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Thread: loans Jan2008

  1. #1
    muqueeth is offline Newbie 510 points
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    loans Jan2008

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    loan for Jan2008
    hey guys just wanted to know how are you guys applying for laons. I am a canadian from Toronto just went to RBC bank and they said they are not going to process the loans for MUA since lot of people who went to carribbean defaulted on ther loans and they change their policies since July 2007 and became more stringent on providing loans to carribbean students. I haven't apply to Canhelp but going to apply soon. I just want to know how easy it is to get Canhelp loans, and with banks what are my other options. Any constructive comments would be appreciated.

  2. #2
    don1 is offline Moderator 547 points
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    I got my loan through canhelp but you have to meet their criteria; they are best source for their criteria (it may have changed).

    I found the same with RBC; you need a cosigner.

    Quote Originally Posted by muqueeth View Post
    loan for Jan2008
    hey guys just wanted to know how are you guys applying for laons. I am a canadian from Toronto just went to RBC bank and they said they are not going to process the loans for MUA since lot of people who went to carribbean defaulted on ther loans and they change their policies since July 2007 and became more stringent on providing loans to carribbean students. I haven't apply to Canhelp but going to apply soon. I just want to know how easy it is to get Canhelp loans, and with banks what are my other options. Any constructive comments would be appreciated.

  3. #3
    kenzo is offline Newbie 510 points
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    hey don1, could you be more specific about canhelp's criteria?

    I have no co-signer/no credit history (I have been using my new credit card for two months and pay my monthly bills on time) but when i called canhelp, the lady told me that I might get approved since according to her "no credit means good credit"- was this true for you?

    I got confused b/c after reading some threads i found out that you need credit score about 650 if you want to apply for the credit-ready loan.

    thanks in advance!
    Last edited by kenzo; 09-20-2007 at 07:53 AM.

  4. #4
    don1 is offline Moderator 547 points
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    From what I recall I required to have a good credit score (not sure the exact number, but I think it was more like don't have bad credit and have some credit history), in addition I was required to have income for like 2 years (could have been shorter); I didn't need a large income, just an income.

    I was approved for a $25,000 loan per year without a cosigner. I would suggest applying, it seemed like the best funding method available if you don't have a cosigner. if I had a cosigner I would have gone for the RBC loan.

    I would suggest calling them and be very clear that you are a Canadian; apparently the criteria is different (better) if you are coming from Canada. I also found that some people who answer the phones at canhelp were very knowledgeable while others didn't seem to know what they were talking about (although they sounded liked they did). Another method is to just apply, you don't have to take the loan; it does go on your credit record that you applied for a loan (only potential down side), but that is worth it to figure out if you are able to get that loan.


    Quote Originally Posted by kenzo View Post
    hey don1, could you be more specific about canhelp's criteria?

    I have no co-signer/no credit history (I have been using my new credit card for two months and pay my monthly bills on time) but when i called canhelp, the lady told me that I might get approved since according to her "no credit means good credit"- was this true for you?

    I got confused b/c after reading some threads i found out that you need credit score about 650 if you want to apply for the credit-ready loan.

    thanks in advance!
    Last edited by don1; 09-20-2007 at 08:33 PM.

  5. #5
    muqueeth is offline Newbie 510 points
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    credit check

    you can always check your credit history for free at Equifax but if you want a beacon score you need to 24$
    https://www.econsumer.equifax.ca/ca/...=OPIEM&lang=en

    Transunion is another credit union that you can check the score as well as score I know RBC does the credit check with them. I dunno about other institutions
    TransUnion Canada
    It is better to cross check your score with transunion by paying etc $15

  6. #6
    kenzo is offline Newbie 510 points
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    Quote Originally Posted by don1 View Post
    From what I recall I required to have a good credit score (not sure the exact number, but I think it was more like don't have bad credit and have some credit history), in addition I was required to have income for like 2 years (could have been shorter); I didn't need a large income, just an income.

    I was approved for a $25,000 loan per year without a cosigner. I would suggest applying, it seemed like the best funding method available if you don't have a cosigner. if I had a cosigner I would have gone for the RBC loan.

    I would suggest calling them and be very clear that you are a Canadian; apparently the criteria is different (better) if you are coming from Canada. I also found that some people who answer the phones at canhelp were very knowledgeable while others didn't seem to know what they were talking about (although they sounded liked they did). Another method is to just apply, you don't have to take the loan; it does go on your credit record that you applied for a loan (only potential down side), but that is worth it to figure out if you are able to get that loan.
    thanks don1

    btw, when did you apply for the loan? and how can the criteria be different (or better) if you are coming from canada? i mean, isn't canhelp exclusively designed for canadian students? sorry with all the questions.....
    Last edited by kenzo; 09-21-2007 at 07:59 AM.

  7. #7
    don1 is offline Moderator 547 points
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    Canhelp is considering to be a terri loan. I found that if you were a canadian you don't need to show income when you reapply (you have to reply every 2 terms).

    Quote Originally Posted by kenzo View Post
    thanks don1

    btw, when did you apply for the loan? and how can the criteria be different (or better) if you are coming from canada? i mean, isn't canhelp exclusively designed for canadian students? sorry with all the questions.....

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