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What is the best/recommended LOC?


TheBarbieDoll

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TheBarbieDoll
  • Law Student

Hello,

I will be attending Osgoode this upcoming school year. Which bank should I look into to get my LOC? Which bank has the best current deals?

 

I just started looking into professional line of credits so providing as much information as you can will be great!

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TobyFlenderson
  • Lawyer

You may find that the thread linked below is helpful. It should answer a lot of your questions.

 

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Apple
  • Lawyer

I recommend going with RBC. RBC provided me $125k with prime +0. I know internally, that the bank likes Osgoode students. The process was easy and smooth. They also allow you to continue with the prime +0 rate for a number of years after you graduate which sweetened the pot for me. 

 

Edited by Apple
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On 6/12/2021 at 9:33 PM, TheBarbieDoll said:

Hello,

I will be attending Osgoode this upcoming school year. Which bank should I look into to get my LOC? Which bank has the best current deals?

 

I just started looking into professional line of credits so providing as much information as you can will be great!

BNS

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LMP
  • Articling Student

Most people tend to use Scotia but as @Apple mentioned RBC is a good choice for school like UofT or Osgoode as they have more favourable rates based on your school.

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TobyFlenderson
  • Lawyer
7 hours ago, LMP said:

Most people tend to use Scotia but as @Apple mentioned RBC is a good choice for school like UofT or Osgoode as they have more favourable rates based on your school.

Scotia should be offering prime + 0% regardless of school. RBC is beating prime + 0% for certain schools?

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DABMAN
  • Law School Admit

I'm not sure about RBC's offer but Scotiabank also offers other perks in addition to the LOC, $135k instead of $125, pre-approved credit cards with annual fees waived while in school (Scotiabank Gold American Express Card and Scotiabank Passport Visa Infinite Card) and no repayment until 2 years after articling 

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  • 2 weeks later...
Sparky
  • Law Student

You have to ask an experienced PSLOC advisor for this, but CIBC offers a perk where you can convert your student line of credit into a professional line of credit after graduating. This way, it doesn't convert into a loan and you don't have to pay it back on a schedule. You will also have access to the entirety of the balance of the funds for as long as you keep the LOC open.

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undertheletter
  • Law Student

I did Nova Scotia (135k prime + 0, 10k CC, unlimited chequing etc.), but when I went to TD they were willing to offer the same thing. I think the only difference is that TD wants you to start paying back the principal right after articling, whereas Scotiabank gives more time (12-24mos) but that’s probably negotiable at TD as well.

Edited by undertheletter
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On 6/18/2021 at 8:16 PM, luckycharm said:

BNS

I went with BNS on Bloor near Yonge street.

There was a staff who handles PSLOC.  

Student Professionals (scotiabank.com)

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BlackcurrantBanana
  • Applicant
2 hours ago, undertheletter said:

I did Nova Scotia (135k prime + 0, 10k CC, unlimited chequing etc.), but when I went to TD they were willing to offer the same thing. I think the only difference is that TD wants you to start paying back the principal right after articling, whereas Scotiabank gives more time (12-24mos) but that’s probably negotiable at TD as well.

This is incorrect, there is a two year grace period after articling before TD requires P+I payments.

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  • 6 months later...
thisisthebeat
  • Law Student
On 6/30/2021 at 9:12 AM, Sparky said:

You have to ask an experienced PSLOC advisor for this, but CIBC offers a perk where you can convert your student line of credit into a professional line of credit after graduating. This way, it doesn't convert into a loan and you don't have to pay it back on a schedule. You will also have access to the entirety of the balance of the funds for as long as you keep the LOC open.

Is it possible to PM you about this?

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