Personal Finance

Please share your Unsecured Line of Credit interest rates and lenders

  • Last Updated:
  • Mar 31st, 2020 5:37 pm
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Deal Addict
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Dec 21, 2013
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GTA
Tangerine Unsecured.

Tangerine Prime + 1.00% (currently 4.95% as of writing).
Deal Fanatic
Oct 1, 2004
6159 posts
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Toronto
CIBC send me an online offer for 30K P+3%, is there a chance they can reduce the rate if I call in? or if I accept it now, is there a chance the rate will lower or the limit will in crease automatically? Or should i refuse now and hope to get a better offer later?
Sr. Member
Oct 29, 2009
609 posts
294 upvotes
georgecantstandya wrote: Tangerine Unsecured.

Tangerine Prime + 1.00% (currently 4.95% as of writing).
Were you offered this at random or did you ask them for a LOC?
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Dec 21, 2013
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McGuillicuddy wrote: Were you offered this at random or did you ask them for a LOC?
Random email stating I was pre-approved. Even though I don't use it, couldn't say no.. matched my HELOC through the Credit Union.
greg123 wrote: CIBC send me an online offer for 30K P+3%, is there a chance they can reduce the rate if I call in? or if I accept it now, is there a chance the rate will lower or the limit will in crease automatically? Or should i refuse now and hope to get a better offer later?
It doesn't hurt to call them and try.
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Jul 18, 2005
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Hi, does anyone have any tips on opening a USD unsecured line of credit? Currently I'm with Simplii and they don't offer this. Can I open a line with another bank or will I have to move all my banking as well?

Thanks!
Heatware PEPSI IPOD MINI WINNER (JUNE 2005)
Sr. Member
Oct 29, 2009
609 posts
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Tangerine offered me Prime + 6% = 9.95%

I have outstanding credit, stable situation, no car loans owing, etc. Very low risk. So I have no idea how they arrive at their numbers but it doesn't seem to have anything to do with your risk profile.
Member
Nov 24, 2015
325 posts
203 upvotes
Toronto, ON
maebach wrote: Hi, does anyone have any tips on opening a USD unsecured line of credit? Currently I'm with Simplii and they don't offer this. Can I open a line with another bank or will I have to move all my banking as well?

Thanks!
RBC Bank (USA) offers USD PLC to Canadian resident.
https://www.rbcbank.com/cross-border/us-loans.html

They will pull your Canadian Credit to assess your qualification, but you don't have to move any assets for that purpose.
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Jun 23, 2017
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Toronto, ON
georgecantstandya wrote: Tangerine Unsecured.

Tangerine Prime + 1.00% (currently 4.95% as of writing).
WOW! that's only slightly above some SECURED HOME EQUITY LOC's ..... like mine! WOW!
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Jul 13, 2014
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McGuillicuddy wrote: Tangerine offered me Prime + 6% = 9.95%

I have outstanding credit, stable situation, no car loans owing, etc. Very low risk. So I have no idea how they arrive at their numbers but it doesn't seem to have anything to do with your risk profile.
They just offered me Prime + 2% and I don't even use the bank anymore. It's on promotion for $2.95% for a few months and will then jump to 5.95%

Tangerine's selection process makes absolutely no sense. It took me 3 tries to get approved for their card but they just handed me an LOC.

Maybe they're hoping I'd start banking with them again.
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Jul 13, 2014
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cheapskatescooner wrote: TD Prime Rate + 11.23%. Currently 15.18%!
That's gotta hurt
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Newbie
Dec 30, 2017
2 posts
2 upvotes
Got a pre-approved LOC from RBC for 25k@ Royal Bank Prime + 1.50% (3.95+1.50 - with condition - The RBC Prime Rate can change at any time and without notice. If it does, your rate will also change.)

I like the offer and going to take it but I was wondering if I can have them increase the limit to 50K? Is is possible?
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Jan 18, 2014
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Rouyn-Noranda
samwinchester1900 wrote: Got a pre-approved LOC from RBC for 25k@ Royal Bank Prime + 1.50% (3.95+1.50 - with condition - The RBC Prime Rate can change at any time and without notice. If it does, your rate will also change.)

I like the offer and going to take it but I was wondering if I can have them increase the limit to 50K? Is is possible?
I'm sure you can ask, but it will get you a credit hit, whereas if you just accept the current offer you probably won't get one.

And good job, that's a great offer!

I'm guessing you have other business with RBC --- bank accounts, credit cards?
Newbie
Dec 30, 2017
2 posts
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John47 wrote: I'm sure you can ask, but it will get you a credit hit, whereas if you just accept the current offer you probably won't get one.

And good job, that's a great offer!

I'm guessing you have other business with RBC --- bank accounts, credit cards?

Yes. I have a personal RBC bank account and TfSA with them. No credit card for my personal account. For business acc i have bank account, credit card and visa line of credit of 5k which I have never used.
Newbie
Jul 19, 2017
14 posts
7 upvotes
Vancouver, B.C.
TD sent an offer to me by mail: pre-approved for $25K @ prime + 1.99%. I was a bit surprised at the rate as my wife has an existing ULOC with TD and her credit score is better than mine but her rate is prime + 4.49%.

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