Unsecured Home Improvement Loans and Lines of Credit
Financing Solutions for Your Home Improvement Project
Two popular methods of financing mid-size to large renovation projects include home improvement loans and lines of credit such as RBC Royal Bank's Royal Credit Line® and personal loans. In addition to a quick and easy approval process, each has its advantages:
Royal Credit Line (Unsecured)
If you are planning to stage your renovations over a longer period of time, Royal Credit Line could be the ideal solution. It gives you:
An approved credit amount of $5,000 or more.++
The ability to access your credit any time you choose-simply write a Royal Credit Line cheque, transfer funds to your regular chequing account or withdraw the funds from any RBC Royal Bank ATM or through RBC Royal Bank Online Banking.
The option to repay all or part of the outstanding balance at any time without prepayment charges.
You can also fully secure your Royal Credit Line with a registered collateral mortgage on your principal residence, or other collateral. With a secured credit line, we can offer you a lower interest rate than we could with a regular, unsecured line of credit.
If you plan to spend over $5,000 for your home improvement project and you anticipate needing all of the funds upfront, a home improvement loan such as an RBC Royal Bank Personal Loan could be for you. Consider the benefits:
You receive the money for your renovation all at once and can pay it back over 1 to 5 years.
You can choose between fixed or variable interest rates.
You can repay all or part of the outstanding balance at any time without prepayment charges.
