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  • May 23rd, 2021 5:51 pm
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[OP]
Member
Jan 28, 2019
435 posts
204 upvotes

RSP loans

Hello, if I apply for an rsp loan will the bank put that money directly in their rsp product or am I free to do with it whatever I want. I want to apply at my cibc bank
Thank you
6 replies
[OP]
Member
Jan 28, 2019
435 posts
204 upvotes
UrbanPoet wrote: They put it directly into an RSP.
I heard CIBC just puts it in your account and you can do what you want with the money
Deal Expert
User avatar
Jan 27, 2004
46714 posts
9817 upvotes
T.O. Lotto Captain
Sternchen30890 wrote: I heard CIBC just puts it in your account and you can do what you want with the money
Nah i tried. But maybe a shady rep desperate to make a sale even with an employee error.

Or one who doesnt know what they’re doing. Or super lax.
But @ the same time its in their best interest to have the investment. I can’t imagine otherwise. The guy got lucky!

I saw that online post... guy got lucky. I went and asked myself , they said no.
[OP]
Member
Jan 28, 2019
435 posts
204 upvotes
UrbanPoet wrote: Nah i tried. But maybe a shady rep desperate to make a sale even with an employee error.

Or one who doesnt know what they’re doing. Or super lax.
But @ the same time its in their best interest to have the investment. I can’t imagine otherwise. The guy got lucky!

I saw that online post... guy got lucky. I went and asked myself , they said no.
I just got a 10K rsp loan from cibc and they put in in their product. It's what I thought
Deal Addict
Sep 14, 2012
1845 posts
1324 upvotes
Montreal, QC
Sternchen30890 wrote: I heard CIBC just puts it in your account and you can do what you want with the money
I don't know any bank which would do this since RSP loans are generally at prime which for an unsecured line of credit is one of the best rates that consumers can get.

I got an RSP loan over 20 years ago with TD Canada Trust and I had to use it for one of their products (GIC RSP, DISA RSP, mutual funds RSP, or direct investing RRSP).
[OP]
Member
Jan 28, 2019
435 posts
204 upvotes
lmcjipo wrote: I don't know any bank which would do this since RSP loans are generally at prime which for an unsecured line of credit is one of the best rates that consumers can get.

I got an RSP loan over 20 years ago with TD Canada Trust and I had to use it for one of their products (GIC RSP, DISA RSP, mutual funds RSP, or direct investing RRSP).
They don't. I just got an rsp loan and it was directly put in an rsp

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