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pshmbnz

Is it Scotia or bust?

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Posted (edited)

I applied to Scotia and they declined my application and requested I get a co-signer. I'm still waiting to hear back about that application but I'm wondering if I should apply with other banks in the mean time. Would applying to more than one bank at once affect my chances of being approved? Would a SLOC from another bank without a co-signer be necessarily more beneficial for me than a SLOC at Scotia with a co-signer?

I'd appreciate any advice or redirection to any threads that have already asked this.

Edit: the reason why I'm using Scotia as a comparative base is because they had the best terms of all the banks I looked at.

Edited by pshmbnz

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It is not Scotia or bust. I didn't even apply to Scotia.

I applied to Royal Bank (RBC) over the phone. I provided very basic information about my work history, and provided my letter of acceptance and proof of deposit to the law school by email.

I was approved within 14 days. $110 000 line of credit to use when and how I wish and an interest rate of 2.95% (.5 over prime).

Being about 40 years old with a great credit rating helped, no doubt.

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Scotia is the general go to because they tend to offer the best terms. If you can get a PSLOC from another institution without a co-signer though then you should go and do that.

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Posted (edited)

The only thing that matters is that you can get funding at a good interest rate. Scotia has the best offerings, but that doesn't mean that you're out of options if they decline you. In my experience, the bank that you have the longest history with is the one that usually helps you out in situations where your credit isn't up to snuff. 

Edited by Ichigo
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I got my LOC with RBC. They offered $110,000.00, prime + 0%, and no co-signor. I was fresh out of undergrad and heading to Osgoode. The process took no more than a week. 
 

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