Line of Credit info

[maadaputtar]

Hey guys,

I am thinking of getting a line of credit from one of the big banks here in Toronto. Has anyone shopped around already and seen where they are getting the best deal? What kind of documents will be needed to get the LoC and if anyone has any tips I would really appreciate it.

Thanks.

[Guest Fresh_Underwear]

I actually just went today. I recommend you personally go to each of the banks branches and specifically ask for a medical school specialist to ask about LOC. For both TD and BMO I had to go to 3 different branches before I got to talk to someone who knows what they are talking about. One of the account manager I talked to didn't know what's residency (immediate red flag ).

 

In general, the lending rate for all 5 major banks are 200k-250k limit with prime interest rate for both during school and residency. Some banks offers packages for med students which includes really nice incentives (i.e. with travel/rewards credit cards with annual fees exempted). What I recommend is just spend half a day, go down to dundas/university ave and all of the 5 major bank branches are located there and since the location is just south of all the major hospitals, they are usually quite familiar dealing with U of T med students.

[kangaroos]

Bad experience last week and C____. She had no idea what residency was and if we got paid or not. She also made me fill out this ridiculous list of income vs expense list to calculate if I was eligible. She had never done this before. She kept asking me what I would do with the money and why I was applying for a professional edge line of credit, bla bla bla.

First she said I'd only get 15-20K and how much did I want. I said 60K would be good. I explained that I do pay rent and have to buy texts and equipment, not to mention car expenses. Now I've already completed a few years of my residency so obviously have some savings for a down payment for an apartment I'm buying and the LOC is mainly to have the security once all my savings are invested in the condo i'm buying.

She kept emailing me about one thing or another.First she said I'd only get 15-20K and how much did I want. I said 60K would be good. She emailed me next day saying that I'd be eligible for 100K, and was surprised.

Still asking the same questions like what I would use it for considering i have good cash flow. i explained again that thats for down payment, hence non-usable. Anyway, avoid a newbie.

[rmorelan]

Bad experience last week and C____. She had no idea what residency was and if we got paid or not. She also made me fill out this ridiculous list of income vs expense list to calculate if I was eligible. She had never done this before. She kept asking me what I would do with the money and why I was applying for a professional edge line of credit, bla bla bla.

First she said I'd only get 15-20K and how much did I want. I said 60K would be good. I explained that I do pay rent and have to buy texts and equipment, not to mention car expenses. Now I've already completed a few years of my residency so obviously have some savings for a down payment for an apartment I'm buying and the LOC is mainly to have the security once all my savings are invested in the condo i'm buying.

She kept emailing me about one thing or another.First she said I'd only get 15-20K and how much did I want. I said 60K would be good. She emailed me next day saying that I'd be eligible for 100K, and was surprised.

Still asking the same questions like what I would use it for considering i have good cash flow. i explained again that thats for down payment, hence non-usable. Anyway, avoid a newbie.

 

absolutely - if the person hasn't given out at least 10 LOCs to medical students in the last year alone you are talking to the wrong person.

[KennethToronto]

Bad experience last week and C____. She had no idea what residency was and if we got paid or not. She also made me fill out this ridiculous list of income vs expense list to calculate if I was eligible. She had never done this before. She kept asking me what I would do with the money and why I was applying for a professional edge line of credit, bla bla bla.

First she said I'd only get 15-20K and how much did I want. I said 60K would be good. I explained that I do pay rent and have to buy texts and equipment, not to mention car expenses. Now I've already completed a few years of my residency so obviously have some savings for a down payment for an apartment I'm buying and the LOC is mainly to have the security once all my savings are invested in the condo i'm buying.

She kept emailing me about one thing or another.First she said I'd only get 15-20K and how much did I want. I said 60K would be good. She emailed me next day saying that I'd be eligible for 100K, and was surprised.

Still asking the same questions like what I would use it for considering i have good cash flow. i explained again that thats for down payment, hence non-usable. Anyway, avoid a newbie.

 

You are wasting your time if you deal with someone who is not familiar with the LOC for medical professionals.