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Can one use LoC for relocation?


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I was able to access my LoC after I was able to produce a confirmation of enrolment. You should be able to do the same.

 

Ditto. It took about a month from contacting the banks to signing the papers and having access to my LoC. I'll also be using it to relocate from Ontario to Nova Scotia. Good luck with your move!

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I ****ed around with a LoC for a while by just going into banks and meeting with someone.

 

Don't do this.

 

There is usually a representative of each bank who deals specifically with line of credits for medical students. I did it over the phone. Went in to sign some papers and had instant access to 50k (out of the total 200). Then drove to future shop.

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I just got mine approved!! and I know another accepted MUN med student who has his already. I took in my acceptance letter last week, and banker said I should have access to funds a day or so after I sign, which will be today. I am moving my family and definitely need the money for relocation.

Good Luck!:)

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As NewfieMike pointed out is very important to contact somebody that deals with accounts of this nature on a day to day basis. A lot of bankers will never come accross these accounts as they don't work in a town that has a medical school. You should be able to get your funds advanced as soon as you sign and have shown proof of enrollment such as an acceptance letter. Timeframes will vary a bit for different universities as the acceptances are sent out at different times.

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I just got mine approved!! and I know another accepted MUN med student who has his already. I took in my acceptance letter last week, and banker said I should have access to funds a day or so after I sign, which will be today. I am moving my family and definitely need the money for relocation.

Good Luck!:)

 

If you dont mind me asking, which bank did you sign with? I got my LOC approved at RBC with my admission letter but the med financial adviser was very adamant that I cannot have access to the funds until I can provide them with a tuition slip and confirmation of enrollment. I have to move to a diff city as well, so having earlier access to the loc is gonna be helpful.

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What is a line of credit for besides grabbing cars and electronics?

 

Hookers and blow?

 

Financing biochemical terrorist attacks on American soil to distract governments from the fact that I'm stealing nuclear weapons which will then be used by the Russian government to attack the White House which is really another distraction to allow my people to sneak into Wall Street and crash the markets while giving myself the financial advantage in the new revival of the economy.

 

So yeah,

investment?
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I went with BMO. TD wouldn't give me a prime rate (albeit this was just some monkey working behind a desk, not their specialist), and someone on here said that BMO was offering prime, so I went there.

 

I have a feeling there is subtle differences between the big banks on their med school LOC policies.

 

In retrospect it is a little annoying to have a LOC from a different bank than my main accounts (all the rest are with TD). I have to transfer money back and forth a bit and it takes a bit of a beating with the associated fees.

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I went with BMO. TD wouldn't give me a prime rate (albeit this was just some monkey working behind a desk, not their specialist), and someone on here said that BMO was offering prime, so I went there.

 

I have a feeling there is subtle differences between the big banks on their med school LOC policies.

 

In retrospect it is a little annoying to have a LOC from a different bank than my main accounts (all the rest are with TD). I have to transfer money back and forth a bit and it takes a bit of a beating with the associated fees.

 

that is exactly why you cannot go to the monkey behind the desk. I made the same mistake 4 years ago with TD - it was awful :) 60K max, at prime plus 2.5....

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I went with TD , long time customer, 250K at prime. It took about a week from when I walked in with acceptance letter until I had my money. I have been buying new furniture and things for moving as furniture in NL is super expensive due to shipping costs..and I have to take a truck over anyway...26' UHaul reserved...:eek:

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I went with TD , long time customer, 250K at prime. It took about a week from when I walked in with acceptance letter until I had my money. I have been buying new furniture and things for moving as furniture in NL is super expensive due to shipping costs..and I have to take a truck over anyway...26' UHaul reserved...:eek:

 

Did you think of buying the furniture at Sears (or other store that is also in NL), and then picking it up there when you get there? May save on room/shipping! Or maybe not. Hm.

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