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help with scotia bank loc application..thanks!


donnadee

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hello everyone,

 

im filling out the budget for scotia bank LOC and had a few questions...i was wondering if anyone who has applied can help me out:

 

for the section where it asks you about your budget, it asks about debts you wish to consolidate...would this amount simply be the deficit (determined from subtracting total income from total expenses) if i plan to use the LOC for my entire deficit for the yr (i.e. rent, tuition e.t.c)?

 

it then asks about how much you wish to apply for.. for this amount should i simply divide 200,000 by 4? i.e. 50,000?

 

thanks!

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debts you wish to consolidate means any debts you currently have that you want to transfer to your line of credit. i.e. I had a car loan which I paid off using my loc so that now I essentially have a car loan at prime interest rate.

 

so long story short, its any current debt you have that you want to use your loc to take care of

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Just look up the Scotiabank medical professional person for your school and go see them directly. Plus then you develop a relationship with them that will help you out over the next 4 years.
I highly recommend this route for all med and dent students regardless of the bank. They can just do the application for you.
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oh..didnt know that..i filled it out and have sent it..hopefully i didnt make a mistake lol...

 

also, how long does it take before they get back to you with a contract that u can negotiate? I need to submit a proof to my rental property for LOC so am hoping that the bank processes my application quickly lol!

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I went in the Thursday before Victoria Day and they called me and said it was approved the Tuesday after that. Probably takes less time if there's not a long weekend in the way.

 

Yeah it is pretty fast :) You kind of in the "big league" now, so you get better service.

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