Personal Finance

Where can you get the cheapest Personal Line of Credit Rate

  • Last Updated:
  • Feb 16th, 2012 2:51 am
[OP]
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Jun 6, 2010
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Toronto, Ontario

Where can you get the cheapest Personal Line of Credit Rate

I need to get a personal line of credit (not home equity line of credit).
Anyone know of any bank that give prime +1 or prime + 2 rate?
I get offered prime + 3.5, but I think it is too high.
Please help.
If I buy something that is not in deep discounted, my father will punish me; everyone will laugh at me. I will be the strange kid who doesn't fit in.
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13 replies
Member
Dec 1, 2010
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At RBC we have two at +3.7 and +3.5. It's unsecured so I would be surprised it many people get much lower than that.
Newbie
Jan 21, 2012
13 posts
GLACE BAY
theflyingsquirrel wrote: I need to get a personal line of credit (not home equity line of credit).
Anyone know of any bank that give prime +1 or prime + 2 rate?
I get offered prime + 3.5, but I think it is too high.
Please help.

I have one at prime +1 with BMO but it is a secured LOC. I believe the rate would have been prime +3.5 if I had gotten an unsecured one.
Banned
Feb 17, 2007
3190 posts
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if u are a student, try to get a student line.
it is around prime + 1 or less.
Deal Fanatic
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Apr 29, 2008
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Montreal
Prime + 0.75% unsecured LOC, professional program at National Bank.
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May 27, 2007
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Vaughan
I am getting prime + 1.5% at Scotiabank for unsecured
Sr. Member
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May 28, 2005
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Etobicoke
got prime + 1.5% unsecured at RBC this weekend. They gave me staff rate cause I have my mortgage with them
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Jan 28, 2012
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Ive been at prime +3.75% with TD for years. They are now upping me to +4.25%

When I got my mortgage at CIBC they looked into getting me a LoC but couldnt beat +3.75 for me anyay.

I now have a HELOC at prime +1 though so will use that.
[OP]
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Jun 6, 2010
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Toronto, Ontario
born2be_lazy wrote: got prime + 1.5% unsecured at RBC this weekend. They gave me staff rate cause I have my mortgage with them

The RBC prime + 1.5% sounds promising.
If I buy something that is not in deep discounted, my father will punish me; everyone will laugh at me. I will be the strange kid who doesn't fit in.
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How to setup PAP in Tangerine
Deal Fanatic
Apr 16, 2007
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Financial District B…
theflyingsquirrel wrote: I need to get a personal line of credit (not home equity line of credit).
Anyone know of any bank that give prime +1 or prime + 2 rate?
I get offered prime + 3.5, but I think it is too high.
Please help.


The best personal LOC rating you can get is usually from the bank you already deal with.

I highly doubt any bank who doesn't know you from squat to want to beat the rates you can get from your own bank. (unless you agree to move your mortgage, financial portfolio over to them)
Sr. Member
Feb 7, 2012
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SCARBOROUGH
mikeymike1 wrote: The best personal LOC rating you can get is usually from the bank you already deal with.

Except TD. They are increasing unsecured LOC rates for many customers even though the customers have a lot of business with them.
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Feb 17, 2007
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afiglee wrote: Except TD. They are increasing unsecured LOC rates for many customers even though the customers have a lot of business with them.

Canadian banks are expanding their banking locations and hours, especially TD.
We will all see bank fees rising from them. My rate for TD's line hasn't increase yet.
My dad got a letter from stating that they will slash 1% off.
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Dec 1, 2011
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afiglee wrote: Except TD. They are increasing unsecured LOC rates for many customers even though the customers have a lot of business with them.

They have to recoup the lost profits from MBNA's 0% and 1.99% interest rates for X amount of time somehow. Kinda makes one look forward to the exciting changes that will take place when they take full control of MBNA. :-0
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Dec 5, 2003
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born2be_lazy wrote: got prime + 1.5% unsecured at RBC this weekend. They gave me staff rate cause I have my mortgage with them

Thanks for the post. I am getting a mortgage with them and will see if they can do the same for us. We haven't closed.

Our unsecured is P+2.25 right now.

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