RBC personal loans

Product features

Feature	Details
APR range	Varies
Interest rate type	Fixed or variable
Maximum loan amount	Not specified
Loan terms	1 to 5 years
Requirements	Be of age of majority in your province, Canadian citizen or permanent resident, valid bank account, meet any income and credit score requirements
Fees	N/A
Legal provinces	All across Canada

Whether you need cash to make a major purchase, finance a wedding or consolidate your debts or pay off some bills, RBC offers flexible personal loan options to help you with your goals. If you have a good credit score and meet the eligibility requirements, you might want to consider a personal loan from RBC.

You can apply for an RBC personal loan over the phone or in person at a branch.

What are RBC personal loans?

RBC personal loans offer flexible terms that generally range from 1 to 5 years and simple payment options (monthly, semi-monthly, bi-weekly or weekly). Choose between a fixed rate or a variable rate and switch any time.

What makes RBC personal loans unique?

RBC personal loans are unique because of the set of features they offer consumers, starting with fixed or variable rate loans. When you apply for a personal loan, you can choose between a fixed rate loan, which locks in your interest rate for the duration of your term (up to 5 years), or a variable rate loan, which will fluctuate in line with the RBC prime rate. You can even switch to a fixed rate loan or pre-pay your loan at any time without penalty.RBC also offers no early payment penalties, regardless of which loan option you choose, so you can pay off your loan in full and close your account at any time.

Another great feature is the “Skip-a-Payment” option, which allows borrowers to skip up to the equivalent of one monthly payment each year (however, your interest will still accrue).

To make repaying your loan easier on your budget, you can opt for monthly, biweekly or weekly payments. You can even adjust your payment amount and payment frequency via the RBC Online Banking portal.

How does borrowing through RBC work?

With an RBC personal loan, you borrow how much you need, select how you want to pay, choose whether you want a fixed or variable rate and decide on a payback schedule. Start the loan application process in person at a branch or over the phone. You’ll need to provide your personal information, employment information and your banking details (if you’re not already an RBC customer).

What are the benefits of an RBC personal loan?

If you’re on the market for a personal loan, RBC‘s offers the following features and benefits:

• Flexible loan terms. RBC personal loan terms typically range between 1 to 5 years.
• Easy ways to pay. Choose whether to make your payment monthly, semi-monthly, bi-weekly or weekly. Make changes any time through RBC Online Banking.
• Switch between fixed and variable rates. Choose between a fixed rate or variable rate and switch between the two different types of rates at any time throughout the term of your loan.
• 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.
• Repay your loan early without additional fees. RBC does not charge a fee for paying off your loan early, which means you can pay it off and close your loan account at any time without facing a penalty.
• 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

• Rates and fees not listed online. You’ll need to start the loan application process to learn about the interest rate that you’ll be charged. RBC does not list interest rates or fees for personal loans online. Interest rates vary based on a borrower’s personal factors, such as credit score, credit history and employment.
• Bad credit borrowers not accepted. Banks don’t usually loan to customers who have bad credit, so contact RBC to find out about any minimum credit score requirements before applying.
• Nonsufficient funds (NSF) fee. If you have insufficient funds in your bank account when your loan repayment is due, you will face an NSF fee of $45.
• Insurance may be an unnecessary expense. If you opt for the insurance, your loan will cost more overall.

Am I eligible?

To qualify for a loan with RBC, you must:

• 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 valid bank account
• Meet any income and credit score requirements

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Alternative to a bank loan: goPeer Personal Loan

$1,000 – $25,000
Loan amount

8% – 31%
APR

36 - 60 months
Term

• Info
• Features
• Details

goPeer is Canada's first consumer peer-to-peer lending platform helping Canadians borrow for personal loans. goPeer says it's able to offer better rates to borrowers than traditional lenders. Simply apply online and loan offers from anonymous investors will be sent directly to your goPeer account. Your identity will always remain confidential.

• Interest rates are as low as 8.00%
• Apply easily online and potentially receive multiple loan offers
• Loan offers within 1 business day, peer funding typically within a few days
• No early repayment fees

• Potential for interest rates as high as 31.00%
• A low credit score may not garner many loan offers

Loan amount	$1,000 – $25,000
APR	8% – 31%
Term	36 - 60 months
Interest Rate Type	Fixed
Min. Credit Score	600
Fees	Origination fee varies No application or prepayment fees
Turnaround Time	Receive a response within 24 hours of your loan application

How to apply for a personal loan through RBC

If you’re interested in finding out more about RBC personal loans, or you want to apply for a loan, head to the RBC website. Before applying, you will need to meet some eligibility criteria, which may include:

• Being a Canadian citizen or a permanent resident.
• Being at least 18 years of age, or the age of majority in your province or territory.
• Having a valid bank account.
• Meeting any income and credit score requirements.

You’ll also need to gather additional information before applying, such as:

• Your name, contact information, Social Insurance Number and date of birth.
• How much you want to borrow and the purpose of the loan.
• Your monthly income and your employment details.
• Your banking details (if you’re not currently an RBC customer).

Once you’ve submitted your loan application, you will be given a preliminary decision. Before signing the loan contract, carefully review the terms and conditions. Consider comparing other loan providers as well, to be sure you’re getting the best offer you qualify for.

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 with RBC to iron out the details of your repayment plan and 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 fixed or variable interest rates, 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 doing your homework and comparison shopping between lenders. Factor in perks that are most important to you, too. Other lenders may not let you change up your payment schedule or pay off your loan in its entirety, for example.

You can also consider the wider range of personal loan options available to you.

Frequently asked questions

• What is the difference between a fixed interest rate and a variable interest rate?

  A fixed interest rate does not change for the duration of your loan and your repayments will be the same every month. A variable interest rate can change with fluctuations in the marketplace and is usually expressed as a percentage plus the prime rate. With a variable interest rate, your repayments can be different and unpredictable every month.

• Can I qualify for a loan through RBC if I'm self-employed?

  Yes. As long as you meet the eligibility criteria, you’re still eligible to apply for a personal loan if you’re self-employed. You’ll need to provide details of your self-employment and income when you apply for the loan.

• Can I get another loan if I already have one?

  You can usually refinance an unsecured loan, but it can become costly since continually refinancing loans could extend the length of your debt.

• Can I cancel my application?

  Yes, you can cancel your application by calling RBC or by visiting a branch in person. If you’ve already received your loan, you can pay off your loan early without facing any additional penalties. If any interest has accrued, you will need to pay that on top of the principal amount.