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RBC personal loans review

RBC gives you the option to switch from a fixed interest rate to a variable interest rate any time if the prime rate goes down.

You can also make monthly, semi-monthly, bi-weekly or weekly payments and easily manage your loan through online banking. To apply for an RBC personal loan, give them a call or visit one of their branches. An online application is not available.

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RBC personal loans at a glance

  • Fixed or variable rates
  • Flexible repayments
  • Competitive rates
  • Strict eligibility requirements
  • Must speak to a loan specialist

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. 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. As of October 18, 2022, however, the prime rate has gone up five times this year and economists expect more rate hikes, so you may not be able to access this perk any time soon.

RBC personal loan features

APR rangeVaries
Loan amountsNot disclosed
Loan terms12 - 60 months

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 12 - 60 months. 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?

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 credit score above 660
  • 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

Compare other personal loans

1 - 7 of 7
Name Product Interest Rate Loan Amount Loan Term Requirements Link
Loans Canada Personal Loan
5.40% - 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
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Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Go to site
More Info
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 60 months
Requirements: min. income $1,600/month, stable employment, min. credit score 550, no bankruptcy
Go to site
More Info
Loanz Personal Loan
29.90% - 46.90%
$1,000 - $15,000
12 - 60 months
Requirements: min. credit score 570, min. income $1,200/month, 3+ months employed
Go to site
More Info
LoanConnect Personal Loan
6.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
Go to site
More Info
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
Go to site
More Info
Fairstone Secured Personal Loan
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
Go to site
More Info

Compare up to 4 providers

What is 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, you’ll need to 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 you 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 line of credit. With RBC’s line of credit, you can get it unsecured (no collateral) or secured (home as collateral), but both options have variable rates only. Learn more about lines of credit or the best debt consolidation loans in Canada.

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.

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 or by calling 1-855-834-1782. 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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