Personal Finance

Simplii line of credit

  • Last Updated:
  • Nov 12th, 2017 10:22 am
[OP]
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Feb 17, 2012
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Simplii line of credit

Does anyone have one? Is it easy to get?
11 replies
Sr. Member
Nov 13, 2007
835 posts
92 upvotes
Toronto
Last week, I just got a $5k LOC from them. Very easy. They asked some questions & do credit check. I got approved immediately on the phone, within 15 mins call. After that, they ask me to submit proof of income (2 pay stub) before LOC become active.

But interest rate is horrible. It's 6.2% - 10.50%. So I won't be using this. Just for emergency only.
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Mar 23, 2004
37157 posts
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Markham
I have one too, around 10% interest. Will only use when really desperate for money.
「もし、奇跡を起こせたら……」
[OP]
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Feb 17, 2012
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ORLEANS
angel_wing0 wrote:
Nov 10th, 2017 12:06 pm
I have one too, around 10% interest. Will only use when really desperate for money.
That's high interest! I am better off getting a loc from RBC which is like 7-8%!
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Jan 9, 2011
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Can debt from lines of credit like this be easily transferred to the MBNA 0%/12 months deal? Does it depend on the bank issuing the LOC?
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Dec 3, 2004
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superping wrote:
Nov 10th, 2017 11:45 am
Last week, I just got a $5k LOC from them. Very easy. They asked some questions & do credit check. I got approved immediately on the phone, within 15 mins call. After that, they ask me to submit proof of income (2 pay stub) before LOC become active
That doesn't sound "very easy". I got a $35,000 unsecured LOC from Scotiabank entirely online in 2 minutes. No proof of income required or pay stubs. I've always found PCFinancial/Simplii to be overly cautious. Asking for proof of income (2 pay stubs) for a $5,000 LOC seems a bit ridiculous.
Sr. Member
Nov 8, 2017
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I've got credit cards with the same interest rate
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Mar 23, 2004
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Palidino wrote:
Nov 10th, 2017 1:35 pm
That's high interest! I am better off getting a loc from RBC which is like 7-8%!
it really depends on what they give you...not everyone gets the same rate.
「もし、奇跡を起こせたら……」
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Aug 2, 2010
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Here 'n There
I got $50K unsecured when it opened as PCF and still have it as Simplii
Newbie
Nov 24, 2015
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Toronto, ON
adamtheman wrote:
Nov 10th, 2017 3:45 pm
That doesn't sound "very easy". I got a $35,000 unsecured LOC from Scotiabank entirely online in 2 minutes. No proof of income required or pay stubs. I've always found PCFinancial/Simplii to be overly cautious. Asking for proof of income (2 pay stubs) for a $5,000 LOC seems a bit ridiculous.
Did you already have other business with Scotiabank at the time of application.
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Natasha321 wrote:
Nov 11th, 2017 11:52 am
Did you already have other business with Scotiabank at the time of application.
Yes so that may be why.
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May 8, 2009
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Simplii LoC is likely the hardest to get, but it's so worth it if you bank with them :D

I applied at least twice in the past and got denied a LoC with then PCF. Once I got a letter in the mail that I was pre-approved, I jumped on it. They pre-approved me for $10k at shy of 8% interest.

10 months later, I apply for an increase. Got increased to $20k, and interest went down by over 1%. I did have to submit two paystubs. They limit your LoC credit limit to a maximum of 35% of your annual income.

I'd never borrow from a LoC long term. It's a placeholder. If I have a balance on a credit card, pay it with the LoC, then grab an MBNA P+ MC and do the 1% up-front, 0% for 12 months and pay it off.

If you don't bank with Simplii, I wouldn't go out of my way to get a LoC with them. If your intention is to get one, make sure your income looks good, and make sure your credit score is good to begin with. If it isn't, cycle some MBNA P+ cards once or twice, and your credit score should drastically improve.

Since I paid off my car loan, I'm quickly approved for anything I ask for now.
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