[ladiesman918]

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!

 

[Retired Peasant]

I don't know of any, but can't you live within your means for 3 months?

 

[dotnet_nerd]

I'd recommend this broker whom I've used over the years and am happy with. I'm sure he can set you up with something.

http://www.callscott.ca/

 

[Beaver101]

^ 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.

 

[ladiesman918]

I don't know of any, but can't you live within your means for 3 months?

I can, but I need a LoC immediately for other purposes

 

[kelaa]

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.