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Best LOC?


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Hey everyone,

 

First, one quick question: I’ve seen a lot of people mentioning BN in this thread and (I’m sure this is a really stupid question to ask) but what bank is this?? I cannot for the life of me figure out what this stands for! Is it the National Bank of Canada? (Isn’t that NBC? But that’s the closest I can get…)

 

Also, I went down to my local RBC Branch today to speak with someone about their LOC. In the end I was told that I could get a slightly better visa with yearly payment waved (although certainly not the best one they offer), and wouldn’t have to pay the principle payments until after graduation (or residency… I can’t remember) BUT that I would have to pay the interest payments each month and they were at prime plus one. From the sounds of it in this thread, most people are able to get the interest down to prime and maybe even don’t need to pay the interest payments until they start the residency? Should I be trying to get a better deal?

 

I live in Victoria and it seems like there aren’t any banking specialists here for med school… Would it be worth planning a day trip over to Vancouver to meet with a bunch of banks?

 

Vanillabear already posted where to find your specialist contact info, but I just showed my local account manager their own website and that cleared everything up (they were initially showing me some professional student line of credit instead of the med one).

 

http://www.rbcroyalbank.com/student/medical/plan.html

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On that note RBC has been trying my patience, took 2 days for them to tell me they wanted a budget. No big deal, I had one already made for my own purposes, but finding out sooner would have been nice. Then it took another day for them to say they wanted a paper copy of my acceptance or for Queen's to send confirmation to them directly. Queen's has been wonderful and very quickly responded to my request, now its just back to waiting for RBC.

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I just signed with RBC today. I got 200k at prime until a year after residency. I also got the fancy shmancy Avion platinum with no annual fees. I signed up to bank with RBC today and with the multiproduct rebate, I have a good bank account with no fees. I'm happy with this.

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I just signed with RBC today. I got 200k at prime until a year after residency. I also got the fancy shmancy Avion platinum with no annual fees. I signed up to bank with RBC today and with the multiproduct rebate, I have a good bank account with no fees. I'm happy with this.

 

This is the standard RBC package - if you chose to go there, make sure you get at least this (or something similar if you go elsewhere)

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I just signed with RBC today. I got 200k at prime until a year after residency. I also got the fancy shmancy Avion platinum with no annual fees. I signed up to bank with RBC today and with the multiproduct rebate, I have a good bank account with no fees. I'm happy with this.

 

Hmmm a little different from what I'm offered -- 250K at prime and just the Signature Rewards at no annual fee ($40 waived).

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This is the standard RBC package - if you chose to go there, make sure you get at least this (or something similar if you go elsewhere)

I thought the standard was visa gold. this is the avion platinum.

 

on that note.. what's the diff between platinum and infinite.. i spent a while and it seems very mionr..

 

did you apply over the phone or in person?

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I thought the standard was visa gold. this is the avion platinum.

 

on that note.. what's the diff between platinum and infinite.. i spent a while and it seems very mionr..

 

did you apply over the phone or in person?

 

Standard is visa gold: http://www.rbcroyalbank.com/student/medical/plan.html

 

I showed them their webpage, and got everything as advertised there.

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Okay, thanks! Sorry but just to clarify, was the girl at your local branch a specialist as well?

Also would it be too late if I do the whole LOC business in August? :/

 

I applied for an LOC at RBC last Friday afternoon and got a call today that I was approved (pending enrolment in classes). It took less than 2 business days, so I don't think it's too late to do it in August, at least if you deal with RBC.

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I applied for an LOC at RBC last Friday afternoon and got a call today that I was approved (pending enrolment in classes). It took less than 2 business days, so I don't think it's too late to do it in August, at least if you deal with RBC.

 

Yeah any of the banks will get the LOC set up for you in a few days if you are quick on your end with what they want (which is no big deal) :)

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looking back, the cma plan seemed to have students best long term financial interests in mind, all the others just want to suck you in, my first meeting one rep told me i shud buy myself a bmw to reward myself when i mentioned needing a car (i was thinking more a cheap honda or toyota)… n just staring at her like wtf, when she realized how crazy i thought she was she kind of siphoned it into a joke after the fact, but yeah, even giving students 250 k to spend at will with no limits per annum is sketch, my bank even encouraged me to open investment account with their subsidiary claiming my balance wud get me 10 dollar trades (instead of 45 for small money investors). i kind of see why some mp's are insinuating predatory lending now, on paper ur told its for educational costs but everyone drops rediculous money on trips or nice cars beyond what's necessary, and it's completely encouraged in person, contra what's on your loan agreement, i'd love to like record a convo with my banker n just put it on internet… complete disparity from practice versus paper.

 

Don't settle for anything other than prime and no co-signer. Idk what limits are like now but the difference between 200 and 250k probably isn't significant unless you plan on buying some very expensive things (e.g. luxury car).

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when i was buying a car, i need a money transfer, n walked in hr after they closed, knocked, mentioned i was a med loc client n needed a draft sent to dealership tomorrow, not a prob. the security guard was like wtf after i asked if she cud grab my specialist for a sec, but that kind of loan they'll jump thru a lot of hoops, i apologized because i had to be out of city next day, and she was even like, no need, always feel free if u run into similar emergency… it's hilarious seeing the disparity coming from a poor family n going to loan meetings, it's like ur a totally different person all of a sudden

 

i know totally not wut u were thinking, but the disparity in service in so classist (one week u have 500 in saving n pay for everything, next week, ur future earnings r entered in at 300 k, n ppl let u in after hrs for special favors) that it wud almost make for some good satire on snl. it's almost as funny as buying cars or staying at fairmonts with my rich foreign friend who pays... when u say ud like to pay cash at the lexus dealer… even the bum friend (me) gets royal treatment and they get u a new sales person n take u to the nice offices… by ur second week at the fairmont the staff treat u so nicely it feels weird, u get so habituated to it that ur not even weirded out when people seem uber happy to serve rediculous requests (a cleaning guy grabbing a bag of apples from the canteen after u ask him wut time it opens cus the resteraunts are closed and ur hungry, and without asking for anything, the dude comes back in 10 min with like 10 apples on the house, my pleasure sir, glad i could be of service, n ur like wtf, u r the nicest guy i've ever met… then again, that's never happened to me at a hotel 8, so im guessing it's a cush place to work to turn ppl so nice that they make u feel uncomfortable gratitude because people will smile at u even if u greet them with a few swears (which i saw a lot of guests do)… guess they thought i was paying half the bill... money money money makes the world go round... lol, i guess i'd treat a client diff too if the came in and said they wanted to drop 80 g on an suv cash or thought they we're footing half of a 500 a nite hotel bill for 2 weeks, think they wud have focussed bit more on my bud if they realized i was footing like 25… all of a sudden this isn't that counter-intuitive, lol… wow, uber tangental, but interesting philosophical comments on society nonetheless… wow, i've really got to stop procrastinating… anyhoo my advice is to ask for things u want, if u ask, they'll give u all sorts of stuff, with a 250 k loan they have personal flexibility to cater to ur needs that the 20 k home repair loan doesn't allow for.

 

Has anyone got any bonuses to their that makes it better than the other banks other than it being at prime and wouldn't mind sharing? Ie. credit card limits, fees waived etc...
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I remember the day I met some critical threshold in a banks computer system with my savings. I was working for 3 years, and was saving like crazy. I was making my usual deposit of my work cheque and out of the blue the teller called over the manager. At the time I had a student's account, 1000 dollar visa and no overdraft. The year before they resisted a visa increase to 1500 which I wanted to pay for air fair online to Europe. The manager on the spot gave me a 15K visa and 20K LOC unsecured, assigned me a personal finance officer etc, etc - I didn't ask for any of this and certainly didn't use any of it. The night and day approach to banking still floors me.

 

 

when i was buying a car, i need a money transfer, n walked in hr after they closed, knocked, mentioned i was a med loc client n needed a draft sent to dealership tomorrow, not a prob. the security guard was like wtf after i asked if she cud grab my specialist for a sec, but that kind of loan they'll jump thru a lot of hoops, i apologized because i had to be out of city next day, and she was even like, no need, always feel free if u run into similar emergency… it's hilarious seeing the disparity coming from a poor family n going to loan meetings, it's like ur a totally different person all of a sudden

 

i know totally not wut u were thinking, but the disparity in service in so classist (one week u have 500 in saving n pay for everything, next week, ur future earnings r entered in at 300 k, n ppl let u in after hrs for special favors) that it wud almost make for some good satire on snl. it's almost as funny as buying cars or staying at fairmonts with my rich foreign friend who pays... when u say ud like to pay cash at the lexus dealer… even the bum friend (me) gets royal treatment and they get u a new sales person n take u to the nice offices… by ur second week at the fairmont the staff treat u so nicely it feels weird, u get so habituated to it that ur not even weirded out when people seem uber happy to serve rediculous requests (a cleaning guy grabbing a bag of apples from the canteen after u ask him wut time it opens cus the resteraunts are closed and ur hungry, and without asking for anything, the dude comes back in 10 min with like 10 apples on the house, my pleasure sir, glad i could be of service, n ur like wtf, u r the nicest guy i've ever met… then again, that's never happened to me at a hotel 8, so im guessing it's a cush place to work to turn ppl so nice that they make u feel uncomfortable gratitude because people will smile at u even if u greet them with a few swears (which i saw a lot of guests do)… guess they thought i was paying half the bill... money money money makes the world go round... lol, i guess i'd treat a client diff too if the came in and said they wanted to drop 80 g on an suv cash or thought they we're footing half of a 500 a nite hotel bill for 2 weeks, think they wud have focussed bit more on my bud if they realized i was footing like 25… all of a sudden this isn't that counter-intuitive, lol… wow, uber tangental, but interesting philosophical comments on society nonetheless… wow, i've really got to stop procrastinating… anyhoo my advice is to ask for things u want, if u ask, they'll give u all sorts of stuff, with a 250 k loan they have personal flexibility to cater to ur needs that the 20 k home repair loan doesn't allow for.

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I remember the day I met some critical threshold in a banks computer system with my savings. I was working for 3 years, and was saving like crazy. I was making my usual deposit of my work cheque and out of the blue the teller called over the manager. At the time I had a student's account, 1000 dollar visa and no overdraft. The year before they resisted a visa increase to 1500 which I wanted to pay for air fair online to Europe. The manager on the spot gave me a 15K visa and 20K LOC unsecured, assigned me a personal finance officer etc, etc - I didn't ask for any of this and certainly didn't use any of it. The night and day approach to bank still floors me.

 

Yep. I grew up in a comfortable upper-middle family, but married poor. The contrast in services I receive is rather incredible.

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when i was buying a car, i need a money transfer, n walked in hr after they closed, knocked, mentioned i was a med loc client n needed a draft sent to dealership tomorrow, not a prob. the security guard was like wtf after i asked if she cud grab my specialist for a sec, but that kind of loan they'll jump thru a lot of hoops, i apologized because i had to be out of city next day, and she was even like, no need, always feel free if u run into similar emergency… it's hilarious seeing the disparity coming from a poor family n going to loan meetings, it's like ur a totally different person all of a sudden

 

i know totally not wut u were thinking, but the disparity in service in so classist (one week u have 500 in saving n pay for everything, next week, ur future earnings r entered in at 300 k, n ppl let u in after hrs for special favors) that it wud almost make for some good satire on snl. it's almost as funny as buying cars or staying at fairmonts with my rich foreign friend who pays... when u say ud like to pay cash at the lexus dealer… even the bum friend (me) gets royal treatment and they get u a new sales person n take u to the nice offices… by ur second week at the fairmont the staff treat u so nicely it feels weird, u get so habituated to it that ur not even weirded out when people seem uber happy to serve rediculous requests (a cleaning guy grabbing a bag of apples from the canteen after u ask him wut time it opens cus the resteraunts are closed and ur hungry, and without asking for anything, the dude comes back in 10 min with like 10 apples on the house, my pleasure sir, glad i could be of service, n ur like wtf, u r the nicest guy i've ever met… then again, that's never happened to me at a hotel 8, so im guessing it's a cush place to work to turn ppl so nice that they make u feel uncomfortable gratitude because people will smile at u even if u greet them with a few swears (which i saw a lot of guests do)… guess they thought i was paying half the bill... money money money makes the world go round... lol, i guess i'd treat a client diff too if the came in and said they wanted to drop 80 g on an suv cash or thought they we're footing half of a 500 a nite hotel bill for 2 weeks, think they wud have focussed bit more on my bud if they realized i was footing like 25… all of a sudden this isn't that counter-intuitive, lol… wow, uber tangental, but interesting philosophical comments on society nonetheless… wow, i've really got to stop procrastinating… anyhoo my advice is to ask for things u want, if u ask, they'll give u all sorts of stuff, with a 250 k loan they have personal flexibility to cater to ur needs that the 20 k home repair loan doesn't allow for.

 

Totally see you point muse

 

Growing we were poooor! Bankruptcies etc...

 

I myself have a family/kids etc... a lot of debt. Walked in and got a LOC (some problems there) then went to my previous bank to pay off a huge debt...they were shocked... in fact banker ran up to me outside asking if i needed a credit card and im preapproved cause i just paid this loan out. he was even calling me to discuss my LOC with my new bank WTF ... a few months ago when i didnt have an extra 50 dollars and asked to change the date of my next loan payment they said NOOOOOO

 

its just numbers though

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This is the standard RBC package - if you chose to go there, make sure you get at least this (or something similar if you go elsewhere)

standard is the signature reward with 39$ fee waived, is what my guy told me. he put in a request for the infinite avion. i did end up having to submit a 'budget', which came out to ~37k. multiply that by three and we're not even close to 250k.. so I'll see how much I'm approved for

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Has anyone here switched banks for LOCs?

 

If yes, did they ever tell you that you would receive less limit (150 K vs 200 k) because you are halfway through school already?

 

Anyone have any suggestions as to how I should deal with this ridiculousness?

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Has anyone here switched banks for LOCs?

 

If yes, did they ever tell you that you would receive less limit (150 K vs 200 k) because you are halfway through school already?

 

Anyone have any suggestions as to how I should deal with this ridiculousness?

 

I did switch banks, and no there was no reduction - who are you with and where are you going to?

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I'm planning to switch from National Bank to Scotia, purely for convenience purposes.

 

I thought it would be a simple process. Application --> credit check --> transfer.

 

But obviously, scotia is being a pain at this point. They said they will let me know tomorrow. If they dont give me the full 200k, I am not switching.

 

 

I did switch banks, and no there was no reduction - who are you with and where are you going to?
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