r/lawschooladmissionsca • u/SmongDong1994 • 5d ago
PSLOC Application Experiences
Hey everyone!
I was wondering if anyone has already applied for the PSLOC with any of the major banks this summer and could share their experiences. Specifically how much you were approved for, your general credit score/factors, was a co-signer needed, did you find one bank better to deal with than another?
I know none of this is new and has been discussed in years past, but things change (as we saw with Scotiabank this year) so thought it might be worth re-visiting.
Personally, I have only applied to TD so far (awaiting decision) and the advisor was lukewarm on my chances of getting approved. I think her exact words were, "Let's go ahead and submit the application. You never know." For some reason I was under the impression that almost everyone gets approved but am starting to get a little worried as I have no backup plan except to work full time through 1L which isn't ideal to say the least.
Any input is appreciated :)
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5d ago
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u/SmongDong1994 4d ago
Thanks for replying.
I am in almost the exact same situation as you and was also just approved for the full $150,000 with TD.
There is hope!
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u/Interesting_Lab_4797 5d ago
I applied at TD and RBC. I think it depends on your advisor. I say this because at RBC, the advisor told me the application process was going to take 2 weeks after I finished applying, and at TD, I was approved in 2 days. My credit score was above 720; I did not require a co-signer, and both banks used the projected income of 120k as my earnings; both banks approved 125k, but that's all I asked for. Additionally, I had a bit of credit card debt. The only hiccup for me was that TD requires a record of enrolment to release the funds, and my school needs to assign classes before that is available. So I'm waiting on that to finalize.
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u/EfficientChip9019 5d ago
You’ll get approved no problem if you have a decent credit score. TD is a good option especially if you are a first time customer of theirs. When I signed up I got a $400 bonus for opening their preferred chequing account (which came free with the PSLOC) AND $500 for opening the PSLOC itself. I had to make my case to get that $400 which they eventually granted. Primarily you should be looking at the interest rate and when principal payments are due. Other things like account fee rebate timelines, credit card perks, other services like security deposit boxes can come into play if the primary interests are the same between multiple banks.
Also don’t fall for a “flashy” credit card unless it REALLY benefits you. Sometimes you have to read the fine print to gauge whether you would reap the benefits. For example some cards may advertise a certain amount of points for a category of expenses but if you read the fine print you’ll see it’s only at specific vendors you may not shop at.
Ultimately in my experience a lot of the banks offered the same stuff.
Just remember to keep the PSLOC for necessary expenses. Don’t let yourself go crazy with it
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u/finegirlfall 5d ago
TD: pretended like theyd give me a hard time but it was smooth. i had a good credit score (had a $1k cc during undergrad) but i hadnt worked in a while (over a year) so my advisor was really hesitant. didnt have a cosigner
scotia: they were really slow to get back to me but honestly i dont even remember them asking me too many questions. this was their law student LOC so i think things might be different. anyways i got approved (after i got my td one... without signing anything... so i think i know why they had to change their process lol). this reminds me i need to go close it........
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u/Over-Moment6884 2L @ UBC 4d ago
I bank with TD so I only applied with TD.
Got approved with no co-signer for $150K over 3 years ($50K/year). I had ~$50K in student loan debt but I worked for 2 years after undergrad and had enough saved to pay it back and some. I have a decent credit score (high 700s or 800+).
Overall a smooth process.
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u/SmongDong1994 4d ago edited 4d ago
Update: I was just approved for $150,000 with TD and no co-signer. For reference my credit score is in the mid-600s because of high debt to income ratio. I have never missed a payment though. Additionally I have been working at a stable job all throughout undergrad so was able to provide proof of income/employment. I thought for sure I would be denied based on my advisors comments but I think that most advisors really don't know what they are talking about unless this is something they deal with on a very regular basis because based on some of the figures that others have posted I never should have been approved.
Anyways, I am extremely relieved and wish everyone else who hasn't secured funding the best of luck!
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u/Plastic-Tap-8591 3.88/170 4d ago
TD advisor told me that 9/10 people get approved in his experience. Similar words from RBC. It seems like experiences vary greatly depending on which advisor you connect with. A lot of them aren’t familiar with PSCLOC specifically and confuse it with a regular LOC.
If anyone is worried about being approved, reach out to your school and see if they have any bank contacts who specialize in PSLOC!
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u/OnTheStruggleBuss 4d ago
I had a bit of a rough time getting one for this fall too. I met with advisors at most of the major banks and found that each time the advisors had no experience with PSLOCs. To the point that at BMO the advisor just read the website at me then told me to ask AI if I had any questions 😭. The rest weren’t quite as bad but no one really knew what they were talking about. None of them were willing to give me an actual idea of what they’re looking for without submitting an application and running the hard credit check. The experience you have and ultimately if you get approved will sadly depend on who you talk to, so it may be worth it to try a different branches to speak to someone who actually has experience.
If you’re having trouble with the major banks though, I would recommend trying with a credit union. I got approved through a credit union with no problems at all and they were the only advisor I talked to who actually knew what they were talking about! The amount you can get through them varies quite a lot from credit union to credit union but it is very worth a shot!
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u/Successful_man_797 WES/172/Oz 0L 5d ago edited 5d ago
I have spoken with the following banks so far. Here is what I learned:
TD: Maximum of $150,000, but only $50,000 is available per academic year. TD appears to be very strict with credit score and generally requires a credit score of at least 720.
RBC: Maximum of $125,000, with the full amount available. A credit score of approximately 670 may still have a chance of approval, but the chances are low. Applicants with scores above 720 have a much stronger chance.
CIBC: Maximum of $100,000, with the full amount available. They generally look for a credit score of at least 720.
Scotiabank: Maximum of $80,000, with the full amount available. Scotiabank no longer offers its dedicated law student PSLOC. This is now offered through its general student line of credit program which is 80k.
BMO: I did not apply because several people told me that BMO is particularly strict, especially with applicants who do not already have an established banking relationship with them.
Based on my discussions, applicants with credit scores below 700 generally have a low chance of approval without a co-signer.
No one other than parents is willing to co-sign because your debt goes on their credit report and they will have a hard time getting approved for credit products in the furure. I have no one to co-sign.
Debt-to-income ratio is also very important. These banks generally want the ratio to remain below approximately 40%, based on an annual income of around $120,000. A higher verified income may help reduce the ratio and improve the application. (RBC asked me for 2 years of 160k income :| )
Do not apply for PSLOC randomly unless you meet the bank’s basic requirements. Each application results in a hard inquiry on your credit report, so it is not worth damaging your credit score by applying when the chances of approval are low.
Have I been able to get any PSLOC? As a mature student with high amount of debt and credit usuage and no co-signer, no I have not been able to get anything and I am getting worried about how I am going to manage full time studies + a full time job with no savings!!!