Personal Line of Credit

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CanadianDesi_1
Member since: Aug 07

Posts: 4
Location:
Post ID: #PID

Posted on: 05-08-07 11:13:38

Hi,

I am in need of a personal line of credit and have went to a couple of banks, but they could not open it for me. Can anyone tell me if they know a person that can open a line of credit?

Thank you for your help in my time of need.

Aashu
Member since: Nov 04

Posts: 1353
Location: Vaughan
Post ID: #PID

Posted on: 06-08-07 09:45:16

They could not open it because you are new to Canada ? It depends on your income / source of income. Try Credit unions...may be...I am not sure.

coolcola
Member since: Jun 07

Posts: 81
Location:
Post ID: #PID

Posted on: 06-08-07 09:55:17

Quote:
Originally posted by CanadianDesi_1

Hi,

I am in need of a personal line of credit and have went to a couple of banks, but they could not open it for me. Can anyone tell me if they know a person that can open a line of credit?

Thank you for your help in my time of need.

you could ask for a LOC from the bank you are dealing & have built some good history. Read the reponse to your other thread & meet with the bank manager after getting your credit reports.

Given the nature of both of your posts, I would suggest being cautious about offerings from non-banking individuals offering a LOC or equivalent - you might end up paying more than you bargained for.

manny1
Member since: Aug 07

Posts: 1
Location:
Post ID: #PID

Posted on: 07-08-07 17:51:23

Hi All,
I am planning to procure a personal line of credit.My income and credit scores are fairly good. Would anyone share contact details of good brokers with whom they had good experience ?

Thanks
Manny

jayaram
Member since: Jun 04

Posts: 298
Location: Calgary
Post ID: #PID

Posted on: 08-08-07 17:30:29

I was able to get Usecured LOC of 20K after 8 months in Canada. It was with TD downtown branch. I guess if you have Life Insurance policy of 500K - which is kind of asset, they would give you LOC

Good luck

pratickm
Member since: Feb 04

Posts: 2831
Location: Toronto
Post ID: #PID

Posted on: 08-08-07 18:00:22

What was your interest rate, if you don't mind sharing.
You can PM me if you wish.

Thanks.

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