Personal Finance

Line of Credit for P.Eng

  • Last Updated:
  • Mar 12th, 2018 2:46 pm
[OP]
Newbie
Feb 21, 2018
51 posts
5 upvotes

Line of Credit for P.Eng

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,
15 replies
Deal Fanatic
Jun 29, 2007
5473 posts
2013 upvotes
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.
Sr. Member
Aug 16, 2013
580 posts
280 upvotes
Toronto
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.
Deal Fanatic
Nov 22, 2015
6436 posts
6298 upvotes
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.
Sr. Member
Oct 12, 2014
840 posts
138 upvotes
Ajax
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?
[OP]
Newbie
Feb 21, 2018
51 posts
5 upvotes
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?
Sr. Member
Aug 16, 2013
580 posts
280 upvotes
Toronto
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.
[OP]
Newbie
Feb 21, 2018
51 posts
5 upvotes
I am working at 2 jobs. one is from 8 to 4 another from 5 to 7. Do banks consider 2 pay stub?

Thanks
Deal Addict
Jul 27, 2017
2180 posts
949 upvotes
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
[OP]
Newbie
Feb 21, 2018
51 posts
5 upvotes
Still my question is that which bank can give a better unsecure line of credit to professional to professional engineers?
Deal Addict
Jul 27, 2017
2180 posts
949 upvotes
contact your professional association & ask them

My picks for you are Meridian, Alterna & CIBC
Deal Fanatic
User avatar
Jul 22, 2015
5591 posts
3667 upvotes
Saint-Hubert, QC
Not sure where you are located, but Desjardins gives prime + 0%.
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Newbie
Feb 25, 2018
66 posts
4 upvotes
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?
Member
User avatar
Feb 2, 2010
367 posts
81 upvotes
Vancouver
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%

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