Personal Finance

Please share your Unsecured Line of Credit interest rates and lenders

  • Last Updated:
  • Mar 17th, 2024 9:57 am
Tags:
None
Deal Addict
Apr 10, 2017
3047 posts
2146 upvotes
coolintheshade wrote: Your situation on the surface seems that you would be a good candidate for a LOC, depending on your entire financial picture, including income.
But I wouldn’t only apply for what you need.
If they’re willing to give you 20k, take it.
The amount you don’t use will always be available for future use, as the LOC is revolving account.
Most importantly, if you take more than you need, you won’t have a maxed, or near maxed account on your credit files, which can really bring down your rating.
To answer your original question, inquiries are not detrimental to your credit rating.
People make too much of a big deal about credit inquiries.
Thanks

Ive been reading about LOC vs Loans. I will be using the money for personal use i.e. big purchase, an "emergency" trip

Im not sure which one to go for. Only reason why I'm looking into this is I don't want to paralyze my cash flow with a big purchase/trip. I used to do these things with just a CC and pay it off by the due date, but life has changed obviously
Deal Addict
Nov 8, 2017
1556 posts
894 upvotes
Got a pre-approved for 10k rbc @ 8.94.
Just had to click it to activate it, so it was easy.
I've got two others PLOC@ 6.9%(motus) 10k and 3.95% @ bmo, so I'll I won't use it.

Maybe after awhile of not using it, they'll give me a juicy offer, like BMO did
Deal Addict
User avatar
Sep 6, 2018
1876 posts
2285 upvotes
Halifax, Nova Scotia
User455957 wrote: Got a pre-approved for 10k rbc @ 8.94.
Just had to click it to activate it, so it was easy.
I've got two others PLOC@ 6.9%(motus) 10k and 3.95% @ bmo, so I'll I won't use it.

Maybe after awhile of not using it, they'll give me a juicy offer, like BMO did
Same for me with RBC earlier this year. Almost the same interest rate, won't be using it but maybe they'll have a low interest promo some day.
Deal Addict
Nov 8, 2017
1556 posts
894 upvotes
aweawea wrote: Same for me with RBC earlier this year. Almost the same interest rate, won't be using it but maybe they'll have a low interest promo some day.
doesn't hurt to have around, that's for sure
Member
Sep 17, 2019
454 posts
488 upvotes
45°N 63.5°W
User455957 wrote: Got a pre-approved for 10k rbc @ 8.94.
Just had to click it to activate it, so it was easy.
I've got two others PLOC@ 6.9%(motus) 10k and 3.95% @ bmo, so I'll I won't use it.

Maybe after awhile of not using it, they'll give me a juicy offer, like BMO did
BMO offered you prime on an unsecured line of credit? That's not just an introductory teaser rate?
Deal Addict
Nov 8, 2017
1556 posts
894 upvotes
nerdralph wrote: BMO offered you prime on an unsecured line of credit? That's not just an introductory teaser rate?
last April. It was prime +3.5 before that, and I wasn't using it. It came in handy cause I had some big car repairs. Goes back up to 7.5 after March 2020
Member
Sep 17, 2019
454 posts
488 upvotes
45°N 63.5°W
User455957 wrote: last April. It was prime +3.5 before that, and I wasn't using it. It came in handy cause I had some big car repairs. Goes back up to 7.5 after March 2020
So a 1yr promo rate. At P+3.5, I wouldn't have used it either. Before the promo is up I'd recommend calling and ask them to give you P+1. They won't give it to you, but you should get a counter offer between P+1.5 and P+2.
Deal Addict
Nov 8, 2017
1556 posts
894 upvotes
nerdralph wrote: So a 1yr promo rate. At P+3.5, I wouldn't have used it either. Before the promo is up I'd recommend calling and ask them to give you P+1. They won't give it to you, but you should get a counter offer between P+1.5 and P+2.
plan on closing it when I close my chequing in the new year
Deal Addict
Apr 10, 2017
3047 posts
2146 upvotes
Biscayne05 wrote: Thanks

Ive been reading about LOC vs Loans. I will be using the money for personal use i.e. big purchase, an "emergency" trip

Im not sure which one to go for. Only reason why I'm looking into this is I don't want to paralyze my cash flow with a big purchase/trip. I used to do these things with just a CC and pay it off by the due date, but life has changed obviously
Does anyone have an opinion? I just don't want to ask the bank.
Sr. Member
Feb 9, 2018
606 posts
520 upvotes
Shadow Rider wrote: Is the Tangerine Prime + 1% the lowest in Canada?
Its unadvertised rate for a LOC. Thing about unadvertised rates is that its YMMV. Not everyone is going to get it. It all depends on your credit history, rapport with the bank and assets at a particular bank. If not the lowest, its pretty close to that for an unsecured LOC.
Newbie
Oct 21, 2019
1 posts
Hi everyone, I'm a complete novice when it comes to line of credit. I need one for professional educational purpose and my estimated cost for the one year program is around 80,000. I've got two banks on my toplist, RBC and CIBC.
Though I bank with CIBC and would like to go through with them but the person I met with was not clear on the repayment - her words were: I would know the exact conditions after their 'credit department' approves.
My questions:
1. Is it OK to put in applications in both banks simultaneously (I'm running out of time) and accept only the one that suits my purpose

2. What implication will that have on my credit score ( that is applying for student LOC from two bank institutions)

3. RBC seemed pretty straightforward with their conditions and that suits my needs (amount will be given in a lump sum). The reason I'm considering CIBC is because I bank with them and they offer .25% lower than RBC for professional studies (but CIBC doesn't give a lump sum, and I'm definitely going to need at least 75% of the amount I'm putting in for just before the start of studies).

Any tips will be helpful, I'll be reading all
Newbie
Dec 10, 2018
34 posts
43 upvotes
Just a quick update on my recent credit line positions, revised now with rates.

Simplii ULOC (7.45% or prime plus 3.5%) $35,000
TD ULOC (7.85% or prime plus 3.9%) $30,000
Scotia ULOC (6.4% or prime plus 2.45%) $67,400
Cibc ULOC (6.95% or prime plus 3%) $30,000

Total: $162,400.00
Jr. Member
Sep 19, 2018
142 posts
275 upvotes
Hi,

Set up an unsecured LOC through RBC that’s set at posted prime 3.75 or so I believe. Moved my balance from HELOC to there since heloc was prime plus a quarter
J
Deal Fanatic
Jan 21, 2014
8518 posts
6261 upvotes
got pre-approved for $10K from HSBC at 6.85% (prime + 2.9%). But I already have $30K from Tangerine at prime + 1% so I didn't bother with HSBC
Deal Addict
Mar 5, 2006
2817 posts
3144 upvotes
Toronto
I got a TD pre-approved 15k at prime(3.95) + 4.88.
Should I take it or should I ask for less?
Also, if I take it, would lowering the interest later be harder? Or would they just randomly lower it over time like how you randomly get credit card credit limit increase?
Member
Mar 16, 2011
422 posts
210 upvotes
jasonchewy wrote: I got a TD pre-approved 15k at prime(3.95) + 4.88.
Should I take it or should I ask for less?
Also, if I take it, would lowering the interest later be harder? Or would they just randomly lower it over time like how you randomly get credit card credit limit increase?
Random lowering of credit rates is rare, from what i can tell.
You can ask for rates to be lowered (i did it 3 times) but it helps to have history with the Bank for that to happen
That doesn't sound like a great rate to me, but it depends on your credit situation.
Sr. Member
Feb 9, 2018
606 posts
520 upvotes
Jazzymd wrote: Hi,

Set up an unsecured LOC through RBC that’s set at posted prime 3.75 or so I believe. Moved my balance from HELOC to there since heloc was prime plus a quarter
J
3.95
Member
Sep 17, 2019
454 posts
488 upvotes
45°N 63.5°W
A couple years ago I negotiated the rate on my wife's LoC at Scotia down to prime + 1.8%. After reading about Tangerine's targeted offers as low as prime + 1%, I asked Scotia to lower it. No go, despite my wife being a client for over 20yrs, and current business with Scotia including multiple mortgages and over $250k in investments.
Member
Nov 24, 2017
269 posts
248 upvotes
British Columbia
Pre-approved by RBC for ULOC, $30,000 @ 6.94% (prime + 2.99%)

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)