Personal Finance

Please share your Unsecured Line of Credit interest rates and lenders

  • Last Updated:
  • Oct 1st, 2019 12:08 pm
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Member
Nov 24, 2015
299 posts
186 upvotes
Toronto, ON
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
Having multiple LOCs isn't much different than having multiple credit cards, unless you are planning to apply for a mortgage in the near future. As some lenders consider full credit limit in your liabilities even if you don't have any balance on the LOC.
Member
Sep 29, 2015
203 posts
253 upvotes
Toronto, ON
Also got the Tangerine LOC offer - 25K @ prime +1.

Bit on it as well - as my RBC LOC is a professional student one that they will eventually shut down. Nothing wrong with an extra line just in case.
Newbie
Dec 10, 2018
18 posts
15 upvotes
Hey, mine are as follows!

CIBC unsecured line of credit, $30,000 at prime (3.95% at time of writing) plus 3% $30,000 at 6.95%
SIMPLII unsecured line of credit, $35,000 at prime (3.95% at time of writing) plus 4.85% $35,000 at 8.80%
TD unsecured line of credit, $30,000 at prime (3.95% at time of writing) plus 4.00% $35,000 at 7.95%
SCOTIA unsecured line of credit, $41,400 at prime (3.95% at time of writing) plus 2.75% $41,400 at 6.70%
Newbie
Nov 24, 2017
63 posts
46 upvotes
British Columbia
Received the following pre-approvals by email this week

BMO, $15k, prime + 4.53 = 8.48%
RBC, $25k, prime + 4.49 = 8.44%
Member
Jan 3, 2003
370 posts
64 upvotes
Vancouver Island
Just bit on TD for $45,000 at prime plus 2% unsecured (pre-authorized, no credit check). CIBC, who I've done business with for over 30 years, has my existing LOC at prime plus 3.75 and refused to tell me what they could offer or even consider lowering their rates without a credit application and check........... Bye bye CIBC.
Deal Expert
User avatar
Jan 27, 2004
41070 posts
4852 upvotes
T.O. Lotto Captain
financedude wrote:
Dec 11th, 2018 10:21 pm
Hey, mine are as follows!

CIBC unsecured line of credit, $30,000 at prime (3.95% at time of writing) plus 3% $30,000 at 6.95%
SIMPLII unsecured line of credit, $35,000 at prime (3.95% at time of writing) plus 4.85% $35,000 at 8.80%
TD unsecured line of credit, $30,000 at prime (3.95% at time of writing) plus 4.00% $35,000 at 7.95%
SCOTIA unsecured line of credit, $41,400 at prime (3.95% at time of writing) plus 2.75% $41,400 at 6.70%
You have all that at once? Thats a lot of LOC’s
Newbie
Dec 10, 2018
18 posts
15 upvotes
UrbanPoet wrote:
Dec 28th, 2018 9:52 pm
You have all that at once? Thats a lot of LOC’s
Yep,

My Scotia LOC I just got it increased to $57,900. Scotiabank has a neat tactic. You can apply for as many VISA products that they have and get them merged into your line of credit.

I originally got approved for $34,400 with Scotia ULOC. After that I got $16,500 approval in a Scotia Momentum Visa and a $7,000 approval in a Scotia Value Visa.

I merged the limits to a total of $57,900 on my ULOC at the total rate of 6.7% and closed off the other 2 Visa cards.



As per my other lines, ALL are unsecured. I do have excellent credit with an income of $125,000 and a total of $212,000 in trade lines with a total balance of $14,000 owing- effectively making my utilization ratio 6%.
Sr. Member
Feb 23, 2014
790 posts
305 upvotes
CIBC pre approved me for $20k @ 14.5%.

Judging by the last few posts, that isn't good. Should I take it and not use it just to improve my credit utilization % and credit variety? (I've never had a student or car loan or any other type of loan than my credit card before)

Should I shop around? I bank at Tangerine but haven't received any fancy offers like the last few posters mentioned.

Thanks!
Deal Addict
User avatar
Dec 4, 2007
3472 posts
1201 upvotes
Quebec
Interest Rate
8.70%
TD Prime Rate+4.75%
As of Dec 29, 2018

This is for my non secured loc of 20k limit approved 2 weeks ago, i have no idea my credit limit, no debt, annual revenu of 19k before income taxe.
Deal Addict
Apr 5, 2016
3491 posts
2106 upvotes
Calgary/Vancouver
paul29m wrote:
Dec 29th, 2018 5:52 am
CIBC pre approved me for $20k @ 14.5%.

Judging by the last few posts, that isn't good. Should I take it and not use it just to improve my credit utilization % and credit variety? (I've never had a student or car loan or any other type of loan than my credit card before)

Should I shop around? I bank at Tangerine but haven't received any fancy offers like the last few posters mentioned.

Thanks!
Counter back at them saying the rate is too high and see if they'll willing to lower it. I wouldn't take it and just wait for a better offer. Sadly better offers come when credit score is better. If you want to improve credit utilization, ask for a credit limit increase.
Current Fido customer.
Ex Koodo customer.
Deal Expert
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Jan 27, 2004
41070 posts
4852 upvotes
T.O. Lotto Captain
financedude wrote:
Dec 28th, 2018 10:58 pm
Yep,

My Scotia LOC I just got it increased to $57,900. Scotiabank has a neat tactic. You can apply for as many VISA products that they have and get them merged into your line of credit.

I originally got approved for $34,400 with Scotia ULOC. After that I got $16,500 approval in a Scotia Momentum Visa and a $7,000 approval in a Scotia Value Visa.

I merged the limits to a total of $57,900 on my ULOC at the total rate of 6.7% and closed off the other 2 Visa cards.



As per my other lines, ALL are unsecured. I do have excellent credit with an income of $125,000 and a total of $212,000 in trade lines with a total balance of $14,000 owing- effectively making my utilization ratio 6%.
Haha true. Just looks bigger in scale.
My available unsecured credit is about 100% of my income. But i don’t keep building on it. I have all i need.
Deal Addict
Jun 29, 2007
4528 posts
1235 upvotes
I had a $50k BMO LOC for about 10 yrs. Bank Prime + ~2.75% if I remember correctly. Inactive for about 2-2.5 yrs and BMO closed it without checking with me first about 6 months ago.
Member
User avatar
Jul 25, 2015
387 posts
157 upvotes
Burnaby, BC
I have had a ULOC at vancity for 7 years now. 25k for prime plus 3%. Never used it. Still there.
Member
Dec 5, 2009
310 posts
143 upvotes
Professional students get $300k unsecured at prime -0.25% lol... Go to the bank, smack down the admission letter, and no questions asked. They might also do a soft check at some point since you sign a paper authorizing that.

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