RBC Royal Bank – Personal Loan

RBC Royal Bank is Canada's largest bank by market capitalization and one of the largest financial institutions in North America, serving over 17 million clients across personal and commercial banking, insurance, wealth management, and capital markets. Founded in 1864 in Halifax, Nova Scotia, RBC operates a nationwide branch and ATM network alongside its industry-leading digital banking platform and mobile app.

RBC personal loans range from $1,000 to $50,000 with fixed or variable rates and terms from 1 to 5 years. Fixed-rate loans provide payment consistency; variable-rate loans (tied to RBC's prime rate) may offer lower initial costs. Applications can be completed online in under 10 minutes for existing Royal Bank clients, with decisions often available instantly and funds deposited as quickly as the same business day. RBC also offers a personal line of credit as a flexible alternative to a term loan.

RBC is federally regulated by OSFI and deposits are CDIC-insured. As Canada's largest bank, RBC typically offers some of the most competitive rates to customers with strong credit (700+) and an existing RBC banking relationship. First-time applicants without an RBC account may find the process slightly longer. Take advantage of RBC's online pre-qualification to check your eligibility before applying, as it uses a soft credit check that does not impact your score.