member
Nov 17, 2014
711 posts
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booblehead wrote:
May 18th, 2018 8:46 am
td sent me an offer for 3.99% for 1 year term (unsecured)
3.99% is a very good rate for the unsecured, considering that TD offers 3.75% to 4.75% (depending on the debit margin balance & secured by stocks) for its president's account clients who have $500,000+ assets at TD.
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Jan 6, 2002
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Beefeater wrote:
Jul 2nd, 2018 8:47 pm
3.99% is a very good rate for the unsecured, considering that TD offers 3.75% to 4.75% (depending on the debit margin balance & secured by stocks) for its president's account clients who have $500,000+ assets at TD.
It's probably a teaser rate for the first year, TD hoping you suck it down and are stuck with the debt when they jack up the price after 12 months.
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Apr 5, 2016
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hoob wrote:
Jul 2nd, 2018 10:03 pm
It's probably a teaser rate for the first year, TD hoping you suck it down and are stuck with the debt when they jack up the price after 12 months.
TD is notorious for this. Always make sure to read the fine print.
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Member
Mar 16, 2011
346 posts
161 upvotes
bomber17 wrote:
Jul 3rd, 2018 1:26 am
TD is notorious for this. Always make sure to read the fine print.
Well, they send me Fixed Rate Advantage Offers at 2.99% for 12 months. As long as you know you have 12 months to pay it off, it's handy to have those options.
Newbie
Jun 29, 2015
96 posts
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Canada Eh?
I was on the phone with TD EasyLine doing something else when the rep mentioned I got preapproved for another LOC...10K CL for 5.45% (prime + 2%). But the prime is surely to change in the next couple of days as BoC announced a rate hike.

Which is interesting since I just got a different LOC with $21K CL nearly 2 months ago for 7.99%...also TD.
Newbie
Oct 9, 2011
98 posts
15 upvotes
mine has been 5% unsecured for the last year. Scotia just sent me a promotion, dropped my interest rate to 1.99% for the next six months!
Newbie
Sep 20, 2015
60 posts
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Ottawa, ON
timach wrote:
Jul 12th, 2018 6:00 pm
mine has been 5% unsecured for the last year. Scotia just sent me a promotion, dropped my interest rate to 1.99% for the next six months!
What is proper way to use these promotional cheque when your loan interest in tax deductible and you already have a balance? The reason I am asking is the Scotia interest rate promotion is generally via cheques which you need to deposit to get that promotional rate so if you already have a balance then you need to pay that balance temporarily and then pay back the balance via Scotia cheques. This way you get the promotional rate. However I am not really sure if this way can cause issue with tax man to prove deductability of loan interest for business purpose. Looking for insights from all experts here.
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Apr 21, 2004
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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
Any other cards offering between 7 and 10% interest rates?

Surprised Amex Canada is offering something so competitive.

My 6.99% MBNA Prestige Line just turned into a 10% card, lol.
Sr. Member
Feb 21, 2010
590 posts
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Scarborough
Same here MBNA 6.99 Card is now 9.99%
alanbrenton wrote:
Jul 13th, 2018 10:09 am
Any other cards offering between 7 and 10% interest rates?

Surprised Amex Canada is offering something so competitive.

My 6.99% MBNA Prestige Line just turned into a 10% card, lol.

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