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.
RBC Royal Bank Personal Loans
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.
All applications for credit products are subject to Royal Bank of Canada lending criteria.
|
