Line of Credit

[superchargedman]

Hey Everyone,

 

I was just wondering if anyone is aware of any specific institutions that have particular arrangements with the university to provide either greater convenience or better rates on a line of credit. Thanks.

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[BrendanJ]

You'll have a chance to talk to MD financial (a subsidiary of CMA holdings) which sets up its own line of credit through national bank. I didn't shop around much, but I can tell you I'm with them and have had no problems. It's 200 as opposed to the 150 commonly given out, comes with a free bank account, etc, etc. There's also the bonus that the MD financial reps are set up at school for drop in meetings weekly, meaning if you have something to complain about or need something new its easy to talk face to face.

 

For example, I needed a line of credit and had no time to spend talking to people (it was exam time). The conversation was as follows (literally):

 

Me: Hi there, I don't have time to talk but I need to know how much money you can get me on a line of credit and how long it will take.

 

MD rep: two hundred thousand and one week.

 

Me: deal

[superchargedman]

haha, that's great info, brendan. thanks.

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Gn250

[superchargedman]

hey brendan, do you know how MD financial's rates compares to others?

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Peter e. martin

[tallguy408]

MD, Scotiabank, and Royal bank all offer similar lines of credit. The rate will be prime. If they try to tell you more (even prime + 0.25), get up and walk out. You will get prime elsewhere.

 

Word.

[superchargedman]

Thanks, man. Wizzord.

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[0nsp]

As far as I know, the caveat with MD financial is that you can only take out 50grand a year. And they have very few locations. I'm with RBC because I can get as much as I want, up to my limit, at a time, and they have branches everywhere, so wayy easier for me to get my money. Of course, my buddy signed up with MD financial for the same reason: with fewer locations to access the money, he would be less tempted to spend it.

 

That being said, I absolutely HATE RBC. I was stuck in the USA once and needed a lot of money, and even spoke with the branch manager personally, and he refused to give me access to my funds because I wasn't there in person. I had to get my parents to wire me the cash. But that's a different story.

 

Oh yeah, RBC give out 100$ signing bonuses for referrals, so if you're interested, PM me, and I will split it with you 50/50

[BrendanJ]

Yes, that's the downside for MD financial. Its 50 grand per year, so you may want to go with someone else if 150 is enough for you but you need to use more than 50 g's in a year.

 

Also, it's true that you can only use national bank atms without charge. This sucks if you do all your banking with your line of credit and use it as a chequing account. For me, i worked out alright, as I already had the rest of my banking with PC financial (everything for free plus 4% interest on savings is pretty BA). Whenever I need an LOC pick-me-up I just write myself a cheque for my pc account and deposit it.

 

And voila. Financial nirvana. Or suicide, if you're the cup half empty type.