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RBC Personal Loans
Get flexibility with the option of switching between fixed and variable interest rates throughout the term of your personal loan.
If you have a good credit score and meet the eligibility requirements, you might want to consider a personal loan from RBC. An RBC personal loan offers flexible terms that generally range from 1 to 5 years and simple payment options (monthly, semi-monthly, bi-weekly or weekly). Also, you can choose between a fixed rate or a variable rate – and switch between both types at any time without penalty.
You can apply for an RBC personal loan over the phone or in person at a branch.
Do I qualify?
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.
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). You can switch from variable to fixed or fixed to variable at any time without penalty. Also, if you come upon some extra money and want to pay off your loan, you can do so at any time without penalty.
What are the benefits of an RBC personal loan?
A loan with RBC 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 or loss of life, insurance can cover your loan payments.
What to look 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 that 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.
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.
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