Line of Credit Interest Rates

Hey everyone,

I’m currently with TD, and my line of credit interest rate is prime + 13 percent, which works out to around 18 percent—pretty steep, in my opinion. The bank has mentioned they’re open to an appeal, and everything looks good on my file, so they’re willing to lower it.

However, they asked me what I think would be an ideal rate, and I told them I’d shop around and get back to them. Before I go back, I wanted to hear from you all—what do you think would be a reasonable line of credit interest rate to negotiate for?

Appreciate any insights or experiences you can share!