sambanista Posted May 21, 2021 Report Share Posted May 21, 2021 Hey does anyone have recommendations for a Scotia rep in Alberta? Quote Link to comment Share on other sites More sharing options...
zoxy Posted May 21, 2021 Report Share Posted May 21, 2021 4 minutes ago, sambanista said: Hey does anyone have recommendations for a Scotia rep in Alberta? https://www.scotiabank.com/content/dam/scotiabank/canada/en/documents/Scotiabank_SPSP_representative_English.pdf Quote Link to comment Share on other sites More sharing options...
CaRMS2021 Posted May 21, 2021 Report Share Posted May 21, 2021 I used the interest to pay the interest (Thanos voice) On 5/15/2021 at 2:56 PM, lolz3 said: Which is exactly what @JohnGrisham and me have been saying. It's misleading to say "Interest payments are not required" because they actually are. It's just automated. Quote Link to comment Share on other sites More sharing options...
Davinci Posted May 24, 2021 Report Share Posted May 24, 2021 Instead of getting the $350k LOC from a single bank, is it possible to get $175k from each of two banks (e.g. RBC and Scotia) instead? AB27 1 Quote Link to comment Share on other sites More sharing options...
bearded frog Posted May 24, 2021 Report Share Posted May 24, 2021 3 hours ago, Davinci said: Instead of getting the $350k LOC from a single bank, is it possible to get $175k from each of two banks (e.g. RBC and Scotia) instead? What would be the advantage of this? Quote Link to comment Share on other sites More sharing options...
Keyboards4Days Posted May 24, 2021 Report Share Posted May 24, 2021 Does anyone know when the $500 Amazon GC offer from TD's LOC plan comes back (or if it's out already)? Don't see it on their site but see previous forum posts about it being available early May Quote Link to comment Share on other sites More sharing options...
LostLamb Posted May 25, 2021 Report Share Posted May 25, 2021 1 hour ago, bearded frog said: What would be the advantage of this? Getting all the account start perks, I’d gather. more hassle than it’s worth IMHO Quote Link to comment Share on other sites More sharing options...
Davinci Posted May 25, 2021 Report Share Posted May 25, 2021 2 hours ago, bearded frog said: What would be the advantage of this? 59 minutes ago, LostLamb said: Getting all the account start perks, I’d gather. more hassle than it’s worth IMHO Yes, getting the account perks (VIP account, complimentary credit card, open account incentives, etc). Just wondering if this is possible/anybody has done this. Can one go to a bank and say that they only want a $175k LOC (or any other amount) or is it always for the full amount? Quote Link to comment Share on other sites More sharing options...
bearded frog Posted May 25, 2021 Report Share Posted May 25, 2021 2 hours ago, Davinci said: Yes, getting the account perks (VIP account, complimentary credit card, open account incentives, etc). Just wondering if this is possible/anybody has done this. Can one go to a bank and say that they only want a $175k LOC (or any other amount) or is it always for the full amount? I'd imagine you can ask for a smaller amount from bank 1, but I think the second bank is gonna balk when they see the first loan on your credit history. LostLamb 1 Quote Link to comment Share on other sites More sharing options...
retawxy Posted June 9, 2021 Report Share Posted June 9, 2021 My friends and I did some research on the available LOC options and put them together into a summary: https://docs.google.com/spreadsheets/d/1EFo_7w6pUV9Xa1kW7PTH-JrczFCiPmhTEBlrrdJaENw/edit?usp=sharing It appears that only specialized bank agents know the details of these offers. Below are two contacts I found helpful: Scotiabank: Rod McFadden 519.642.3017 rod.mcfadden@scotiabank.com RBC: Kendra Coleman 236-838-7327 kendra.coleman@rbc.com burnerboy, ScotiabankMedsAdvisor, zoxy and 4 others 6 1 Quote Link to comment Share on other sites More sharing options...
mdhopeful26 Posted June 10, 2021 Report Share Posted June 10, 2021 On 6/9/2021 at 3:17 PM, retawxy said: My friends and I did some research on the available LOC options and put them together into a summary: https://docs.google.com/spreadsheets/d/1EFo_7w6pUV9Xa1kW7PTH-JrczFCiPmhTEBlrrdJaENw/edit?usp=sharing It appears that only specialized bank agents know the details of these offers. Below are two contacts I found helpful: Scotiabank: Rod McFadden 519.642.3017 rod.mcfadden@scotiabank.com RBC: Kendra Coleman 236-838-7327 kendra.coleman@rbc.com Thank you for sharing! I have a quick question - I noticed at the bottom it says not to put insurance on LOC. Was wondering about that myself...why no insurance? thanks! Quote Link to comment Share on other sites More sharing options...
TheLegendKiller Posted June 10, 2021 Report Share Posted June 10, 2021 Has anyone ever gotten two LoCs? I don't see any restriction on why you couldn't Quote Link to comment Share on other sites More sharing options...
bearded frog Posted June 10, 2021 Report Share Posted June 10, 2021 24 minutes ago, mdhopeful26 said: Thank you for sharing! I have a quick question - I noticed at the bottom it says not to put insurance on LOC. Was wondering about that myself...why no insurance? thanks! Unless you have other assets, the insurance covers the bank, not you. mdhopeful26 1 Quote Link to comment Share on other sites More sharing options...
DrOtter Posted June 11, 2021 Report Share Posted June 11, 2021 On 6/10/2021 at 4:55 PM, TheLegendKiller said: Has anyone ever gotten two LoCs? I don't see any restriction on why you couldn't Pretty sure when you're signing up for one, you have to declare your other loans. So if you have a whopping 350k LOC, it'll be pretty hard for another one to be opened. With that said, you can always simultaneously register, but idk what might come up on your credit report and if the other bank's check will also show up on the report Quote Link to comment Share on other sites More sharing options...
TheLegendKiller Posted June 14, 2021 Report Share Posted June 14, 2021 On 6/9/2021 at 3:17 PM, retawxy said: My friends and I did some research on the available LOC options and put them together into a summary: https://docs.google.com/spreadsheets/d/1EFo_7w6pUV9Xa1kW7PTH-JrczFCiPmhTEBlrrdJaENw/edit?usp=sharing It appears that only specialized bank agents know the details of these offers. Below are two contacts I found helpful: Scotiabank: Rod McFadden 519.642.3017 rod.mcfadden@scotiabank.com RBC: Kendra Coleman 236-838-7327 kendra.coleman@rbc.com Hi, Thanks for sharing! The spreadsheet says that for Scotia, you don't have to make any payments until 2 years after residency completes but the web page says that some conditions apply. Would you know what these are? https://www.scotiabank.com/ca/en/small-business/business-banking/line-of-credit/spsp-line-of-credit.html Is Scotia the only bank that does this? It seems like every other bank wants interest payments while in school? Are you basically deferring all the interest or does it start accumulating after you finish up? Quote Link to comment Share on other sites More sharing options...
Gazoo4242 Posted June 14, 2021 Report Share Posted June 14, 2021 3 hours ago, TheLegendKiller said: Hi, Thanks for sharing! The spreadsheet says that for Scotia, you don't have to make any payments until 2 years after residency completes but the web page says that some conditions apply. Would you know what these are? https://www.scotiabank.com/ca/en/small-business/business-banking/line-of-credit/spsp-line-of-credit.html Is Scotia the only bank that does this? It seems like every other bank wants interest payments while in school? Are you basically deferring all the interest or does it start accumulating after you finish up? Interest still accumulates, you just don't have to make payments - it amounts to the same thing, just a hair more convenient DrOtter 1 Quote Link to comment Share on other sites More sharing options...
LostLamb Posted June 15, 2021 Report Share Posted June 15, 2021 You will always pay interest...the bank needs to benefit somehow. the thing is that they use the LOC to pay its own interest off and it happens automatically. believe me, it’s a nice perk. I like not having to think. Quote Link to comment Share on other sites More sharing options...
TheLegendKiller Posted June 17, 2021 Report Share Posted June 17, 2021 On 6/14/2021 at 7:28 PM, Gazoo4242 said: Interest still accumulates, you just don't have to make payments - it amounts to the same thing, just a hair more convenient Ah! And it is payable all at once? Quote Link to comment Share on other sites More sharing options...
TheLegendKiller Posted June 17, 2021 Report Share Posted June 17, 2021 On 5/8/2021 at 11:12 AM, lolz3 said: Graduating for medical school or finishing residency? If medical school, then nothing changes - it's still a professional student LOC at the same rate and with still the same access What happens if you don't get a residency right away? Do they wait until you get one? Quote Link to comment Share on other sites More sharing options...
TheLegendKiller Posted June 17, 2021 Report Share Posted June 17, 2021 On 6/14/2021 at 10:15 PM, LostLamb said: You will always pay interest...the bank needs to benefit somehow. the thing is that they use the LOC to pay its own interest off and it happens automatically. believe me, it’s a nice perk. I like not having to think. What happens when you use all 350K? Quote Link to comment Share on other sites More sharing options...
TheLegendKiller Posted June 17, 2021 Report Share Posted June 17, 2021 Anyone have the president's emal for RBC? Quote Link to comment Share on other sites More sharing options...
LostLamb Posted June 17, 2021 Report Share Posted June 17, 2021 2 hours ago, TheLegendKiller said: What happens when you use all 350K? No idea. I never have gotten that close and don’t intend to. Quote Link to comment Share on other sites More sharing options...
Persephone Posted June 17, 2021 Report Share Posted June 17, 2021 3 hours ago, TheLegendKiller said: What happens when you use all 350K? You run out of money to spend and I believe you will need to have some form of income to make interest payments, since there is no longer room for them to be withdrawn directly from the LoC. The terms of the LoC don't change afaik though, and this was my experience with a smaller LoC in the past. You enter repayment of the principle amount according to the terms of your contract, so for me that will be 24 months after I finish residency. Quote Link to comment Share on other sites More sharing options...
Persephone Posted June 17, 2021 Report Share Posted June 17, 2021 3 hours ago, TheLegendKiller said: What happens if you don't get a residency right away? Do they wait until you get one? At Scotia, there is a 2 year grace period after you are not enrolled anymore, that I assume would apply if you don't match. But this would be a question to ask the advisor you are signing up with. Quote Link to comment Share on other sites More sharing options...
TheLegendKiller Posted June 18, 2021 Report Share Posted June 18, 2021 From reading the thread, it seems the benefit of Scotia is just that you get better credit cards? Am I missing something else as well? Which of the credit cards should I go for? Quote Link to comment Share on other sites More sharing options...
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