Finding the right loan needs to be done with care and plenty of research. Whether you are looking to get a new car or renovate your home a personal loan may be the only way to get that influx of cash you need.
When applying for a personal loan, you will need to know everything about the features, benefits, fees, and interest rates. Every bank’s guidelines and requirements will be different.
Let’s take a look at everything you need to know about one of the personal loan options available to you. Let’s look at the RBC Royal Bank personal loan.
Features
The key features of a personal loan from RBC Royal Bank include the option to choose flexible or structured payments. Here are the main features of this loan.
Note about interest rates: RBC does not provide information regarding loan interest rates unless you apply, but you can use their loan calculator to estimate what your payment plan may look like.
For example, a $5,000 personal loan paid monthly over a 5 year period with an interest rate of 4% would garner a fixed monthly payment of $92.08. To figure out your personalized interest rate, you will have to apply for a loan.
- Term limit range from 1-5 years
- Monthly, semi-monthly, bi-weekly, or weekly payment options
- Ability to make changes to the payment account, amount, frequency, or due date via online banking
- No early payment fees
- Freedom to skip one payment per year without any penalties
- Ability to opt-in for life, disability, or critical illness insurance
Perhaps, the best feature is the ability to choose between a fixed or variable rate loan. With a fixed-rate loan, your payment will be the same every time, and your interest rate is locked for the entirety of your loan cycle.
As for a variable loan, these offer a lower APR, but it changes with the RBC prime rate. This means that your payments will always vary. RBC also gives you the option to switch between the two easily and without extra fees.
Benefits
If you happen to be approved for the loan, you will get all the features we discussed above. Plus, you will be able to take advantage of the following benefits.
- Check all your loan options online before you even apply
- Chance to apply online, over the phone, or by going to your local branch
- Wide range of purposes that are accepted as reasons for applying for a personal loan
- Can set up auto-pay and choose the payment cycle
How to Apply
Before beginning the actual application, you will want to compare all the loan options. Then, once you have weighed your options, you can move onto the actual application process. You have three ways you can do this – online, over the phone, or in-person at your local branch.
Before beginning the application, make sure you have all the documents you will need. This includes personal information, employment information, and if you already bank with RBC, all of your account information.
Then, you will fill out the application. You will receive a pre-approval within a few minutes.
However, the actual approval process depends on the applicant’s eligibility. Once approved, you will have access to your funds within two weeks (most of the time earlier than that). If you’d like to start the application process, follow this link.
Who is Eligible?
To be eligible for a personal loan you must meet the following criteria.
- Be a resident of Canada
- Be at least age of majority for the province/territory
- Have a valid account
- Meet income and credit criteria
Fees and Interest
The bank does not post the interest rate ranges. Only after the application process has begun will you be able to get these.
There are no fees for early repayment. The only fee that is posted is a $45 non-sufficient funds charge.
Bank Contact Info
If you want more information, you can call a credit specialist or reach out to the closest branch and set up an appointment to talk to someone in person. Here is the contact info for both those situations.
If you want to find your local branch, RBC has a branch locator on their site.
To talk to a credit specialist, call 1-855-834-1782.
Summary
When you need a little cash, sometimes the best option is a personal loan. The RBC Royal Bank offers a well-designed loan option, and if you meet the requirements, you can be approved and receive your money in no time.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.