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Best-unsecured line of credit rate
February 5, 2021
4:05 pm
picassocat
Québec
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Hi,

Are you aware of a low interest unsecured line of credit? If so, can you direct me to a few names (short list would suffice).

Thank in advance!
Be safe.
sf-smile

February 6, 2021
2:45 pm
Londonguy
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picassocat said
Hi,

Are you aware of a low interest unsecured line of credit? If so, can you direct me to a few names (short list would suffice).

Thank in advance!
Be safe.
sf-smile  

Any of the BigBanks will give you a ULOC assuming you qualify, and so does at least Tangerine on the digital side (there may be others as well). Typical interest rate is Prime+2.00% and that's unlikely to be negotiable in the current environment, but you never know until you ask.

Tangerine had a deal in 2019 pre-COVID that had a 0% teaser rate for a few months to encourage sign-ups, but that ship sailed long ago.

As a comparison I used to have a P+1.00% ULOC at CIBC many years ago when rates were considerably higher, but when I stopped using it and it went dormant, the bank unilaterally changed my rate to P+2.00% as part of "a bank-wide policy move" (translation: we want a fatter margin on these things). I had a zero balance so it had no impact but it still kind of PMO a bit. I still don't draw on it even though I know it's there

February 6, 2021
5:57 pm
Doug
British Columbia, Canada
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picassocat said
Hi,

Are you aware of a low interest unsecured line of credit? If so, can you direct me to a few names (short list would suffice).

Thank in advance!
Be safe.
sf-smile  

I recently accepted a preapproved ScotiaLine Personal Line of Credit (unsecured) at Scotiabank's Prime (2.45%) + an adjustment factor of 2.45%, so 4.90%. You might be able to get Prime + 1.00-1.50%, potentially, depending on your book of business with the bank, your credit rating and score, and your income, but it really depends what the banks are offering. I generally think this is a decent rate for unsecured.

My cash secured Coast Capital Savings Federal Credit Union personal line of credit is at Prime + 0.50% (so 2.95%), which is pretty standard (best is usually Prime for secured).

Cheers,
Doug

February 6, 2021
9:36 pm
here2day2
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June 15, 2019
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picassocat said
Hi,

Are you aware of a low interest unsecured line of credit? If so, can you direct me to a few names (short list would suffice).

Thank in advance!
Be safe.
sf-smile  

Depending on your profession (if you are working), you can get an unsecured line of credit from Banque Nationale for P + 0.50%

February 9, 2021
8:17 pm
picassocat
Québec
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Thanks folks, it's appreciated. I'll let you know the rate I get !
🙂

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