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Line of Credit (Royal Credit Line®)

What is a Line of Credit?

A personal Line of Credit is an excellent way to borrow money for unexpected life expenses, consolidate debt, and help manage your cashflow.

You can borrow up to your credit limit, and as you pay down your balance, those funds become available to you to borrow again. There is no need to re-apply. A line of credit gives you access to cash when you need it, while you only pay interest on what you borrow.

How Does a Royal Credit Line Work?

RBC’s Royal Credit LineDisclaimer 2 helps you easily manage your credit and allows you to pay it back at your own pace. Once you pay down your balance, those funds are available to you again – there is no need to re-apply. Interest rates are typically lower than credit cards, allowing you to save money on interest costs. Plus, interest is only charged on what you borrow. Talk to an RBC advisor for further information.

Cost-Effective Borrowing

The interest rate is variable and will rise and fall with changes in the RBC Prime Rate (opens modal window) Disclaimer 3. Today's Royal Bank of Canada Prime Rate:

There’s no fee to withdraw funds and we do not charge overlimit fees on Royal Credit Line accounts.Disclaimer 4

Flexibility

Once you pay down your balance, those funds are available to you again – there’s no need to re-apply.

Make just the minimum paymentDisclaimer 5 or pay more at any time to reduce your balance.

LoanProtector® life and disability or critical illness insurance (link opens in new window)Disclaimer 6 provides protection for you and your family.

Convenience

Withdraw funds at the ATM, write chequesDisclaimer 7 from your Royal Credit Line account, or transfer money through RBC Online Banking.

You can also decrease your credit limit and close your account through RBC Online Banking.

You’ll automatically receive an alert when your available credit falls below $100. Or, your alert limit can be customized to meet your needs and preferences, helping you stay on top of your finances. Learn more about RBC Alerts (link opens in new window)

Unsecured vs Secured Line of Credit

When you apply for a Royal Credit Line, you can choose to apply for either a secured or an unsecured line of credit.

Unsecured Line of Credit

An unsecured line of credit offers easy access to credit that is not secured by assets or collateral.

Credit Limit

Credit limits are available from $5,000 with no collateral required.

Rate

Receive a competitive interest rate, depending on your credit history and financial standing.

The interest rate is variable and will rise and fall with changes in the RBC Prime Rate (opens modal window).

Secured Line of Credit

You can use the equity in your home or your investment portfolio as collateral to secure a higher credit limit at a lower interest rate.

Credit Limit

Limits are available from $5,000 to as much as 65% of the value of your home, less any prior outstanding mortgages.

Rate

Secured lines of credit typically have the lowest rates of standard credit products.

The interest rate is variable and will rise and fall with changes in the RBC Prime Rate (opens modal window).

Loan & Line of Credit Calculator

Use these tools to calculate your potential payments on a line of credit or loan.

Line of Credit & Loan Payment Calculator

Get Results

Debt Consolidation Calculator

Find out what your new monthly payments would be and how soon you could be debt free.

Balance Type:
Find Out How

See How a Line of Credit Can Help You Manage Your Finances and Achieve Your Goals

CREDIT AND DEBT

What Are My Options for Dealing with Debt?

Learn More about your Options for Dealing With Debt
BUDGETING

Strategies for Paying Down Debt

Learn More about Strategies for Paying Down Debt

Your Top Questions About Royal Credit Lines Answered

You must make a minimum payment each month that at least covers the interest on funds that you borrowed and any insurance premiums, if applicable. You can also set up a fixed re-payment amount on a recurring schedule, whether that’s monthly, semi-monthly, bi-weekly or weekly, to pay down your balance. And, at any time, you can pay off the entire balance without penalty.
Yes, you can make payments from your RBC chequing account to your Royal Credit Line through RBC Online Banking at any time.
You will receive a monthly statement itemizing your transactions, payments withdrawals and accrued interest during the corresponding statement period, if any of these types of account activity have occurred during that period. However, when there is no activity on your account in a given statement period (i.e., no outstanding balance, no payments or withdrawals, and no interest accrued), a statement is not issued for that period.
Royal Credit Line cheques can be ordered through RBC Online Banking or through an RBC Royal Bank Branch.

Apply for a Line of Credit

Talk to our credit specialists to help you select the credit solution that is right for you.

Book an Appointment (link opens in new window)

Visit Us in Branch

Find a Branch (link opens in new window)

Contact an RBC Credit Advisor

1-800-769-2511