Personal Loans

A personal loan is ideal for financing a major purchase where you need to use all of the money upfront. 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 debt to a zero balance over an established timeframe (generally 1-5 years).

A line of credit can be used any way you want. You apply once and 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 pay interest only on the amount you've borrowed—and you can borrow any part of your credit again once you have repaid it. For more information, see Line of Credit.

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Absolutely. Consolidating all your debts into a single RBC Royal Bank personal loan may help you pay down your debt faster because you will have a set payment schedule and, most likely, a lower interest rate.

Read more about debt consolidation or talk to an RBC Royal Bank credit specialist about your needs today.

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Yes, an RBC Royal Bank personal loan could be ideal if you want to finance a mid-size to large renovation project and need all the funds upfront.

Read more about home improvements loans or talk to an RBC Royal Bank credit specialist about your needs today.

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Yes, you may use an RBC Royal Bank personal loan for investment purposes. However, if you are looking to borrow to invest in or top-up your RRSP, we offer RRSP loans for this purpose.

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

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How your payments are structured depends on whether you choose a fixed rate or variable rate loan:

If you choose a fixed rate loan, each monthly payment will include a portion of interest and a portion of principal. When you first start paying your loan, the majority of your payment will cover interest. As you pay off your loan, more of each payment will go towards paying down principal.

If you choose a variable rate loan, you have two payment options:

• Blended Payments: Your payment can be a regular blended payment amount. This means your regular payment remains the same for the term of the loan. The amount of your payment that goes to principal and interest will vary depending on the number of days in the month and the current loan interest rate.
  
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• Principal Plus Interest Payments: Your payment can be set up as a principal amount plus interest. This means that each payment may be slightly different. The principal payment stays the same but the interest portion varies depending on the number of days in the month and on the current loan interest rate.

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You can pay off your RBC Royal Bank personal loan any time you like, with no early prepayment charges.

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You can apply online, call 1-800-769-2511 or visit an RBC Royal Bank branch.

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