Line of Credit for P.Eng

chrisnm wrote: ↑ Hi There,

I have a very good credit score above 800 but my debt ratio is about 60%. I am wondering which Bank has a special package for Professional Engineers (P.Eng) that my application for Line of Credit could be approaved.

Thanks,

Try National Bank. Look at their website. May get bank prime for unsecured LOC. They have tough lending guidelines though. Good luck.

Speedy1 wrote: ↑ Try National Bank. Look at their website. May get bank prime for unsecured LOC. They have tough lending guidelines though. Good luck.

I think it is Prime + 1 for unsecured LOC. HELOC is at prime as far as I know.

chrisnm wrote: ↑ Hi There,

I have a very good credit score above 800 but my debt ratio is about 60%. I am wondering which Bank has a special package for Professional Engineers (P.Eng) that my application for Line of Credit could be approaved.

Thanks,

Professional Line of Credit programs have special adjudication in terms of credit limit and interest rate.... it's still an income-based application and you need to have the income to support the loan.

You'll likely need a strong co-borrower to get approved.

roofgoof wrote: ↑ I think it is Prime + 1 for unsecured LOC. HELOC is at prime as far as I know.

Prime + 1 is pretty good. Is this only for engineers?

Is there any discount regarding the income to expense ratio for engineers? Debt service ratio? Or they still follow the same guidelines as the regular customers?

chrisnm wrote: ↑ Is there any discount regarding the income to expense ratio for engineers? Debt service ratio? Or they still follow the same guidelines as the regular customers?

As far as I know, they don't discount further but you may need to talk to them to see if they do.

I am working at 2 jobs. one is from 8 to 4 another from 5 to 7. Do banks consider 2 pay stub?

Thanks

chrisnm wrote: ↑ I am working at 2 jobs. one is from 8 to 4 another from 5 to 7. Do banks consider 2 pay stub?

Thanks

have ready the last 3 years of tax return/notice of assessment from the CRA + of course verified income from both jobs as well as any other income

Still my question is that which bank can give a better unsecure line of credit to professional to professional engineers?

contact your professional association & ask them

My picks for you are Meridian, Alterna & CIBC

CIBC has a professional edge program which applies to engineers. You can get a rate of prime + 1 for an unsecured personal line of credit.

https://www.cibc.com/en/small-business/ ... aried.html

Not sure where you are located, but Desjardins gives prime + 0%.

which banks give a good rate for engineers?

Right now I am with RBC and I'm getting Prime (3.45%) + 2.25 = 5.7% for unsecured LOC. Where can I do better?

raptors64 wrote: ↑ which banks give a good rate for engineers?

Right now I am with RBC and I'm getting Prime (3.45%) + 2.25 = 5.7% for unsecured LOC. Where can I do better?

CIBC does. I have prime+1%

National Bank does Prime + 1% for engineers. You have to get their credit card ($125 annually). In the summer, they usually have $400 cash bonus to sign up.

https://www.nbc.ca/personal/accounts/pr ... neers.html