November 1

Royal Bank of Canada Line of Credit


A line of credit from Royal Bank of Canada can be a convenient and cost-effective way to meet a number of unplanned expenses. You can get easy access to fast cash with a Royal Credit Line which will allow you to make home renovations, consolidate debts, plan a wedding or make some major purchase. It is also sensible to apply for a line of credit even when you do not require the money right now. Setting up a line of credit will allow you to live peacefully as you are prepared for any unexpected expenses.

Features and advantages of a Royal Credit Line

  • One-time application: You will have credit available up to your credit limit if your account is in good standing and you are required to apply only once.
  • Fast and easy access to fund: As a borrower, you can write a check, withdraw cash or make transfer at RBC Royal Bank ATMs. You can further use online banking or telephone banking to transfer money to and from your credit line.
  • Secured and unsecured option: You can choose a secured or unsecured line of credit depending on your financial situation.
  • Easy repayment options: RBC provides a number of payment options to meet your needs. You can pay only the interest owing each month. There is no penalty for paying more when you can.
  • There are no administration fees on your unused credit.
  • Use your credit time and again: Funds become available for use as soon as you repay the credit that you have used.
  • Optional LoanProtector® Insurance: Royal Credit Line is powered with LoanProtector Life and Disability Insurance, which is designed to provide financial assistance during tough times.

Royal Bank of Canada provides you the option to choose from a secured or unsecured line of credit. A secured Royal Credit Line offers you a higher credit limit with a lower interest rate as you are required to use your investment portfolio or the equity in your home as collateral. You can get a credit limit ranging from $5000 up to 65% of the equity value of your home.

On the other hand, unsecured line of credit offers quick and easy application and approval process without any requirement for collateral. Credit limits can range from $5,000 to $50,000 and you can get competitive rates depending on your current income status and credit history. The interest rate is variable for both secured and unsecured credit line and it may rise or fall according to changes in prime rate.

You can call 1-800-769-2511 to speak to a RBC credit specialist who can help you better in choosing the right option for you.


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