RBC Royal Bank’s personal loan is designed to be flexible and accessible, making it a good choice for Canadians seeking convenient borrowing options. With terms typically ranging from one to five years, you have a choice between fixed or variable interest rates. The offer stands out with no prepayment penalties, meaning you can fully pay off your loan whenever you want.

How to Apply for an RBC Personal Loan

1. Gather employment, income, and financial information.
2. Contact RBC by phone or visit a branch.
3. Discuss your borrowing needs with an advisor.
4. Submit your application and await a decision.
5. If approved, access funds and start repayment.

Pros of the RBC Personal Loan

Flexible payment options let you schedule repayments monthly, semi-monthly, bi-weekly, or weekly to fit your cash flow. You can also skip one payment per year if needed, though interest will accrue.

No early repayment penalties provide peace of mind if you want to clear your debt faster. Fixed and variable rate choices allow you to switch based on changing market rates or personal preference.

Cons of the RBC Personal Loan

Approval is subject to credit checks and lending criteria, so not everyone will qualify. The interest rate you receive can vary depending on your credit profile and loan specifics.

If you skip a payment, accumulated interest could extend your loan term, and insurance costs may affect how much of your payment goes toward the principal.

Our Verdict

RBC’s personal loan is ideal if you value flexibility, straightforward repayment, and the option to pay off your loan ahead of schedule with no penalties. Not everyone will qualify for the best rates, so review your personal circumstances and discuss all terms with an advisor before applying.