Canadian Money Forum banner

1 - 6 of 6 Posts

·
Registered
Joined
·
13 Posts
Discussion Starter #1 (Edited)
Easiest Line of Credit?

Hi guys so I just got a job (at Scotiabank) - do you guys know which banks or credit unions give you a line of credit (LoC) for the least requirements? I'll obviously try it with Scotiabank soon but I called RBC earlier (the bank I've been with for 7+ years) and they told me I needed to have a $35k+ job for at least 3 months to get a LoC from them as well as have at least $5k in my RBC TFSA account for at least 3 months as well to improve my chances of qualifying, even though my credit score at that time was close to 800 (now over 830) and I found this ridiculous.

Are there any banks or credit unions that'll give me a LoC for making less than $35k/year and holding my job for less than 3 months?

Please let me know!
 

·
Registered
Joined
·
5,460 Posts
^ Why don't you ask the loan/credit manager, (potentially an expert) at your branch the question(s)? Afterall, you could be a client aside as a colleague.
 

·
Registered
Joined
·
168 Posts
Yeah, my bank (TD) has a pretty punitive rate for me (prime + 4.5). But it is still convenient to use for a few days at a time to smooth out cash-flow. My local credit union offers much better terms (prime + 0.5), but it is not as integrated into my overall digital banking work-flow.
 
1 - 6 of 6 Posts
Top