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  • Dec 31st, 2019 1:04 pm
[OP]
Jr. Member
Jun 15, 2017
160 posts
71 upvotes

Line of credit rates

Whats a decent rate for an unsecured line of credit? My current one is around 10% (prime + 3 +3) for 10k and i find its a bit of a high rate.
55 replies
Deal Fanatic
Jan 21, 2014
5298 posts
2897 upvotes
Prime + 1% to 2% would be good. I just received preapproved from Scotia for $50K at prime + 1.75 % so you may want to check with Scotiabank
Jr. Member
Apr 28, 2009
114 posts
23 upvotes
CIBC has a great deal for professionals. They offered prime plus one, while BMO was offering prime plus three.
Newbie
Jan 17, 2019
18 posts
3 upvotes
Is this for an unsecured LOC? Is the low rate only locked for a specific period?
Deal Fanatic
User avatar
Jun 19, 2009
5995 posts
1856 upvotes
Scarborough
I'd say a decent one would be prime +1% - 3%
Deal Addict
Nov 8, 2017
1519 posts
845 upvotes
Pre-Approvals will generally have lower interest. BMO is offering prime for a year. Probably because I don't use it much. Had it for year
Member
Dec 26, 2015
467 posts
266 upvotes
Manitoba
I've got a Pre approval from RBC expiring tmrw at PRime + 4.4

Its not a great number, but I've been humming and hawing over taking it just to have it, would rather wait on a better preapproval offer
Member
User avatar
Sep 10, 2007
475 posts
135 upvotes
Toronto
A couple of years ago, I got a $10,000 RBC pre-approval for Prime + 3.9% and accepted it. Currently Zero balance.
Just last month I got the same amount from Tangerine for Prime + 3.8%.

I doubt I’d get anything lower at this point, but it’s just an emergency back-up anyway.
pmb

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Jr. Member
Aug 7, 2010
126 posts
12 upvotes
RBC pre-approved me recently;

8.44% (Prime Rate of 3.95% + 4.49%)

i dont have great credit though, they gave me the offer when I was at like 720 transunion i think. accepted it anyway, doubt I'll ever touch it.
Sr. Member
Mar 21, 2019
746 posts
727 upvotes
Veeshmack wrote: I've got a Pre approval from RBC expiring tmrw at PRime + 4.4

Its not a great number, but I've been humming and hawing over taking it just to have it, would rather wait on a better preapproval offer
If you don’t have a PLOC already, try Motusbank
You can find out your pre-approved rate with no affect to your credit score until you accept.
They perform a soft credit check on Equifax.
Deal Guru
User avatar
May 8, 2009
14073 posts
11728 upvotes
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masterman wrote: If you don’t have a PLOC already, try Motusbank
You can find out your pre-approved rate with no affect to your credit score until you accept.
They perform a soft credit check on Equifax.
Ahhhh, now I know when to apply for a Motusbank uLOC. My Equifax score is garbage right now :lol: will go up again end of winter next year.
Premium Life: CDC [Icey Private Status]/SwissBorg/Netflix UHD [100% off]/Amazon [Prime 100% off]/Instacart [Express]
Sr. Member
Mar 21, 2019
746 posts
727 upvotes
titaniumtux wrote: Ahhhh, now I know when to apply for a Motusbank uLOC. My Equifax score is garbage right now :lol: will go up again end of winter next year.
Someone posted in the Motusbank thread that 650 was the minimum score to get a quote.
Not sure what kind of rate that would give, but that’s their cutoff.
Deal Guru
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May 8, 2009
14073 posts
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masterman wrote: Someone posted in the Motusbank thread that 650 was the minimum score to get a quote.
Not sure what kind of rate that would give, but that’s their cutoff.
:lol: I'm slightly above that on Equifax (down from low 700's). I like to keep my utilization high. I suspect good ol' Meridian will deny me a Motusbank uLOC due to beacon score.
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Deal Expert
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Nov 15, 2004
19461 posts
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Toronto
TD just offered me prime + 2.49% with an intro rate of 4.29% for a year on up to $21k. I'm going to switch over from my current $12k one at Simplii that I've had for like 11 years.
Deal Guru
User avatar
May 8, 2009
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Piro21 wrote: TD just offered me prime + 2.49% with an intro rate of 4.29% for a year on up to $21k. I'm going to switch over from my current $12k one at Simplii that I've had for like 11 years.
No need to close Simplii uLOC though, even when balance is at $0.
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Deal Expert
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Nov 15, 2004
19461 posts
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Toronto
titaniumtux wrote: No need to close Simplii uLOC though, even when balance is at $0.
True, but the rate is higher on that one and I most likely won't be using it after I get the TD one. If I reduce my amount of total revolving credit I may get better offers in the future.
Deal Addict
Jan 27, 2016
1486 posts
837 upvotes
Edmonton
Prime +1-2% is extremely rare for unsecured, unless your a doctor/dentist or certain professional. You should be looking around prime+3-5% realistically and that;s assuming you have great credit.
Deal Addict
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Jun 23, 2017
1200 posts
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Toronto, ON
for UNSECURED LOC, I think a rate of anything less than 2% is good ... I have uLOC's @ p+3.5%, p+3.99%, and p+4.00%
Deal Addict
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Jul 16, 2012
1287 posts
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Vancouver, BC Canada
Somewhat different but Amex just offered me a personal loan up to $25K @ 4.99% fixed APR...good, bad, sad?

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