gumgum Posted March 25, 2008 Report Share Posted March 25, 2008 Just wondering, when you guys get a LOC from banks or MD management, do you need someone (parents) to cosign? That means the cosigner will pay if you don't pay them back for whatever reasons. Thanks. Link to comment Share on other sites More sharing options...
Adversary Posted March 25, 2008 Report Share Posted March 25, 2008 Sorry for jumping into this forum, but perhaps I can answer your question. Most LOC do not require a cosign unless you are planning to leave the country for medical school elsewhere, ie. US, Carribean. I asked an account manager before about this because my friend chose a school outside of Canada. Link to comment Share on other sites More sharing options...
surgimus Posted May 29, 2008 Report Share Posted May 29, 2008 Gumgum, I can confirm that neither National Bank (MD Management) or RBC require cosigners for your LOC. They approve you based on your projected future income. I shopped around a bit, and I settled with RBC as they offer a free unlimited chequeing account as well, as well as a really good credit card. 150k at prime is what most med 1's get offered. Mine is sitting in an account, and I'm scared to touch it. It took 48 hours from walking into the bank, to having account with the funds in it. Link to comment Share on other sites More sharing options...
BlackJack Posted May 29, 2008 Report Share Posted May 29, 2008 Never touch your LOC unless you desperately need it. The minute you use the money, it starts to accumulate interest. So that means unless you are willing to pay thousands in debt, avoid spending it on fancy cars, houses, and sound-systems. Link to comment Share on other sites More sharing options...
KennethToronto Posted May 29, 2008 Report Share Posted May 29, 2008 Never touch your LOC unless you desperately need it. The minute you use the money, it starts to accumulate interest. So that means unless you are willing to pay thousands in debt, avoid spending it on fancy cars, houses, and sound-systems. Not a good idea to spend on fancy cars & sound systems, but saying not to touch a LOC unless you're desperate is going a bit too far. Link to comment Share on other sites More sharing options...
rogerroger Posted June 3, 2008 Report Share Posted June 3, 2008 Never touch your LOC unless you desperately need it. The minute you use the money, it starts to accumulate interest. So that means unless you are willing to pay thousands in debt, avoid spending it on fancy cars, houses, and sound-systems. Well until I find my briefcase full of moola I will be using LOC to finance med. I simply view it as my future doctor self paying for my current student self. With this said it would be pretty silly to buy that sweet car with it... I will probably enjoy the car more when I can afford to put gas in it and drive to places. Link to comment Share on other sites More sharing options...
mbene085 Posted June 10, 2008 Report Share Posted June 10, 2008 Well until I find my briefcase full of moola I will be using LOC to finance med. I simply view it as my future doctor self paying for my current student self. With this said it would be pretty silly to buy that sweet car with it... I will probably enjoy the car more when I can afford to put gas in it and drive to places. Or just be like me and wait until you can buy a sweet electric car that you can charge with the solar panels on your roof...realistically, that and owning a car are both equally far in the future for me, haha. Link to comment Share on other sites More sharing options...
leviathan Posted June 10, 2008 Report Share Posted June 10, 2008 Well until I find my briefcase full of moola I will be using LOC to finance med. I simply view it as my future doctor self paying for my current student self. With this said it would be pretty silly to buy that sweet car with it... I will probably enjoy the car more when I can afford to put gas in it and drive to places. $1.46/litre....buy a car now before it's $3/litre when you finish med school. Link to comment Share on other sites More sharing options...
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