An RBC personal loan is one offered by the Royal Bank of Canada, which is the largest bank in the country. Applying for a personal loan can be a way to achieve the funds you need for things like home renovations, buying a car, consolidating your debt, etc. And since RBC is such a Canadian powerhouse, it can be a good choice for those looking for a financial institution that'll provide peace of mind along with a personal loan.
This particular loan product from RBC isn't for everyone, mostly due to the credit requirements, but for those that do qualify, there's some impressive flexibility provided. Flexible loan terms, multiple payment frequency options, and the ability to change certain details online might just make this a product worth considering.
RBC personal loan features
You can see here all the features that an RBC personal loan has to offer.
Why You Want It
No early prepayment penalties + Skip a monthly payment once a year.
Eligibility
- Canadian citizen or permanent resident
- Age of majority in your province
- Valid bank account
- Meet income and credit score requirements
Provinces
ALL
Features
Pre-approval
Flexible Terms
Loan Amounts
N/A
APR Range
N/A
Term Range
N/A
Minimum Credit Score
N/A
Secured Available
RBC personal loan product rating: 3.8 stars
While an RBC personal loan certainly does have some perks, which we'll discuss below, the lack of information online makes it difficult to examine the finer details of this financial product. The reason behind this missing information is likely due to the fact that the applicant's credit score is what determines so many of the associated details of the loan, and this makes sense.
But it doesn't make it any easier for a potential client who's looking for options.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of RBC personal loan
Here are some of the top reasons to go with an RBC personal loan.
Pros
Flexible loan terms
You can't exactly see the finer details of RBC personal loans on the RBC site, but one of the first things the page does say is that flexible terms are available. Everything depends on the borrower's credit, but the loan terms are usually between 1 and 5 years, which is a decent range.
Several options for payment frequency
One impressive feature is the number and variety of payment methods for loan borrowers. With an RBC personal loan you can choose to make your payments on a monthly basis, semi-monthly, biweekly, or even once per week. Everyone has different budget requirements and schedules, so it's handy to have this many payment frequency options available.
Can easily make changes online
We can do just about anything online these days – in fact, many of us prefer to do so – and making changes to an RBC personal loan isn't any different. With RBC's online banking service, borrowers can easily change their payment amounts, payment frequency, the due dates, and even the account the payment comes from.
The cons of RBC personal loan
There are, however, a few drawbacks to an RBC personal loan, as there are with almost any financial product. Here are the top concerns.
Cons
Very little information online
While we do understand that it's difficult to provide specifics for a product that depends so much on a huge variable – A.K.A. credit – the lack of details provided about the RBC personal loan is frustrating. There's no way to compare the interest rates, loan amounts, or other specifics with other loan options unless you contact RBC directly, and you'd have to give them pretty much all the same information as if you were officially applying, just to get the information you need.
No help options via email or instant chat
And speaking of contacting RBC, the only way to speak to one of their representatives about an RBC personal loan is to either call them or go to a branch in person. There isn't even an email option, which is very frustrating. An instant online chat feature would be preferred, but we'd settle for just an email address.
RBC personal loan alternatives
If you're curious about how an RBC personal loan compares to other loans of the same kind, you can see everything laid out right here.
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC Personal Loan | LoanConnect | MogoMoney | Cashco Flex Installment Loan |
| Genius Rating | ||||
| Why You Want It | No early prepayment penalties + Skip a monthly payment once a year. | Flexible loan options from $500 to $60,000 + Interest rates start at 8.99%. |  $100 GeniusCash + Take out your loan for a 100-day test drive + Get pre-approved in 3 minutes. | Borrow up to $7,000 for 60 months + "Buy Some Time" insurance feature. |
| Pre-approval | | | | |
| Flexible Terms | | | | |
| Loan Amounts | N/A | Up to 60,000 | $300-$5,000 | N/A |
| APR Range | N/A | 8.99%-46.96% | 34.37% | 48.99% - 55% |
| Term Range | N/A | 3-120 months | Open line of credit | 6-60 months |
Show More | ||||
| Find a loan See more RBC products Compare | Find a loan See more Loanconnect products Compare | I Want This Deal See more Mogo products Compare | Learn More See more Cashco products Compare |
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FAQ
What are the RBC personal loan interest rates?
This question can only be answered by speaking to an RBC representative directly. Because the details of these loans depend so much on the applicant's credit score, it's difficult for RBC to post their rates online for prospective clients. It's actually one of the things we dislike about this personal loan product.
Is there an RBC personal loan calculator?
Yes, RBC does offer a calculator tool for users who'd like to figure out what their payment amounts might be. We also have our own moneyGenius calculator for determining interest on personal loans – you can find this tool right here.
Do they offer a specific RBC personal car loan?
Yes, RBC does offer car loans. Even though a car loan is simply another type of personal loan, RBC seems to treat them in a very different way – there's plenty more information and options for car loans on their site than for personal loans. You can even pre-qualify for an RBC car loan, whereas you can't for their personal loans.
Where can I find an RBC personal loan application?
To apply for an RBC personal loan, you'll have to either visit a physical RBC branch location or call the number provided online and speak to a representative. There's no online application available, which can be frustrating.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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