RBC Royal Bank Personal Loan
RBC personal loan with fixed rates and no prepayment penalties
Last checked on May 12, 2026. We may earn a commission when you click through.
RBC offers personal loans with fixed rates and no prepayment penalties, making them a reliable choice for those with good credit.
RBC Royal Bank Personal Loan
Updated 4 days ago| APR | Amount | Term |
|---|---|---|
| 9.0–13.0% | CA$5,000–CA$50,000 | 12–60 mo |
Requirements
Canadian resident
Good credit score
Steady income
Decision
1-3 business daysOur Verdict
RBC offers personal loans with fixed rates and no prepayment penalties, making them a reliable choice for those with good credit.
Best For
This loan is best for Canadian residents looking to consolidate debt or finance larger purchases without worrying about fluctuating rates.
Watch Out
Borrowers with lower credit scores may find it difficult to qualify for the best rates.
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About this loan
The RBC Royal Bank Personal Loan offers a competitive fixed rate with the flexibility of no prepayment penalties, making it a solid choice for borrowers seeking stability.
What Customers Say
Customer feedback indicates that while RBC offers competitive rates, service experiences can vary widely, with some users reporting long wait times.
Expert Analysis
If you're considering a personal loan, RBC's offering stands out with an APR range of 9% to 13%. This translates to a monthly payment of approximately $220 to $290 for a $10,000 loan over 60 months. The lack of prepayment penalties is a plus, allowing you to pay off your loan early without incurring extra fees.
Approval times are competitive, typically taking 1-3 business days, which is advantageous for those needing quick access to funds. However, keep in mind that the minimum loan amount is $5,000, which might not suit everyone’s financial needs.
While RBC's app is well-rated for ease of use, customer service experiences can vary. It's essential to review user feedback on responsiveness, especially if you encounter issues during the application process. Overall, RBC’s personal loan is a solid option for those with prime credit but may not be the best fit for applicants with lower scores, who could face higher rates or denial.
Rates shown are representative. Your actual rate may differ based on your circumstances. We may earn a commission for referrals.
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