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RBC Personal Loan: Worth Your Time or Not?
RBC's personal loan offers appealing rates for those with excellent credit, but the fine print reveals a few surprises. Is it the right choice for you?
The Quick Version
The RBC Royal Bank personal loan offers a competitive APR range of 9% to 13% for well-qualified borrowers, especially those with an existing RBC relationship. Loan amounts range from CAD 5,000 to CAD 50,000, with terms stretching up to 60 months. However, the catch lies in needing a strong credit score to access these rates.
Rates shown are representative. Your actual rate depends on your credit profile. This is not financial advice.
RBC Royal Bank Personal Loan
RBC offers competitive rates but requires top credit.
RBC Royal Bank Personal Loan
What You Get
RBC offers personal loans with rates between 9% and 13% APR, according to RBC's official page. Loan amounts range from CAD 5,000 to CAD 50,000, and terms from 12 to 60 months. The loan targets prime credit tier borrowers.
What's Actually Good
The standout feature here is the competitive interest rates for those with high credit scores, especially if you already bank with RBC. The loan's flexibility, with terms up to five years, allows for manageable monthly payments. And if you're an existing RBC customer, you might enjoy a streamlined approval process.
The Catch
Here's the snag: these appealing interest rates are primarily reserved for the cream of the credit crop. If your credit score doesn't shine, expect higher rates or a potentially unsuccessful application. Additionally, while the loan terms are generous, there's no mention of origination fees or penalties on the site, which could lead to unwelcome surprises.
Who Should Apply
This loan is best for current RBC customers with a credit score above 720 who are seeking a loan amount between CAD 5,000 and CAD 50,000 with long repayment terms. If you're looking for a loan with competitive rates and already have an established relationship with RBC, this could be a good fit.
The Bottom Line
RBC's personal loan offers a solid option for those with excellent credit and an existing relationship with the bank. But if your credit score is lacking, consider looking elsewhere. For more insights into personal loans and potential hidden fees, check out Personal Loans: Best Options and Hidden Fees to Watch Out For This Spring.
