Thread: Finance's

Is it possible to get loans in Canada in the first year prior to getting permanent res?

I have heard that you cant borrow money until you become perm

Originally Posted by Jacqui

Is it possible to get loans in Canada in the first year prior to getting permanent res?

I have heard that you cant borrow money until you become perm

Thats not true. As you would expect it depends on your circumstances - mortgage, job, funds from the UK and building up your credit rating here. So get a bank ac set up in Canada RBC, TD Canada, CIBC to mention a few then use a credit card asap to start building up your credit rating and pay on time also utility bills. To borrow money is called a Line of Credit which is tagged onto your mortgage which is at a much less rate of interest than a credit card.

A + T C

Thanks Andy that really helps.
Do you know if you can borrow if you are living in rented accomodation or does it need to be secured against a property.

Its difficult to get info from the Canadian banks in the UK.