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Personal Banking > Loans & Lines of Credit > Personal Loans

Personal Loans

Personal Loans

A personal loan tailored to your needs

Whether you want to buy furniture or a boat, finance a wedding, fund home renovations or consolidate debt, a personal loan from RBC Royal Bank® is a convenient way to fund your goals.




You are on: Features and Benefits

Features and Benefits of an RBC Royal Bank Personal Loan

  • Flexible Terms. Choose how long you'd like to take to pay off your personal loan—terms generally range from 1 to 5 years.
  • Fixed and Variable Rates. Choose a fixed rate loan or a variable rate loan (up to a 5–year term). Switch from a fixed rate to a variable rate at any time if rates go down. See which option is right for you.
  • Easy Payment Options. Make your loan payment monthly, semi–monthly, bi-weekly or weekly. You can have it deducted automatically from your chequing account with RBC Royal Bank or another bank.
  • No Early Payment Penalties. Pay more than your fixed payment at any time, or even pay off your loan in full, without penalty.
  • Skip-a-Payment Option. Skip up to the equivalent of 1 monthly payment each year(1), without penalty.
  • Optional LoanProtector® Insurance. Designed to provide financial backup during difficult times, LoanProtector Life and Disability Insurance provides low-cost, valuable protection for you and your family.

You are on: Choosing a Fixed or Variable Rate Personal Loan

Fixed or Variable Rate—What's Right for You?

When you apply for an RBC Royal Bank personal loan, you can choose either a fixed or variable rate loan.

With a fixed rate loan:

  • Your interest rate is locked in for terms up to 5 years. However, your amortization term (how long it takes to pay off your loan) can go up to 8 years.
  • You will know exactly how much interest you'll pay over the loan term (if your term is 5 years or less).
  • Your payment amount and term will not be affected by changes in interest rates.
  • You can switch to a variable rate at any time if rates fall.

With a variable rate loan:

  • You can choose up to a 7-year amortization term.
  • You could save money if interest rates are already low or fall further.
  • If interest rates rise, your payments will likely stay the same, but your amortization term will increase.
  • If interest rates fall, your payments will stay the same and your amortization term will decrease, meaning you could pay off your loan sooner.
  • You can switch to a fixed rate at any time if rates go up.

If you are not sure what's right for you, an RBC Royal Bank credit specialist can help you choose.

You are on: Questions and Answers

Questions and Answers about Personal Loans

Below are answers to some common questions asked about RBC Royal Bank personal loans. If you don't find the answer you are looking for here, an RBC Royal Bank credit specialist would be happy to answer your questions.

Expand All Collapse All

Expand How is a personal loan different from a line of credit?

Expand Can I use an RBC Royal Bank personal loan to consolidate debt?

Expand Can I use an RBC Royal Bank personal loan to fund home improvements?

Expand Can I use an RBC Royal Bank personal loan to purchase investments?

Expand How are personal loan payments structured?

Expand Can I pay off my personal loan early? Are there any charges?

Expand How do I apply for an RBC Royal Bank personal loan?

 

Apply for a Personal Loan

  • Apply Now and find out within two business days if you are approved
  • Call 1-800-769-2511 to talk to a credit specialist
 

1) The principal and interest portion of any skipped payment will remain outstanding until the end of the term of your loan at which time the skipped payment must be repaid. Interest will continue to accrue upon the total amount of the skipped payment until such time that the skipped payment is repaid in full. You may repay the skipped payment at any time.

 

Take Action

  • Apply Now
  • Call 1-800-769-2511 to talk to a credit specialist
 
 

Calculate Your Loan Payments

Quickly estimate your monthly loan payments.

 
 

There's More to a Loan than Just a Great Rate

There's More to a Loan than Just a Great Rate

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