Line of Credit for OT

[marsOT]

Hello Has anyone started looking into LOC's for OT? If so, which banks did you visit, and what were the interest rates and grace periods they were offering, if you don't mind sharing? Thanks! 

[FutureOT2020]

23 hours ago, marsOT said:

Hello Has anyone started looking into LOC's for OT? If so, which banks did you visit, and what were the interest rates and grace periods they were offering, if you don't mind sharing? Thanks! 

RBC has great options for OT students. The max is $65 000 with prime+2% interest and a 6/12 month grace period (sorry, i forget the exact detail). I got approved with them with no co-signer over the phone and met with them in person the next day to get access to it!!

[Art3mis]

Scotiabank had a great plan, it's also prime + 2% interest. I got approved for 40 grand a year for both years, so a grand total of 80k (and I get osap).

You get a 10k automatic approval on any credit card with that with any yearly fee waived (mines a cash back card that's supposed to be $99 per year so that was a pretty good deal). Also fees waived on debit and savings accounts.

I needed my grandpa to cosign for me, however that might be because I'm only 21. Also needed proof of enrolment and papers regarding how much I owe osap. 

If you have any questions feel free to message me

[Rehab4Life]

Most banks will give up to $80,000 ($40k/year) for OT/PT. CIBC and Scotia are good options if I recall correctly.