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GrumpyMountie

Anyone have any luck with CIBC PSLOC?

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Hello all,

My initial research suggests that Scotiabank seems to be the best/easiest to deal with in getting a line of credit. I've reached out to them and things are promising so far. Not surprising as my spouse is a med student and Scotiabank is the overwhelming favourite in that sector.

However, I've been a really happy CIBC customer overall for my whole adult life and would like to give them a chance to match Scotiabank. Problem is, I'm hitting roadblocks really quickly because I can't even find contact info for dedicated PSLOC reps. I know from experience that just walking into the branch is not a good way to get a hold of someone who knows what they can actually offer.

So, my question is: Has anyone had any luck getting a competitive rate and good service from CIBC in signing for a Line of Credit? Any advice on whom I should contact? Or should I just forget it and stick to the bank(s) that actually make it easy to get a hold of the right person? :)

Thanks for any insight,

-GM

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I called TD, Scotiabank, RBC, and CIBC. CIBC was the least enticing offer. I would contact all of them and see what they have. Maybe they will give you a better deal as an existing customer? Not sure, but definitely call around. 

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i was in a similar position last year. CIBC is definitely more difficult to deal with, but if you're set on them, it helps to provide documentation on what TD and scotiabank are offering and emphasize that you have history with them. in the end, with the help of a good rep, they were able to match their rates. 

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I am with CIBC for about 7 years now, and my father was with them for close to 15 years. So, I thought I'd see what they offered for student loans. My credit score is above average. So, it isn't terrible.    

Last month, I went to talk to CIBC about securing a PSLOC. The loan officer wasn't rude per se, but how should I put it? They were the opposite of obsequious. They were very stern, and it felt like they could care less if they got my business or not. 

They offered prime plus 1%, I tried negotiating on the rate but they wouldn't budge. They required a cosigner. They wanted copies of mine and my father's tax returns and pay stubs before they give any more details about the LOC. Details like how much I'd get approved for. 

Perhaps the person I talked to wasn't experienced with PSLOCs or it was just a bad apple, but I just walked out when they wouldn't give me more info. 

I spoke with RBC the week after, and they offered prime plus 0.5% with no payment required on the principal until 2 years after graduation. I believe they said they could approve up to 85k. Also, that we can do an application without cosigner, and if it comes back negative then we do one with cosigner. They were very cordial and accommodating.

I spoke with Scotia after that and they offered everything RBC did but better. They offered prime plus 0%. The same no principal payments until 2 years after graduation. They could approve up to 135k. The same deal with the cosigner that RBC said. They sweetened the deal further by offering a 10k credit card on top           

I wanted to speak with TD after that, but Scotia won me over, so I didn't even bother meeting with TD.

 

Also, keep in mind, I haven't submitted the application yet. I am just in the initial phase of doing research and collecting info. These are just my experiences with interacting with these 3 banks regarding a PSLOC. I am still waiting on one more university to decide where I want to go before I file an application. 

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In my experience, CIBC is the worst bank to get a LOC from. I was with CIBC my entire life and when I went to apply for LOC’s they refused to match better offers from other institutions. They offered me prime plus 1%. They refused to budge on their offer and so I took my business elsewhere. I closed my accounts down and shifted my banking to RBC. 
 

RBC offered $120k, no cosigner and prime +0%. This rate also carries over into my articling time and I do not need to pay back the principle until my articles are done. The process was easy, the help was phenomenal and I would highly recommend RBC. My advisor actually just reached out to me to ask if I’d like to take advantage of the lower interests rates available now and has adjusted my interest rate accordingly. 

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6 hours ago, LeoandCharlie said:

RBC offered $120k, no cosigner and prime +0%. This rate also carries over into my articling time and I do not need to pay back the principle until my articles are done. The process was easy, the help was phenomenal and I would highly recommend RBC. My advisor actually just reached out to me to ask if I’d like to take advantage of the lower interests rates available now and has adjusted my interest rate accordingly. 

can you go to any RBC for this? I am in Toronto 

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4 hours ago, jatthopefullawyer said:

can you go to any RBC for this? I am in Toronto 

I imagine so! I suggest contacting your law school’s financial service department and ask them for any contact details for people at major banks. I know several schools have contacts for multiple banks. It just makes the process smoother as these people already know the student type they’re dealing with! 

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On 3/31/2020 at 6:27 PM, jatthopefullawyer said:

can you go to any RBC for this? I am in Toronto 

If you haven’t done so, just call RBC. I called them and they told me I could do everything online. 

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On 4/24/2020 at 1:11 AM, Stitches said:

If you haven’t done so, just call RBC. I called them and they told me I could do everything online. 

How did you manage to get through? It kept prompting me for my convenience card number, which I don't have as a client of CIBC..

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