Personal Finance

Please share your Unsecured Line of Credit interest rates and lenders

  • Last Updated:
  • Feb 2nd, 2023 6:12 pm
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Member
Jun 8, 2012
300 posts
99 upvotes
cheapshopper wrote: HSBC unsecured, $100k at Prime.
Did you apply for it? If so, what did you have to tell them the purpose was?
Deal Fanatic
Jan 31, 2007
5021 posts
5144 upvotes
Richmond Hill
SHR3WD wrote: Did you apply for it? If so, what did you have to tell them the purpose was?
Yes, i apply for it. All i said was use it as buffer in case i need extra cash.
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Member
Apr 30, 2018
259 posts
264 upvotes
Vancouver
Applied for a ULOC at CIBC. I had a couple of cards with them and was shocked they offered Prime + 11%. Which is a joke, lol. I still took it to use as a chequing.

Is there something I can do to get this lowered in the future? What is the strategy?
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User avatar
Jan 18, 2015
1047 posts
740 upvotes
Cornwall, ON
DennisA83876 wrote: Applied for a ULOC at CIBC. I had a couple of cards with them and was shocked they offered Prime + 11%. Which is a joke, lol. I still took it to use as a chequing.

Is there something I can do to get this lowered in the future? What is the strategy?
How do you use a LOC as a chequing? Is there a way to deposit your pay to it somehow???
Pronouns: She/Her/They/Them/Mx
Plan: 100GB UL QC plan $65 ($75 after 2yr)
NoAF CB Combo:
(1) 4% (Restaurants)/1.5% Simplii (2) 3% (Grocery) BMO CB MC (3) 2% Tang (4) 2%/1.25% Amex SC (5) 2% (Cell warranty) Desjardins
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Jan 18, 2015
1047 posts
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Cornwall, ON
Fascinating! Thank you! <3

However, the post shows things that seem.... unusual. I have scotia HELOC+PLOC and no, you don't get free cheques. It's like $50/book. I checked twice with them...
Pronouns: She/Her/They/Them/Mx
Plan: 100GB UL QC plan $65 ($75 after 2yr)
NoAF CB Combo:
(1) 4% (Restaurants)/1.5% Simplii (2) 3% (Grocery) BMO CB MC (3) 2% Tang (4) 2%/1.25% Amex SC (5) 2% (Cell warranty) Desjardins
Deal Fanatic
User avatar
Feb 18, 2013
5202 posts
8574 upvotes
BC
CouponBaron wrote: Fascinating! Thank you! <3

However, the post shows things that seem.... unusual. I have scotia HELOC+PLOC and no, you don't get free cheques. It's like $50/book. I checked twice with them...
I've ordered free cheques for my Scotia PLOC and wasn't charged, did you try going through the online portal?
Jr. Member
User avatar
Feb 15, 2017
152 posts
151 upvotes
Toronto
Scotia offered me P+1.95%. 15k.

They offered me this 2 months after I closed a P+2.95% uloc at 12k.
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Jan 18, 2015
1047 posts
740 upvotes
Cornwall, ON
JemboBam wrote: Scotia offered me P+1.95%. 15k.

They offered me this 2 months after I closed a P+2.95% uloc at 12k.
Sick! Did your score go up? Or did something materially change? Or they just trying for a "winback" do you think?
Pronouns: She/Her/They/Them/Mx
Plan: 100GB UL QC plan $65 ($75 after 2yr)
NoAF CB Combo:
(1) 4% (Restaurants)/1.5% Simplii (2) 3% (Grocery) BMO CB MC (3) 2% Tang (4) 2%/1.25% Amex SC (5) 2% (Cell warranty) Desjardins
Jr. Member
User avatar
Feb 15, 2017
152 posts
151 upvotes
Toronto
CouponBaron wrote: Sick! Did your score go up? Or did something materially change? Or they just trying for a "winback" do you think?


Score didn’t change. They sent out a lot of preapproved offers in December was all.
Deal Addict
Oct 27, 2012
2860 posts
4667 upvotes
Toronto
In my Scotia online banking, received a pre-approval for a 30K Catch-Up RSP LOC at Prime.

My experience last year was the Catch-Up LOC limits can be merged into a credit card or LOC of your choice.
Member
Dec 8, 2020
421 posts
175 upvotes
Bc canada
corruption213 wrote: Just so you know TD prime rate is 2.7% and has been for a while.

But will they jump once you sign up in a month.. my experience with them that they are very shady. We use them as a bank for our business and are considering leaving.
Jr. Member
Oct 9, 2011
139 posts
47 upvotes
ozzie16 wrote: In my Scotia online banking, received a pre-approval for a 30K Catch-Up RSP LOC at Prime.

My experience last year was the Catch-Up LOC limits can be merged into a credit card or LOC of your choice.
I got that too. Prime + .5%.

My regular Scotia LOC is prime + 2.9%
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Jan 18, 2015
1047 posts
740 upvotes
Cornwall, ON
peakingduck wrote: I've ordered free cheques for my Scotia PLOC and wasn't charged, did you try going through the online portal?
I did not, because I was afraid to be billed. If the agent's are telling me I would be billed and it happened, I'd have no recourse right? So I wouldn't want that.
Pronouns: She/Her/They/Them/Mx
Plan: 100GB UL QC plan $65 ($75 after 2yr)
NoAF CB Combo:
(1) 4% (Restaurants)/1.5% Simplii (2) 3% (Grocery) BMO CB MC (3) 2% Tang (4) 2%/1.25% Amex SC (5) 2% (Cell warranty) Desjardins
Deal Addict
User avatar
Jan 18, 2015
1047 posts
740 upvotes
Cornwall, ON
Dejavudiva wrote: But will they jump once you sign up in a month.. my experience with them that they are very shady. We use them as a bank for our business and are considering leaving.
They did this to my grandmother too, and her score is persistently mid/high 800s. (she had me teach her how to check haha)
Pronouns: She/Her/They/Them/Mx
Plan: 100GB UL QC plan $65 ($75 after 2yr)
NoAF CB Combo:
(1) 4% (Restaurants)/1.5% Simplii (2) 3% (Grocery) BMO CB MC (3) 2% Tang (4) 2%/1.25% Amex SC (5) 2% (Cell warranty) Desjardins
Deal Addict
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Feb 4, 2015
1326 posts
866 upvotes
Just got an offer from Tangerine. LOC at 6.45%. First 90 days at 1.99%. Limit is 10k.
Deal Addict
Apr 18, 2008
1716 posts
830 upvotes
Toronto
barmadrid wrote: Just got an offer from Tangerine. LOC at 6.45%. First 90 days at 1.99%. Limit is 10k.
Same here but I got 25k limit. And I currently have 4.75% promo rate in my Tangerine savings account.

So ... borrow at 1.99% and put it right back in Tangerine account ... $25000 at 2.76% for 90 days nets about $170 free money? What could go wrong? Thinking FaceThinking Face
Amerifriend threads need to include instructions on how to acquire an amerifriend. :confused:
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Feb 4, 2015
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Actually it's 6.70% since prime rate was increased yesterday by 0.25% lol. Still I accepted my offer!
Jr. Member
Jul 29, 2021
122 posts
85 upvotes
barmadrid wrote: Actually it's 6.70% since prime rate was increased yesterday by 0.25% lol. Still I accepted my offer!
When did you open Tangerine Chequing account? I am curious to when Tangerine is sending LOC offer after opening an account.
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Feb 4, 2015
1326 posts
866 upvotes
BuyCar wrote: When did you open Tangerine Chequing account? I am curious to when Tangerine is sending LOC offer after opening an account.
Few years back, actually when it was called ING! Always waited for such offers.

Just couple months ago I setup authorized debt to pay rent from the checking account (only products I had), maybe that triggered them.

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