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Hey everyone,

Just curious about what everyone else's current interest rates are on their line of credits. I have an unsecured personal LOC at Scotiabank with an interest rate of 5.95% (prime +2.5) with a credit score above 790.

I'm thinking this is a good rate but I'm not really sure so thought I would ask around. Obviously everyone will have different rates depending on financial situations, credit scores, etc. What's your rate and what bank is this with? I'm looking into changing this to a student LOC with a better interest rate as I'm working on my grad school program. I remembered getting an offer of prime + 0.5 for a HELOC which sounded like a good idea as well.

Cheers! :)
 

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P+2.0 at TD and Tangering.

I have not used either account in 15 years, except for that one time I accidentally did an ATM withdrawal from my TD LoC instead of chequing. But I realized the error and went online to EasyWeb the same day and paid it back, so did not incur any interest.

I don't foresee any need to borrow money ever, so I have not bothered to chase banks for a better rate. If I do need to borrow I will just use funds from my margin account.
 

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RBC just offered me an unsecured LoC at 8%, and I thought I had great credit.

How does one get an unsecured LoC at prime+1% or +2% ?
 

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RBC just offered me an unsecured LoC at 8%, and I thought I had great credit.

How does one get an unsecured LoC at prime+1% or +2% ?
My unsecured LOC is left over from when I built a house 15 years ago and needed interim financing. It was at 1% + prime then, and they just left it open. I've used it to borrow to invest a few times since. I have a president's account at TDDI if that matters. Probably not. No idea how they set rates, and it is interesting to see how widely they vary.
 

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My oldest unsecured LoC with PCF used to be at something like 5.7%. I am sure CIBC now that they have re-branded to Simplii has jacked it up.

My HeLoC setup around 2008 used to be something like 2.75% but will have to find a recent statement to see what it has risen to.


Cheers
 

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RBC just offered me an unsecured LoC at 8%, and I thought I had great credit.

How does one get an unsecured LoC at prime+1% or +2% ?
Generally, you don't, unless you got it a while back or have a house to secure it against. If you open one now, you are likely looking at 7-9%, even with high income and perfect credit and whatever else.
 

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Generally, you don't, unless you got it a while back or have a house to secure it against. If you open one now, you are likely looking at 7-9%, even with high income and perfect credit and whatever else.
Thanks. Yes that's the range that RBC was offering me.

Instead I'm just sticking with my TDDI Presidents Account, where I can borrow on margin at 4.75% or 4.50% (secured) depending on the amount. I use this as my LoC.
 

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Thought I'd check into this again... has anyone here gotten an unsecured line of credit at one of these low rates like Prime+2% (currently around 5.5% to 6%) which they opened in the last couple of years?

From what I understand above, these things are ancient history, no longer available from any bank in the realm of Prime+1 or Prime+2.
 

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Thought I'd check into this again... has anyone here gotten an unsecured line of credit at one of these low rates like Prime+2% (currently around 5.5% to 6%) which they opened in the last couple of years?

From what I understand above, these things are ancient history, no longer available from any bank in the realm of Prime+1 or Prime+2.
I received prime + 2 unsecured from BMO about a year and a half ago.
 

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Thanks, that's amazing. Did you have to do anything to make that deal, e.g. agree to sign up for something?
Nothing at all for requirements of other products when I opened it, but I already held 3 deposit accounts (personal, no fees), 1 corporate account (small fee), and 2 credit cards with them and have had a 20+ year banking history there. I just set a meeting and requested the line with interest only payments which, from what I recall, was why it was +2 and not +1 (there was a capital repayment requirement if I went with that lower interest rate) and suggested an approximate amount I was looking for and asked if they could do it and was told yes. Filled in the forms, provided financial information and waited. Credit limit in the low $xxx,xxx's and I've never needed or asked to increase it.
 

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I've had an unsecured PLOC from BMO for about 3 years now. Bank thought we would need one to cover short term costs during construction of our house (they were correct). It used to be at 9.08%. whatever that is P+5.25%
I just got two letters from them in the past month.

My limit was increased from 25K to 35K.
The interest rate was dropped to 3.7%. That's prime + 0.

I didn't request any of it, they just did it out of the kindness of their hearts.
 
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