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PSLOC at less than Prime?

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Posted (edited)

I searched all 6 big banks for PSLoCs. The best deal is from Scotiabank because they:

1 -approve based solely on credit score;

2 -give the highest amount of credit for law students, $135,000;

3 -no payments have to be made for 6 years (3 yrs of school, articling and two years after articling), not even interest has to be paid (interest does get charged and compounds at the prime rate, 3.95%); and

4 -give sweeteners like 2 gold credit cards with rewards points and no annual fees for 6 years, plus a no-fee chequing account.

Point number 3 makes it a no brainer to go with the Scotia PSLoC. I just got approved Friday and will go with them.

 

Edited by ZPP
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On 4/6/2019 at 10:47 AM, ZPP said:

I searched all 6 big banks for PSLoCs. The best deal is from Scotiabank because they:

1 -approve based solely on credit score;

2 -give the highest amount of credit for law students, $135,000;

3 -no payments have to be made for 6 years (3 yrs of school, articling and two years after articling), not even interest has to be paid (interest does get charged and compounds at the prime rate, 3.95%); and 

4 -give sweeteners like 2 gold credit cards with rewards points and no annual fees for 6 years, plus a no-fee chequing account. 

Point number 3 makes it a no brainer to go with the Scotia PSLoC. I just got approved Friday and will go with them.

 

I just got off the phone with my Scotia rep and she said she's unable to do prime, only prime + 0.5. My rep is from my hometown however, not from a city with a law school so I'm thinking maybe she is not as aware about giving LOCs at prime?

Do you think it's worthwhile to push them towards prime? Or should I just forget about my rep and call a Scotia rep in the city where I end up going to school?

 

I find it so frustrating that many people seem to get prime at Scotia without even asking for it. Seems so inconsistent. My rep didn't give me a reason as to why it's 0.5 either, my credit score it pretty good.

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25 minutes ago, thedraper said:

Do you think it's worthwhile to push them towards prime? Or should I just forget about my rep and call a Scotia rep in the city where I end up going to school?

Both these things. Whatever you do don't settle for prime plus 0.5, especially since I think TD has prime now too.

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39 minutes ago, pzabbythesecond said:

Both these things. Whatever you do don't settle for prime plus 0.5, especially since I think TD has prime now too. 

So what do you think the best course of action is for me, given that my current rep said no? Call a different Scoita rep? Apply through TD?

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13 minutes ago, thedraper said:

So what do you think the best course of action is for me, given that my current rep said no? Call a different Scoita rep? Apply through TD?

Do both simultaneously, to see which is the better deal.

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I told the rep that I had friends (we're all friends here right?) Who have been given prime + 0 and he would need to be open to negotiate the +.5 figure. He told me that as long as my credit report allowed it he would give me +0. 

If my rep comes back today and says no to prime + 0, I will be going to TD and any other bank I have to to get it. This is a huge chunk of debt and the terms will affect your life for years so get the best deal possible! Pit them against each other. If TD gives you prime +0 and you want Scotia terms take your TD offer to Scotia, chances are they will match it. 

Good Luck!

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3 hours ago, KJR said:

I told the rep that I had friends (we're all friends here right?) Who have been given prime + 0 and he would need to be open to negotiate the +.5 figure. He told me that as long as my credit report allowed it he would give me +0. 

 If my rep comes back today and says no to prime + 0, I will be going to TD and any other bank I have to to get it. This is a huge chunk of debt and the terms will affect your life for years so get the best deal possible! Pit them against each other. If TD gives you prime +0 and you want Scotia terms take your TD offer to Scotia, chances are they will match it. 

 Good Luck!

Thanks for the insights. Did the TD rep hint to what credit score would support prime only?

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I should have been more clear, my rep was from Scotia, and he did not tell me what score I needed. I ended up being referred to my school's main representative for Scotia and she told me that she hasn't had any applicants be denied prime + 0 - I literally just got off the phone with her and made sure that I could get that rate. She said that it is "very common to give prime," they just list the +.5 to insulate themselves incase a borrower is deemed higher risk.

So my advice would be to find out your school's actual representative at Scotia and ask to deal with them, it appears to make a difference. But dont hesitate to talk to other banks. Other posters in different threads have talked about having to use offers from TD as leverage against Scotia. In the end they want your business so they will be likely to negotiate if you tell them you're going somewhere else.

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16 hours ago, thedraper said:

I just got off the phone with my Scotia rep and she said she's unable to do prime, only prime + 0.5. My rep is from my hometown however, not from a city with a law school so I'm thinking maybe she is not as aware about giving LOCs at prime?

Do you think it's worthwhile to push them towards prime? Or should I just forget about my rep and call a Scotia rep in the city where I end up going to school?

 

I find it so frustrating that many people seem to get prime at Scotia without even asking for it. Seems so inconsistent. My rep didn't give me a reason as to why it's 0.5 either, my credit score it pretty good.

I'd call someone from the city you're going to school in. I'm pretty sure Scotiabank's website has a list of their LOC experts for each school. They'll probably give you prime without questions asked as long as your credit is fine.

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I was offered prime + 0.5 from Scotia.. so glad I read through this. I just emailed my rep asking for prime. 

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On 4/7/2019 at 12:54 AM, Demander said:

What happened with Scotiabank? I thought their PSLOC was for 150,000!

WoW! That's a better number. But I have no idea what happened. 

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Posted (edited)
On 4/8/2019 at 10:50 AM, thedraper said:

I just got off the phone with my Scotia rep and she said she's unable to do prime, only prime + 0.5. My rep is from my hometown however, not from a city with a law school so I'm thinking maybe she is not as aware about giving LOCs at prime?

Do you think it's worthwhile to push them towards prime? Or should I just forget about my rep and call a Scotia rep in the city where I end up going to school?

 

I find it so frustrating that many people seem to get prime at Scotia without even asking for it. Seems so inconsistent. My rep didn't give me a reason as to why it's 0.5 either, my credit score it pretty good.

Hmmmm, not sure. Maybe it has to do with credit score, but it shouldn't because when I first discussed the terms with the rep, he told me that if approved, I'd get it at prime. And that was before I applied.

I would make a counter offer and say that others are receiving Scotia offers at prime. I believe it's worth it to call different branches to see if different areas have slightly better offers.

The Scotia advisor who did mine is in London, ON, so he does these all the time with Western students:

Hatem Abouzeenni

Tel: 519-642-2376  

[email protected] 

 

He was easy to talk to and efficient. Contact him. 

Edited by ZPP
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On 4/8/2019 at 4:57 PM, thedraper said:

Thanks for the insights. Did the TD rep hint to what credit score would support prime only?

It's worth remembering that the interest rate is crucial, but the repayment terms are almost as important. Scotia gives you 6 YEARS before you have to pay a single dollar back. 

TD, RBC, BMO, and CIBC will all make you pay the interest every month while you're in law school. You'll have to have money set aside or income while in law school to make those payments, so that you don't screw up your credit score.

It's these payment terms that made me go to Scotia at prime.

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2 hours ago, ZPP said:

TD, RBC, BMO, and CIBC will all make you pay the interest every month while you're in law school.

Not necessarily true 

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Well, those are the deals they offered me for the law student PSLoC. I haven't seen evidence to show otherwise.

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8 hours ago, pzabbythesecond said:

Not necessarily true 

Were you offered the same payment terms as Scotia from the other banks?

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3 hours ago, ZPP said:

Were you offered the same payment terms as Scotia from the other banks?

The deals have changed tremendously since I got mine. But I know for a fact that that's not necessarily true.

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