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RBC loans and lines of credit review

Get flexible loan options when you apply to RBC.

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Our verdict

RBC provides flexible personal loans and lines of credit to Canadians with good to excellent credit scores. If you get a personal loan, you have a choice between a fixed and variable rate, and you can make changes to your payment amount, payment frequency and payment due date through online banking. If you get a line of credit, your interest rate will be variable only, but you can choose between an unsecured line of credit or secured line of credit using your home or investments as collateral.

Best for: People with strong credit scores

  • Big bank
  • Competitive rates
  • People with bad credit may not qualify
  • Stricter eligibility criteria
Learn more

RBC was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 83.04%

What is RBC?

Royal Bank of Canada (RBC) is Canada’s largest bank. It offers a full range of financial products, including loans and lines of credit.

Our take on the RBC personal loan

RBC gives you a choice between a fixed and variable rate with its personal loans. If you choose a variable rate, your rate will fluctuate with RBC’s prime rate (7.2%). If the prime rate goes up, your payments will generally stay the same, but more money will go towards paying the interest. If you choose a fixed rate, you lock in your interest rate for your entire loan term.

You can switch from a fixed rate to a variable rate any time if RBC’s prime rate goes down. Give the current rate environment, however, you may not be able to access this perk any time soon.

Most recommended + Best-rated

RBC made it to both the Top 15 Most Recommended and Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Features of Royal Bank loans

FeaturePersonal loanPersonal line of credit
APR rangeVaries, fixed and variable rates availableVariable, based on RBC’s prime rate (7.2%)
Loan amountsNot disclosedCredit limits from $5,000
Loan terms1 - 5 yearsOpen

Other Royal Bank loans include home equity lines of credit, student lines of credit, car loans, RRSP loans and home improvement loans.

What we like about RBC personal loans

  • Fixed or variable rate. Select the type of interest rate you’re more comfortable with.
  • Repayment flexibility. Choose a loan term between 1 - 5 years. Longer loan terms give you lower monthly payments, but you’ll pay more interest overall. Pay RBC no fees when you pay off your loan early or make extra payments.
  • Easy loan management. Opt for monthly, semi-monthly, bi-weekly or weekly payments, and adjust your payment amount, payment frequency or due date via RBC Online Banking.
  • Use for many purposes. You can use an RBC personal loan to consolidate debt, buy a car, pay for home or car repairs, pay for bills and more.
  • Skip-a-Payment option. If your loan payments are up to date and in good standing, take advantage of skipping up to the equivalent of one monthly payment each year. Keep in mind that interest continues to accrue.
  • Optional insurance. When an unexpected event happens, such as an illness or loss of life, insurance can cover your loan payments.

What to watch out for

  • Bad credit borrowers not accepted. Banks don’t usually lend to customers who have bad credit, so contact RBC to find out about any minimum credit score requirements before applying. Learn about the best bad credit loans.
  • Nonsufficient funds (NSF) fee. If you have insufficient funds in your bank account when your loan repayment is due, you may be charged an NSF fee.
  • Insurance may be an unnecessary expense. If you opt for the insurance, your loan will cost more overall.

What are the requirements for an RBC personal loan or line of credit?

RBC does not disclose its criteria, but Canadian banks typically require the following:

  • Be a Canadian citizen or a permanent resident
  • Be at least 18 years of age, or the age of majority in your province or territory
  • Have a good to excellent credit score
  • Have a steady income that can manage the loan repayments
  • Haven’t been declined credit in the last 6 months
  • Haven’t declared bankruptcy in the last 7 years
  • Not applying on behalf of a third party

RBC reviews from Finder survey

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What are RBC’s personal loan interest rates?

RBC does not disclose its personal loan rates online. You’ll need to start the loan application process to find out what interest rates RBC charges. Interest rates vary based on a borrower’s personal factors, such as credit score, credit history, employment and current debts. To get an idea of what rates you might encounter, you can compare personal loan rates in Canada or get a personal loan quote via pre-approval.

How to apply for a personal loan through RBC

If you’re ready to apply, make an appointment with an RBC credit specialist. You can visit them at a branch or talk to them on the phone. Though RBC may not ask for all of these, be ready to provide the following documents:

  • Government-issued ID
  • Recent pay stubs
  • Recent bank statements
  • Recent T4
  • Personal tax return
  • List of assets and liabilities

Can I use the RBC personal loan for debt consolidation?

Yes, you can use the RBC personal loan to consolidate debt. Another option is to get the RBC line of credit. With RBC’s line of credit, you can get it unsecured (no collateral) or secured (home or investments as collateral), but both options have variable rates only. Learn more about lines of credit or the best debt consolidation loans in Canada.

Can I get RBC loans or lines of credit with bad credit?

RBC personal loans and lines of credit require good to excellent credit, so it’ll be difficult to qualify with bad credit. If you have a bad credit score and you’re looking to take out a loan, alternative lenders are more likely to approve you than big banks such as RBC.

I got the RBC personal loan. Now what?

Use your funds wisely. Ideally, you took out your RBC personal loan for a specific reason, from consolidating your debts to paying for an emergency home repair.

Work your monthly loan repayments into your budget. Set up an auto payment or mark the due date on your calendar so you don’t miss any payments.

Keep in mind, RBC‘s personal loan product comes with plenty of flexibility. If you need to, you can change up your repayment schedule, switch from a fixed to a variable rate (if prime rate goes down), and even skip a payment once a year if you need some breathing room. You can even pay off the remainder of your loan, wiping the debt clean, without any penalties.

Is RBC legitimate?

Definitely. RBC has been around for over 150 years and is regulated primarily by the Office of the Superintended of Financial Institutions (OSFI).

Bottom line

If you’re an RBC customer or you’re curious about seeking out an RBC personal loan, get in touch with an RBC credit specialist by visiting a local branch. While interest rates and loan amounts aren’t disclosed online, an RBC credit specialist can walk you through the loan options available to you based on your individual financial situation and your loan needs.

While banks typically offer the lowest interest rates on personal loans, it’s always worth comparing personal loans from different lenders to make sure you get the best deal.

Frequently asked questions

  1. CBC

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