Personal Finance

Please share your Unsecured Line of Credit interest rates and lenders

  • Last Updated:
  • Jan 21st, 2019 6:59 pm
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Newbie
Oct 3, 2017
30 posts
5 upvotes
Escapehere wrote:
Sep 26th, 2018 11:14 pm
BMO emailed me offering a "pre-approved" Personal Line of Credit for $20k.

I have absolutely zero need for this, but would it help increase my credit rating?

Also, what is a decent rate for a Personal Line of Credit. I don't own a property, renting only.
Always take Pre-approved credit! It's harder to get it when you actually need it. Whats the rate they offered you? I'm probably going to call tomorrow and try to get a better rate and slightly larger limit.
Newbie
Aug 31, 2013
46 posts
19 upvotes
Montreal, QC
Jesster202 wrote:
Sep 27th, 2018 12:45 am
Whats the rate they offered you? I'm probably going to call tomorrow and try to get a better rate and slightly larger limit.
Prime + 3.53%.

Is that any good? Sounds pretty average to me.

Interestingly, they emailed me in July offering 10k @ Prime + 4.53%, which I never responded to. Then this month they double it to 20k and offer Prime + 3.53%. Maybe if I wait another 3 months they'll offer me $40k @ 2.53% :)
Newbie
Oct 3, 2017
30 posts
5 upvotes
Thats what they gave me but they sent me a promo to try and entice me to use it 4.99(I forget its only for 12 months tho)I want an larger limit and that same APR on that larger limit.
Escapehere wrote:
Sep 27th, 2018 4:07 pm
Prime + 3.53%.

Is that any good? Sounds pretty average to me.

Interestingly, they emailed me in July offering 10k @ Prime + 4.53%, which I never responded to. Then this month they double it to 20k and offer Prime + 3.53%. Maybe if I wait another 3 months they'll offer me $40k @ 2.53% :)
Deal Addict
Feb 6, 2014
1637 posts
166 upvotes
St. Johns
Anyone know if decent rates exist if you just apply without an special offer? Have an old LOC from RBC with a ridiculously high rate that I dont use, wouldn't mind getting a better rate elsewhere.
Member
Mar 16, 2011
386 posts
196 upvotes
RyanS219 wrote:
Oct 11th, 2018 7:28 pm
Anyone know if decent rates exist if you just apply without an special offer? Have an old LOC from RBC with a ridiculously high rate that I dont use, wouldn't mind getting a better rate elsewhere.
You can also ask your bank to lower your rate based on your history with the bank. I've done this a few times and almost every time it works. They can usually shave a point off in the branch without even going out for approval. I got almost 3% shaved off once.
Deal Addict
Feb 6, 2014
1637 posts
166 upvotes
St. Johns
chopperE wrote:
Oct 11th, 2018 10:10 pm
You can also ask your bank to lower your rate based on your history with the bank. I've done this a few times and almost every time it works. They can usually shave a point off in the branch without even going out for approval. I got almost 3% shaved off once.
Problem is that the CL rate is like 9.5%, so I would need to cut more than a few points to make it useful.
Jr. Member
Mar 30, 2018
107 posts
60 upvotes
I am pre-approved for 30K unsecured LOC @ prime+4.49 by RBC. I called to negotiate, the first person I talked to said she will have to do a complete application to see if they can offer me a lower rate and I was transferred to a second person. He said they have already offered me a good rate and there are very less chances that the rate will go down even if they do a complete application which means a hard-check. How do i negotiate a better rate, any suggestions?
Member
Dec 3, 2006
200 posts
8 upvotes
rtmrrtmr wrote:
Sep 11th, 2018 12:15 pm
I received the offer from scotiabank for 10k at p+2.45. I don't have any plans to use it in the near future but I would like to have it just in case. I think I read somewhere awhile ago that people can use td loc as a chequing account where they deposit money before using it so they don't get charged interest? Is this something doable wiith scotiabank?
I received the same offer from Scotia but for $20K. Haven't accepted it yet, but i probably will.

I already have $15K @ prime + 2.75 with Simplii (originally PC).
Deal Addict
Jul 24, 2011
1075 posts
219 upvotes
Sitting with a 10K BMO Unsecured LOC, not using it @ 8.7% before the rate hike. I tried to ask them to lowered it, but they just refuse to. Decent credit Score 800.
Koodo client 10G / $60 Month.
Tangerine client.
Jr. Member
Nov 30, 2006
178 posts
39 upvotes
Pre-approved for $25K from BMO @ 7.23%

Just went in the other day to do the paperwork.
Deal Addict
Jan 21, 2014
3506 posts
1398 upvotes
No one updated with Tangerine's offer yet? ULOC $30K for 2.99% in the first 90 days, then P+1% thereafter,
Jr. Member
Mar 28, 2015
103 posts
23 upvotes
Rural AB
mkl38s wrote:
Nov 30th, 2018 5:42 pm
No one updated with Tangerine's offer yet? ULOC $30K for 2.99% in the first 90 days, then P+1% thereafter,
That’s a pretty good rate
I have a ULOC with Scotia with a $75k limit @ prime plus 1.8%
Newbie
Jan 3, 2008
26 posts
13 upvotes
Vancouver
I got that same Tangerine offer. I went for it.
Deal Addict
Jan 21, 2014
3506 posts
1398 upvotes
is there any harm to your credit having several LOCs & HELOC? I still haven't accepted Tangerine's offer
Deal Addict
Apr 18, 2010
4676 posts
461 upvotes
Toronto
mkl38s wrote:
Nov 30th, 2018 11:34 pm
is there any harm to your credit having several LOCs & HELOC? I still haven't accepted Tangerine's offer
Would like to know too

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