Best loan option for Canadian students

[nquery]

you guys are all getting that RBC loan? do you usually bank with RBC?

i've never banked with RBC, i tried to get that LOC for st. george's and they turned me down.

[Canadaguy]

I had never banked with RBC. They turned me down when I applied without a cosigner. I had to get one of my parents to cosign before they would approve the line.

Did you go into the bank? Trust me, it is much better to talk to someone at the branch rather than dealing with the 1-800 number.

[Bruce]

Originally Posted by nquery

you guys are all getting that RBC loan? do you usually bank with RBC?

i've never banked with RBC, i tried to get that LOC for st. george's and they turned me down.

Further to my PM... As CanadaGuy mentioned... Physically go the branch or branches... Dress decently, no ball cap, torn jeans or tee shirt and a recent haircut ... I know, this should have absolutely no bearing, however, bite the bullet for a 30 minute meeting... break down wear a tie and maybe shave.....
If you've applied to OSAP or Canhelp (Teri), I don't believe that I would mention that to the bank when requesting the LOC.
Good Luck....

[Dragos.Banu]

Hi everyone,

I've delt with CIBC and RBC concerning LOC. CIBC only helps medstudents in Canada!!! point final!!!

Now RBC, they are ok, even though on my name they did not offer anything they proposed that my dad signs and the they would give me 80k! In Montreal the rule is if the medschool is outside Can then you need a co-signer,

I then turned towards Banque Nationale, which is the one to turn towards to!!!!!!
Their program is called L'Unique and it is intended for medical professionals. They treated me the same as a med student here in Can, no questions asked, BUT I needed a co-signer.
Another advantage of National Bank is that there is no intrest that you have to pay monthly u have untill u finish ur schooling to pay!!!

Hope this helps

[tpw2k]

this is going to sound stupid, what whats the difference b/w getting a co signer or not. What are the advantages/disadvantages?

[Dragos.Banu]

Originally Posted by tpw2k

this is going to sound stupid, what whats the difference b/w getting a co signer or not. What are the advantages/disadvantages?

The difference is that with a cosigner (who has a good financial situation/ and properties on his name), the bank is willing to lend you money.

The cosigner's role is basically to back you up. If, for example you can not pay back your loan because of whatever reason, then the cosigner is held responsible and must pay in your place!!!
So the advantage is that it increaseas your chances to obtain the loan on the other hand your cosigner must have confidence in you because if you don t pay he will have to pay.

[tpw2k]

hey are there any loans that I could get that don't require a co-signer?

[tpw2k]

hey guys, I really need to know if there are any loans available to Canadians that don't require a co-signer.

[ltaustin]

Rolyal Bank wiill give a professional student line of credit without a co-signer only if you are a royal bank customer.

[*Mags*]

Hey! I've never had a problem with RBC but then the family banks there. Make an appointment with the student loans specialist and follow the rules laid out above in the posts and you should be okay. Make sure to bring all your paperwork from Ross and ask the loans specialist what he wants in his Tims when you go for the appointment, lol! Also, National Bank will dole out $200,000. Hope that helps.