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Email this4:05 pm
December 29, 2018
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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.
2:45 pm
May 27, 2016
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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.
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
5:57 pm
December 12, 2009
Offline
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.
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
9:36 pm
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.
Depending on your profession (if you are working), you can get an unsecured line of credit from Banque Nationale for P + 0.50%
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