LOC Revisited

[Brucyb]

Hi all, I am getting ready to start med at UBC and I have finally accepted the reality that I'm going to have to get a LOC. I know this topic was covered in quite some depth a month ago, but I was curious if there was any general consensus as to which bank/plan was the most favourable?

 

Any advice would be greatly appreciated!

[cbaldwin]

Hey there,

 

Last year, when I did all this research, I found that the two comparable offers were with National Bank (through MD Management) and Royal Bank. Both will give you a LOC at prime which is pretty good. RBC is also very good for giving you a free bank account - no charges at all. Make sure you look into that. I ended up switching from CIBC to RBC during the year because CIBC was rockin' me on fees. I'm at National Bank for my LOC at the moment, simply because it came with great recommendations (from both MD Management and other students ahead of me), but now that I see that the RBC LOC is so similar, I'm planning to switch to RBC for the LOC simply because I can do the online banking...it makes it all that much easier.

 

Those are my thoughts...of all my friends at U of T...everyone has their LOC through one of those companies. Both I think give you 120-150K.

 

Corrie

[ubcredfox]

Hey,

 

Just as an FYI, you can get more than 150K if you're stubborn. I've heard rumors (unsubstantiated) that they can give you up to 180K initially; I got 160K so more is possible.

 

Just a thought in case you know you'll be needing more than 150K.

 

Cheers,

 

RedFox

[Persistent]

Hi,

 

I decided to go with MD Management. I liked the idea of NOT being able to access all of the ~200K at once... just in case I go on a spending spree . With MD Management you will get 50K the first year... and then it increases there on substantially but I forgot the figures... I vaguely remember $90K for second year. I'll check into that and repost. I liked the service I received with MD Management from the Financial Advisor. The nice thing was that my family can also use his services for financial advise. They really seem to show an interest in maintaining your debt at a minimal level as opposed to other banks that give you the money and just let you do whatever you want with it. I almost feel like I should spend wisely because I have to answer to Gurp (my Financial Advisor) when I see him next. Also, they offer their services into residency and even beyond. So far I'm very satisfied with them. With regards to online banking, the national bank of canada (the partnering financial institution) also has this service free of charge. You just have to call them and get it set up. It only takes a few minutes.

 

 

Regards,

 

Persistent.