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RBC PSLOC prime minus

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Hi! 

I'm currently in the process of getting a PSLOC with RBC. I was wondering if anyone had luck getting prime minus with RBC?

 

Thanks!

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The big 5 banks are only giving prime minus .25% to med students, and not law students. All other banks are set at prime for law students in my experience.

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I went to all banks to get their interest rates and maximums. The two best were Scotiabank and TD who both offered a maximum of 100k.

1. Scotiabank because they offered best payment often with no interest payments (they add interest to your principal) (at Prime + 0.5 though).

2. TD bank because they offered the best interest at Prime + 0%.

I got TD to offer me 100K at prime + 0% and send me an email with that offer, which I showed to Scotiabank who offered my no interest payments at Prime + 0%. So I got best of both worlds.

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Same, I got RBC 110K at prime + 0% and a 2 year grace period. You gotta negotiate with them tho.

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Is getting interest at prime for law a recent phenomenon? When I got a line of credit four years ago from RBC, it was 80K at prime + 0.5%, which is the rate it is still at today. 

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1 hour ago, lolaya said:

Same, I got RBC 110K at prime + 0% and a 2 year grace period. You gotta negotiate with them tho.

Do you mind sharing with me how you did this? It would be very very beneficial for me. Thank you

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On 2017-06-08 at 5:19 PM, isidhu said:

I went to all banks to get their interest rates and maximums. The two best were Scotiabank and TD who both offered a maximum of 100k.

1. Scotiabank because they offered best payment often with no interest payments (they add interest to your principal) (at Prime + 0.5 though).

2. TD bank because they offered the best interest at Prime + 0%.

I got TD to offer me 100K at prime + 0% and send me an email with that offer, which I showed to Scotiabank who offered my no interest payments at Prime + 0%. So I got best of both worlds.

Hey! I am trying to get Scotia to give me prime plus 0%, anyway you can send me the email you got from TD offering you that so I can use it for leverage????

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On 2017-07-07 at 8:42 AM, lolaya said:

Same, I got RBC 110K at prime + 0% and a 2 year grace period. You gotta negotiate with them tho.

Hey! Anyway you can send me your RBC offer of prime plus 0% so I can send it off to Scotia to use for leverage? They don't want to give me anything but prime plus .5% without proof other banks are doing it, and I can't get TD or RBC to send me anything official!

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1 hour ago, courtcatlin said:

Hey! Anyway you can send me your RBC offer of prime plus 0% so I can send it off to Scotia to use for leverage? They don't want to give me anything but prime plus .5% without proof other banks are doing it, and I can't get TD or RBC to send me anything official!

Scotia's standard rate is prime+0.25%. The fact that they're unwilling to offer you this (their opening offer to nearly everyone else) suggests that you have some credit history which is changing the terms of the loan. If that's the case, they won't accept the premise that other people got lower offers means you should too. 

Even if that weren't the case, I can't imagine they would accept someone else's offer as a comparable for you. It's like going to a BMW dealership and complaining that they won't give you (an unemployed homeless 20 year old with 3 bankruptcies to your name) a lease when they just gave that guy (a billionaire real estate magnate) 2% APR. 

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14 hours ago, BlockedQuebecois said:

Scotia's standard rate is prime+0.25%. The fact that they're unwilling to offer you this (their opening offer to nearly everyone else) suggests that you have some credit history which is changing the terms of the loan. If that's the case, they won't accept the premise that other people got lower offers means you should too. 

Even if that weren't the case, I can't imagine they would accept someone else's offer as a comparable for you. It's like going to a BMW dealership and complaining that they won't give you (an unemployed homeless 20 year old with 3 bankruptcies to your name) a lease when they just gave that guy (a billionaire real estate magnate) 2% APR. 

Scotia's standard is prime plus .5%. It has been this way since at least 2014. I have been an employee with Scotia for over 5 years so I am quite familiar with this.

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17 minutes ago, bunnnnnnn said:

Scotia's standard is prime plus .5%. It has been this way since at least 2014. I have been an employee with Scotia for over 5 years so I am quite familiar with this.

Funny, when I emailed they offered me 0.25% before they had any of my information. But hey, if you want to say I negotiated down 0.75% then I'll happily take the compliment. 

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Actually I can back up the assertion that it's prime plus half (their general policy). At least it was last year - you could get them to go down to prime but you had to work to get there. It may have changed but it was pretty long standing policy as of last year.

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1 hour ago, pzabbythesecond said:

Actually I can back up the assertion that it's prime plus half (their general policy). At least it was last year - you could get them to go down to prime but you had to work to get there. It may have changed but it was pretty long standing policy as of last year.

Fair enough, my rep probably just made a mistake. The perhaps that's why I was able to get below prime? 

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10 minutes ago, BlockedQuebecois said:

Fair enough, my rep probably just made a mistake. The perhaps that's why I was able to get below prime? 

Probably decent credit history. My offer was prime + 0% without me even asking for it. 

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59 minutes ago, BlockedQuebecois said:

Fair enough, my rep probably just made a mistake. The perhaps that's why I was able to get below prime? 

Maybe, though from your post history it seems you're older than the average law student so it might be that you just have better credit - or both. I spoke to my rep to try and get it reduced but he said right now it's at prime plus half with some exceptions at prime, but no prime minus - he's tried for law students before and it's always been denied.

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On 7/13/2017 at 5:43 PM, BlockedQuebecois said:

Scotia's standard rate is prime+0.25%. The fact that they're unwilling to offer you this (their opening offer to nearly everyone else) suggests that you have some credit history which is changing the terms of the loan. If that's the case, they won't accept the premise that other people got lower offers means you should too. 

Even if that weren't the case, I can't imagine they would accept someone else's offer as a comparable for you. It's like going to a BMW dealership and complaining that they won't give you (an unemployed homeless 20 year old with 3 bankruptcies to your name) a lease when they just gave that guy (a billionaire real estate magnate) 2% APR. 

Someone actually sent me their prime plus 0% offer and I sent it off to Scotia (as per my advisors request) and they offered it to me. Make sure everyone negotiates! Scotia just needs to see that other banks are more competitive than them and they will offer you the same rate. 

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