iambroke Posted February 12, 2022 Report Share Posted February 12, 2022 Hey, Have any of you ever heard of a bank that could increase a LOC more than 350k$ ? I'm with RBC and they say it is a hard max. Yes, I'm already maxed. Yes, it is a lot of money. Please don't jugde, I have a house, I'm monoparental with 4 children... so divided over ten years I didn't have much choice. I'm actually pgy-5 and I need some money to move for my fellow. Quote Link to comment Share on other sites More sharing options...
Hanmari Posted February 12, 2022 Report Share Posted February 12, 2022 To my knowledge most LoCs max out around that point and even the ones that are higher are not by much more. Scotia seems to offer up to 375k but they might only approve the max in certain circumstances so you should probably reach out to them directly: https://www.scotiabank.com/ca/en/small-business/business-banking/line-of-credit/spsp-line-of-credit.html But this seems like a situation where an extra 25k would not go very far anyways. You might want to speak with a fee-only financial planner once to see what options there are out there, if you can afford to see one... Not sure where to find one that is knowledgeable about medical trainees nor am I sure of their costs, sorry. Perhaps others can shed more light on that. Quote Link to comment Share on other sites More sharing options...
iambroke Posted February 12, 2022 Author Report Share Posted February 12, 2022 Well, an extra 25k would definitely be a good start! A financial planner may be a good idea, I forgot about that... I tryed to consult one some years ago and he was mostly freaking out about RRSP. I will try another one. Quote Link to comment Share on other sites More sharing options...
Rad8181 Posted March 15, 2022 Report Share Posted March 15, 2022 When I was near my max as a resident I was able to take out an additional small "Business" LOC (or some term like that) with Scotiabank while I took a year off. I think it was for 25k. This was with Scotiabank. Quote Link to comment Share on other sites More sharing options...
Xbox Skully Posted March 20, 2022 Report Share Posted March 20, 2022 Did op go to the school in the states? If not how does someone spend that much money? Quote Link to comment Share on other sites More sharing options...
frenchpress Posted March 20, 2022 Report Share Posted March 20, 2022 18 minutes ago, Xbox Skully said: Did op go to the school in the states? If not how does someone spend that much money? OP said they have 4 kids and is nearly a decade into school. For just one possible example, let’s say you’re renting a 3 bedroom house/apartment for 2500+ per year (which is cheap in some cities in Canada). That’s 30k per year. That’s 300k over 10 years. Not accounting for food, tuition, etc. All things considered I’d say OP did just fine. MDee2B and Maggiie19 2 Quote Link to comment Share on other sites More sharing options...
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