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LemonTort

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  1. I just want to address this quickly: I can't speak for anyone else on this forum, but I have no ties to Scotiabank. I don't have, and have never had, any employment or business relationship with them or any other bank, and neither have any of my family or friends. Moreover, my advice to anyone who's looking at a PSLOC is to beware of what the bank's game is. Any bank that offers you perks is doing so in order to win over your current and future business so that they can make money off of you. Now that they have you as a customer, they're hoping that goodwill and inertia will cause you to go back to them for things like business banking, mortgages, financial planning, and wealth management. I strongly advise people not to fall for it. Examine each major financial decision independently and go for the best deal you can get at that time. You'd be an idiot to stay loyal toward a bank because they gave you a gold Amex card in your twenties. Scotia, like every other bank, is trying to use you in ways that serve their interests, and you should be careful only to use them when it suits yours.
  2. I want to give a brief summary of my experience getting a PSLOC. I think it summarizes and confirms a number of posts I read in previous threads. TD I've been a TD client for years, and I'd read that they had recently lowered their PSLOC rate to prime, so I went to them first. The TD terms were as follows: - Limit of $100,00 - Prime - Interest payments due throughout the lifetime of the LOC - Repayment schedule beginning immediately after the articling year The TD employee who I went through the process with seemed pretty junior, and he was obviously reading off of a script. He seemed like he was in a hurry to get the application submitted, so he fudged my employment history and neglected to list my other financial assets. When I expressed a concern about this, I was told that it would be fine, since I was accepted to a well-respected law school and would be approved either way. I was approved at prime, but only for the first year. I was told I would have to reapply for the remaining years. Needless to say I was a bit frustrated, in light of the above. Scotiabank Next I went to Scotiabank. Their terms were as follows: - Limit of $100,000 - Prime + 0.5% - No payments due until repayment schedule begins - Repayment schedule beginning one year after the articling year - Fees paid on a nearly-unlimited chequing account with free overdraft protection - Fees paid on an Amex Gold Rewards card (which has great rewards and features) with a $10,000 limit Obviously, Scotiabank is better on perks and on the repayment schedule, but their rate was higher. Also, Scotiabank's call centre twice scheduled my appointment with the wrong person, which was a bit of a headache. When I did meet with someone, it was with a small business advisor. She was obviously more senior than the person I met at TD, and much more helpful. (Judging by previous threads, not all Scotiabank PSLOC applications are handled by small business advisors, but you should request one if possible.) She told me that she would ask for an exemption to bring my rate down to prime in order to compete with TD. After a few days I was approved for the full $100,00 and they made an exception and lowered my rate to prime. I signed with Scotiabank and am currently awaiting my ballin'-ass credit card. When I told the TD rep about Scotiabank's offer, he made no effort to bring me back onboard. I told him I got a free unlimited chequing account and a great credit card, and all he offered was to switch me onto TD's super-basic student account, which has a 25-transaction limit. There was no real attempt to keep my business. Part of me would have preferred to stick with TD. They tend to have better hours and more locations, and I had previously been happy with their customer service. Alas, their offer just didn't compete. TL;DR I got approved by TD at prime, and used that as leverage to convince Scotiabank to make and exception and lower their rate to prime, which gave me access to Scotiabank's more generous terms and perks! You may want to try this yourselves. Caveats: Do you own research! It's a big decision. Don't trust a stranger on the internet, obviously. Neither bank asked me for a cosigner, which may be related to the fact that I'm a bit older and have decent credit. I've heard that some people do need someone to cosign. Also, I did not apply to RBC or CIBC. At a glance their programs didn't look as good, but if you have time they may be worth talking to as well. I did talk to my local credit union, but they didn't even know what PSLOC was, so that settled that... Edit: Fixed some typos.
  3. In! GPA: 3.75 LSAT: 171 Good ECs, eclectic career experience, pretty good French.
  4. In. GPA: 82% with drops LSAT: 171 Index: 91.5, probably
  5. In! Assuming I did the GPA conversion correctly, my stats are as follows: CGPA: 3.75 (3.86 with drops) LSAT: 171 (98th) Index: 972.5 Submitted October 9th.
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