Line of Credit (Royal Credit Line^®)

A line of credit is a flexible borrowing solution that can be used any way you want. Once you set up your Royal Credit Line with an RBC Royal Bank credit specialist, you never need to apply again. As long as your account is in good standing and you are not experiencing any debt-related problems, you will always be able to borrow up to your credit limit. You can choose to pay interest only on the amount you've borrowed, or set up regular payments. You can borrow any part of your Royal Credit Line again once you have repaid it.

A personal loan is ideal for financing a major purchase where you need to use all of the money upfront (such as a car). With a personal loan, you receive the full amount of the loan when you're approved and you start paying interest immediately on the full amount. You have a set schedule of payments that will reduce your loan to a zero balance over an established timeframe. For more information, see Personal Loans.

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Yes, you can use a Royal Credit Line account to help pay off higher interest rate debts such as credit card balances. Because the line of credit revolves, you can use it again and again to save on interest costs and manage your cash flow. Flexible payment options also make it easy to manage your credit line and ensure that you remain in control.

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Using your home equity as collateral to obtain a secured line of credit is one of the most cost-effective ways to finance a mid- to large-scale home improvement project. You can secure a lower interest rate with your equity as collateral, and with flexible repayment options—such as paying as little as the interest only on the amount you have borrowed—undertaking a home renovation project may be more affordable than you think.

If you don't have enough equity in your home, you can also apply for an unsecured line of credit.

For more information, talk to an RBC Royal Bank credit specialist about your needs today.

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Yes. We offer two line of credit options to help students finance a post-secondary education:

• Royal Credit Line for Students
• Royal Credit Line for Students - Professional Designation

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Yes—a line of credit can be an ideal way to ensure that you have the funds available for unexpected or even everyday expenses.

A Royal Credit Line account gives you immediate access to funds whenever you need them, up to your approved limit. Set it up once and use it again and again—for any purpose—without reapplying. And borrowing couldn't be easier—just make a withdrawal at any RBC Royal Bank ATM or write a cheque. You can also transfer funds or make payments by phone or through telephone or online banking.

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A line of credit can be a cost-effective way to finance a large expense like a wedding or home renovations and more if you:

• Don't need to access all of the money at once
• Think that the amount you need could change
• Plan to reuse your line of credit after paying it off
• Want flexibility in your repayment amounts

If you own a home or hold investments, you may be able to use your home equity or investment portfolio as collateral against a secured line of credit to obtain a lower interest rate, which can save you money over time. Flexible repayment options—such as paying as little as the interest only on the amount you have borrowed—can also make it easier to afford a large purchase.

For more information, talk to an RBC Royal Bank credit specialist about your needs today.

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Depending on your situation and whether you have sufficient equity in your existing home, you may be able to use a secured Royal Credit Line account to purchase a vacation property at a competitive interest rate. Credit limits are available from $5,000 to as much as 65% of the current value of your home⁽²⁾.

For more information, talk to an RBC Royal Bank credit specialist about your needs today.

With a Royal Credit Line, you can set up a fixed payment schedule to include principal and interest (blended payment), pay interest only on a monthly basis with principal payments at your discretion, or have the principal payments scheduled for your budgeting ease. The only requirement is that you pay the interest owing each month. You can pay more at any time without penalty.

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You can apply online, by calling 1-800-769-2511 or by visiting an RBC Royal Bank branch.

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