# Personal Loan



## Frediec (Jul 15, 2012)

Hi everyone,

i am looking to borrow a personal loan and wanted some valuable information, which bank should i approach ( cibc or rbc), and what is the average current interest for the personal loans, also what can be the maximum that i will be able to get from the bank.

I have a permanent job and my monthly net income is around 5000/- dollars.

Any information will be of great help gor me.
Thank you all.


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## Just a Guy (Mar 27, 2012)

Well, you could approach any or all of the banks. You haven't really given any information that could help answer your question, as loans are usually based on credit worthiness, not income.

If you're a high credit risk, you'll maybe get a small loan at a high interests rate. If you don't need the money, you'll probably get a large loan at a low interest rate. Most people fall somewhere in between.

Each bank, which generally similar, may have different qualifications or products available. Depends what they are trying to push. Each time you ask a lender though, they'll pull your credit score (which lowers it a little) which means, if you've got a bad score, ask your first choice first.

Also, what they say when talking to them and the actual papers you sign, may be different. Make sure you read your contract.


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## Saniokca (Sep 5, 2009)

Just a Guy said:


> Each time you ask a lender though, they'll pull your credit score (which lowers it a little) which means, if you've got a bad score, ask your first choice first.
> 
> Also, what they say when talking to them and the actual papers you sign, may be different. Make sure you read your contract.


Both very true statements. I was once looking for a line of credit and started phoning the big banks. Started with Scotia at prime+1, then RBC, TD, PC. The other 3 gave a higher rate so I went back to Scotia but then they upped it to prime+1.5% - lady said it's probably because all these credit lookups. Even then it was the lowest rate so I went ahead into the branch to sign the papers. And what a surprise, the rate on paper is prime+2%. Took me a while to argue it back down (I was basically ready to leave).


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## OhGreatGuru (May 24, 2009)

So you get penalized for being a wise consumer and comparison shopping? What a rip-off!

PS: Isn't this some form of conspiracy to fix prices? Done through a seemingly independent credit agency to make it appear legal? It seems to me the banks are effectively colluding so as not to give competitive interest rate quotes. There's gotta be a name for this. Seems akin to "bid-rigging" in many ways.


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## MoneyGal (Apr 24, 2009)

Not really. The price of money is variable and lenders are allowed to set their own risk factors. Inquiries on your credit score are a small part of determining your overall risk in the banks' eyes. 

See http://www.fcac-acfc.gc.ca/eng/reso...editreportscore/PDF/CreditReportScore-eng.pdf


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## sharbit (Apr 26, 2012)

I think the rates are pretty standard across all the banks. I think the best rate would be a personal loan, unless you can get a secured loan.

Also, the banks will try to sell you loan insurance. Don't buy it unless you feel you truely need it, as it usually somewhat expensive.


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## Butters (Apr 20, 2012)

Try to get a secure loan. Banks are very standard. Credit unions are usually cheaper and upfront. But when you get a good rate from a CU, the big banks will match it, as they want your business.

Check with whoever has your mortgage, RBC offers prime +.5% line of credit if you have paid 20% of your house paid down
Prime is 3% so 3.5%
They lend you money, assuming you will pay it back, and use your house as a form of collateral 


With your job, you should be able to get approved from anyone  just ask the rate first, no answer, hang up.

http://www.assiniboine.mb.ca/Home/Today-s-Rates/Mortgages.aspx
says starting at 4% 

i think you gotta pay 5 bucks to become a "member" of the credit union

If you don't get a good rate, you'll be looking at the standard extremely crappy rates...
http://www.banking.pcfinancial.ca/a/rates/allPurposeLoanRate.page?refId=sidenav


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