Is a RBC personal loan the best one for you?
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Personal loans are a popular and versatile form of credit. They are great tools for consolidating debt, buying a used car, paying off a credit card, or financing a home improvement project or major expense. For well-qualified buyers, they can be an inexpensive way of accessing credit.
You still need to choose the right lender for you. Are you considering getting a personal loan with RBC?
This guide will help you with everything you need to know. See RBC's personal loan interest rates, fees, our review and much more.
Our review of RBC:
RBC is a leading multinational financial services company in Canada and the biggest bank in Canada in terms of market capitalization. RBC provides a personal loan solution, which is a convenient and flexible borrowing option to help you achieve your goals - like making a huge purchase, financing a wedding or consolidating debt.
Here is why a RBC personal loan might be right for you:
Flexible terms - up to 5 years
Pick a fixed or variable rate
Flexible payment options - pay monthly, semi-monthly, bi-weekly or weekly
You can make changes to your payment account, payment amount, payment frequency or payment due date through RBC Online Banking
Pay off your loan early with no penalty
Skip payment equivalent to a monthly payment each year (interest continues to accrue)
Here is why a RBC personal loan might not be right for you:
Your application may not be approved if you have a bad credit record
If you defer a payment, interest will continue to accrue
[noThere may be applicable fees
What types of personal loans does RBC offer?
RBC offers multiple types of loans or lines of credit to help borrowers choose the options that perfectly suit their financial needs.
Home Improvement Loan or Line of Credit
This borrowing solution is for financing needs like large scale home renovation to a small home improvement project. It might be right for you considering the following:
- Get funding for project of any size
- Choose from a range of financing options based on the cost of renovation you are doing
- Leverage your home equity to secure a lower interest rate
- Competitive interest rate
- Flexible payment schedule
Student Line of Credit
This line of credit offers a flexible and convenient way to borrow funds for your undergraduate or graduate programs - pay for tuition, books, accommodation and more.
- Competitive interest rate
- Apply only once and keep reusing your credit
- You have access to cash whenever you want it
- Flexible repayment options
- A range of borrowing options available based on your program of study
RRSP Loan
Leverage this loan solution to make the most out of your RRSP contribution. RRSP Loan features include:
- Competitive interest rate
- Loan amount up to $50,000
- You can defer your first repayment for up to 90 days
- Interest rate as low as Prime
- Flexible terms - up to 10 years
- Flexible payment options - choose to pay monthly, semi-monthly, bi-weekly or weekly
- Pay off all or part of your loan at any time without penalty
Get the best personal loan!
What rates does RBC offer on personal loans?
Fixed and variable rates are available. RBC Personal Loan interest rates for your loan will be dependent on your loan amount, loan term, credit score and some other factors. You will learn more about the RBC Personal Loan rate during your application.
When comparing personal loan offers, it is important to pick something that you can comfortably repay. While shorter loans offer lower interest rates, the monthly payments will be higher. Longer loans come at higher interest, but with lower monthly payments. Even if a longer loan costs more overall it may be more manageable.
The interest rates on personal loans vary based on many factors. Lenders review the profile and credit history of the borrower, the loan amount, the length of the loan and more.
Before choosing a personal loan with RBC, shop and compare rates and conditions with other lenders:
Our tool lets you anonymously compare personal loan interest rates!
Get the best personal loan!
RBC’s personal loan calculator:
You can get a quick estimate of your loan payments with Safe's personal loan calculator. Just enter the amount borrowed. Adjust the loan term and the interest rate to quickly get monthly payments and total interest paid.
RBC has a loan calculator.
How do I apply for a RBC personal loan?
Before signing up for a RBC personal loan, shop around! Our comparison tool offers quotes from dozens of lenders in just seconds. Find the best terms and rates for your profile.
Get the best personal loan!
Apply by calling an RBC Credit Specialist to lead you through the application process.
Phone: 1-855-834-1782.
Visit a branch around you for application
If you meet RBC Personal Loan requirements, you will be asked to provide the following:
- Your personal details
- Your income and employment details
- Valid government-issued photo ID
Can I get a RBC personal loan with bad credit?
Personal loans are available to many borrowers with a bad credit score. You will have to check with RBC because everyone's situation is different. They will review your financial statements, your employment history and your credit score. Having a co-signer or guarantor with a better credit score increases the chances of a successful loan application.
Good to know
Some lenders exist to help borrows with poor credit scores, so even if RBC rejects your application, you have options for a personal loan.
Before signing with RBC, compare current personal loan interest rates and offers.
RBC personal loans - contact information, phone number and client space
Talk to an RBC Credit Specialist: 1-855-834-1782
