RBC Personal Loans

If you have a good credit score and meet the eligibility requirements, you might want to consider a personal loan from RBC. With competitive rates and flexible terms, choose between a fixed-rate or a variable-rate – and switch at any time throughout the term of your loan.

With a convenient and quick application process, choose between applying online, 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?

Begin by comparing your loan options and deciding whether you want to pay a variable interest rate or a fixed interest rate. Start the loan application process online, in-person at a branch or over the phone. You’ll need to provide your personal information, employment information and, if you’re not already an RBC customer, you will need to provide your banking details.

A pre-approval decision will typically be given within minutes, however occasionally it may take a few days depending on your application. If you are approved for a personal loan, you can usually receive your funds within a few days to less than two weeks.

What are the benefits of an RBC personal loan?

If you’re approved for a loan with RBC, you’ll enjoy the following features and benefits:

• Check your loan options before you apply. Before applying online, use the loan payment calculator to estimate the total cost of your loan, comparing loan terms, loan uses and different types of interest rates.
• Flexible loan terms. RBC personal loan terms typically range between one to five years.
• Switch between fixed and variable rates. Choose between a fixed-rate or variable interest rate and switch between the two different types of rates at any time throughout the term of your loan.
• Apply three different ways. Choose between applying online, visiting a branch in-person or calling RBC.
• Use funds for a range of purposes. You can typically use your personal loan funds for a variety of purposes, including consolidating debt, paying for a large purchase, buying a car or paying for a bill.
• Automatic repayments. You can set up automatic repayments and choose to pay weekly, bi-weekly or monthly.
• Skip-a-payment option. Take advantage of skipping up to the equivalent of one monthly payment each year. You can repay the skipped repayment at any time without facing fees.
• 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.

What to look out for

• Rates and fees not listed online. You’ll need to contact RBC or start the online loan process to learn about the interest rate that you’ll be charged. RBC do not list interest rates or fees for personal loans online.
• Bad credit borrowers. Banks don’t typically loan to customers that have bad credit, so contact RBC to find out about any minimum credit score requirements before applying.
• Using skip-a-payment. While this feature can come in handy, it can increase the overall cost of your loan. Any unpaid portion will accumulate interest until it is paid off.
• 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.

What will the loan cost?

RBC do not state the range of interest rates offered online. You will need to start the loan application process or call RBC or visit a branch in-person to learn about possible interest rates that you are eligible for. Your interest rate will be based on a variety of factors including your credit score, your current financial situation and the type of interest rate you choose (fixed-rate vs. variable-rate).

RBC do not charge any early repayment fees, which means you can pay off your loan early without incurring a fee.

Compare RBC to other personal loan options

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, click the “Go to Site” button. 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.

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, however 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 payoff 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.