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ScotiabankLawAdvisor

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  1. Can I get a PSLOC wihout credit history and co-signer?

    That could be the case right now, but things can change. I remember a time not too long ago where no credit history did require getting a co-signor, and it can easily go back to being that way. I'm not saying that it will or anything, just that it can and it's always best to be prepared in case it does. I would recommend getting a student credit card with a small limit ($500-$1000), and use it over the next year to build your credit. Just make sure you are making the payments on time, and don't carry a balance on it/pay it off in full each month.
  2. Getting a new PSLOC after graduating?

    It might have been that you didn't provide us with a proof of enrolment for your final year, or someone didn't key the date in properly. This can be fixed relatively quickly, keep on top of your advisor to check the status on it. Please make any payments that are showing due, you will be able to withdraw the funds again once it is coded back to being in non-repayment.
  3. The interest cost will be the same whether it will be with TD or Scotia. The example that pzabbythesecond used assumed you have some sort of income/cashflow to make the interest payment at TD each month and not with Scotia. I'd assume that the majority of law students do not have this income to do that. Even if you do you can easily make the interest payment with Scotia just as you can with TD. In reality, the above scenario for the TD payment would look like this: Month 1: Borrow $100, and at the end of the month borrow an additional $3 to make the $3 interest payment. Your balance owing will be $103 (100 + 3 interest + 3 withdrawal - 3 payment) which at the end of the day puts you in the exact same position as if the interest was just added to the balance at the end of the month. Month 2: You take out an additional 100. Your total is now 203. You owe 6.09 dollars of interest now. Your total sits at 206.09 and are required to make the $6.09 payment again (by withdrawing from the LOC to pay the LOC) The way I always compare it is that it will be the same cost to you regardless if you have to make the interest payments or not. With us it is just one less thing you have to worry about/remember at the end of each month. If you have any sort of income/cashflow you should be dumping as much of it as possible onto the LOC as soon as you get it. You can always withdraw again it whenever you need it (a week later, a month, etc.), because as soon as you make a payment you stop paying interest on that amount.
  4. Changes to Scotiabank's Offering

    You won't be required to make any payments until a year or two after you finish articling, unless your balance owing reaches your credit limit prior to that. Interest is calculated daily, and added to the balance owing at the end of each month. You can have a look at this post I made a while back for further information. Hope that helps!
  5. Changing psloc

    Yes that was it. It could have been that the person at the bank who set it up either knowingly or unknowingly coded it as though he/she is a medical student. There is no offer from any bank below Prime Rate right now for law students, and I'd be surprised to see anyone else get the same sub-prime rate as that poster did going about it through the proper channels/procedures (on the banker's side of things I mean).
  6. Changing psloc

    I read that one person on here claimed they had gotten it sub-prime but with not too many details as to how or where etc. I've not heard of it through any of my colleagues or anything internally here though. I would expect it to be very unlikely that it would be done though unless there was an advertised/known offer from another bank.
  7. Changing psloc

    Instead of going through the hassle to switch over to TD just for the lower rate, work on getting yours down to Prime rate. If your current advisor/branch won't do it, talk to another that will. PM me if needed.
  8. No co-sign, no hope?

    It's one of the most common complaints we hear. Turnover is a problem, people are always moving on to bigger, better things (hopefully). There are some advisors that like staying in a job/place for a while, but as you and many others have experienced they are not always easy to find. Despite the turnover though the relationship can still be kept in good order provided your advisors kept good files/notes etc.
  9. No co-sign, no hope?

    It's not so much about threatening to take your business elsewhere, it's more about having that trusting relationship to show credit worthiness. If i had two identical applications that were borderline on being approved or not, customer A being with a customer that I/the bank has known for the past 5+ years where there were no issues with us, and customer B who is a walk in off the street, I would feel much more comfortable in getting the former approved than the latter. There are many more unknowns with customer B which would add to the risk. I would be able to have better supporting arguments on why we should approve customer A. If your banker is giving you that advice they are pretty much telling you that working closely with them is pointless. I'd say that they are either inexperienced or maybe not the person you'd want to be working with IMO. At the end of the day a lot of credit decisions are done outside of our hands the branch level, but we are still responsible for putting together the application and presentation is key. I value the relationships I have with my clients and I'll go to bat for them where ever I can as long as it's justified of course. One of the 5 C's of credit is character, and I'll have a much better grasp on someone's character that I've known for 2-3 years than someone I just met yesterday. The answer to your last question should be a definite yes, and if they don't value you as a client then I'd advise you to find another banker. We completely realize the value of a "broke student" which is exactly why we have things like the Scotia Professional Student Plan in place, free banking for students, student lines of credit, our partnership in the Scene program, and scholarships/bursaries at various schools through our website and www.fundyourfuture.ca. I can tell you that Scotiabank has made it a big focus over the last few years to gain marketshare in the student demographic through programs like these.
  10. No co-sign, no hope?

    Amazing, I'm glad it worked out for you!
  11. PSLOC: what bank did you go through?

    I'd give you my opinion but my answer may be a bit biased
  12. Changes to Scotiabank's Offering

    You may be able to qualify for an additional $10,000 to complete your Master's/articling, speak to your advisor to initiate an application. Beyond that you'll have to find some alternatives if you require more funding (government loans, bursaries/scholarships, withdraw from your RSP under the Lifelong Learning Plan?). Speak to your advisor who can help you figure this out.
  13. Scotiabank LOC application process experience

    To be fair I completely agree with you here. That list on our website is also not the easiest to find, it would be fantastic if every school could somehow distribute or link the list through their various faculty websites or welcome packages to the students. We're still trying to work it out to make this more visible. When I was dealing with the students at Dalhousie we tried our best to have a close relationship with the law students there by doing presentations etc. with the various classes, and keeping the law student society up to date on things at Scotiabank. Even still we ran across some students in 2L or 3L that either didn't know what we offered or that were having problems at other branches etc. just because we could never get in front of every single student. If anyone knows of a better way to get this information out to potential/existing customers we'd love to hear it.
  14. Scotiabank LOC application process experience

    Amazing! I actually sent a message to Morgan about this after I posted that. I didn't mean to make it sound like the mods weren't doing it or against it in any way, although I see now how I could've worded it differently. @HegdisI've added you to the PM btw!
  15. Scotiabank LOC application process experience

    I have pointed it out so many times in this forum that you will have a much better experience going through an advisor who has a lot of experience with these plans, and/or who's role is dedicated to them. I wish the mods could make a sticky or something at the top of the Student Financial Support. I would speak to the advisor you are dealing with now regarding this, and explain to him/her how you feel about the whole process thus far. Try to work something out with them in the sense of setting expectations, such as calling back when you say you will call back etc. If that doesn't work I'd contact the designated advisor for your university and continue with them.
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