Personal Finance

Please share your Unsecured Line of Credit interest rates and lenders

  • Last Updated:
  • Sep 14th, 2018 6:02 pm
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Sr. Member
Nov 17, 2014
742 posts
207 upvotes
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
5280 posts
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Toronto
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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Deal Addict
Apr 5, 2016
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Calgary/Vancouver
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.
Current Fido customer.
Ex Koodo customer. Beware of their tactics.
Member
Mar 16, 2011
373 posts
179 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.
Jr. Member
Jun 29, 2015
156 posts
102 upvotes
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
99 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
75 posts
34 upvotes
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
634 posts
139 upvotes
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.
Sr. Member
Nov 8, 2017
560 posts
233 upvotes
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 CWB one went up to 14%. My Amex hasn't changed.

My 6.99% MBNA Prestige Line just turned into a 10% card, lol.
Newbie
Oct 9, 2011
99 posts
15 upvotes
OttawaGuy2 wrote:
Jul 13th, 2018 9:56 am
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.
Had no idea I had to use the cheques. I'm currently working on aggressively paying off my LoC wish I had the rate without using the cheques. Good to know though
Sr. Member
Nov 8, 2017
560 posts
233 upvotes
I've got a pre-approval offer from BMO @ prime +3.5%
For 5k. Got a meeting with a banker tomorrow, and I'm gonna see if I can get a higher limit with lower %. I've got an empty bmo Mastercard with 34k limit on it. See if they'll transfer some of that limit onto my uloc
Deal Addict
Jan 21, 2014
2989 posts
855 upvotes
Just logged into my Scotia account (recently opened for the bonus cash) and saw pre-approved Scotialine (LOC) for $20K at prime+2.35%. That is better rate than RBC & TD have been offering me and for more money too (only $10K from TD & RBC). I am debating to take it or not as I was planning to close Scotia account once I get the bonus
Sr. Member
Feb 21, 2010
634 posts
139 upvotes
Scarborough
U can close your chequings and still keep line of credit account
mkl38s wrote:
Jul 19th, 2018 6:12 am
Just logged into my Scotia account (recently opened for the bonus cash) and saw pre-approved Scotialine (LOC) for $20K at prime+2.35%. That is better rate than RBC & TD have been offering me and for more money too (only $10K from TD & RBC). I am debating to take it or not as I was planning to close Scotia account once I get the bonus
Newbie
Oct 7, 2009
58 posts
1 upvote
Kingston
A few days ago I noticed my existing LOC from RBC dropped from like 7%-ish to 3.7%. At first I thought it was a mistake but then a couple of days ago I got an ad in the mail offering me Prime + 0.00%. I figure it's a nice rate change. I haven't used my LOC in a while so maybe it's their way to give me an incentive to use it, lol.

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