Which Canadian bank is easiest to get loans from and better in general?
- will_o_the_westLv 51 decade agoFavorite Answer
If you must go with a bank, probably Bank of Montreal and TD Bank have the best loan arrangements. But why go with a bank?
Credit unions almost always have better terms and rates. Credit unions also keep assets local and benefit your community, while banks keep most of their assets in central Canada and benefit only well-off shareholders.
- Anonymous1 decade ago
Fortunately, the internet has opened up a host of opportunities to obtain such loans. There are websites that specialize in just that. Furthermore, there are traditional lenders that offer an online application pathway<!--provides you with provisional acceptance depending upon your ability to prove your statements to the lender. This streamlines the lending process and gets rid of a lot of borrowing anxiety. If you meet specified criteria and can prove that you do, then you will definitely get the loan.
How to get a particular loan should only be one aspect of your research, the other (even more important) things you need to take into account are the terms and conditions of the loan, your ability to make the monthly-->payments and whether or not you will need to put up real estate as security.Once you have taken the time to ask yourself some searching questions and also get some reliable answers from lenders, you will be in a much better position to choose a loan.
- Anonymous1 decade ago
New York, NY: In ongoing efforts to enhance the value of the state charter, the New York State Banking Department issued an Industry Letter highlighting Section 12-a of the New York State Banking Law. Section 12-a, which provides so-called Wild Card authorization and was effective last month, gives New York State-chartered banking organizations, as well as licensed foreign bank branches and agencies, enhanced access to powers possessed by counterpart federally-chartered banking institutions.
Under the enhanced law, Wild Card authorization can now be adopted by resolution of the Banking Board, as opposed to the previous far more time consuming process of regulatory change. Wild Card authorizations may include any right, power, privilege, benefit, activity, loan, investment or transaction that a federally-chartered banking institution, directly or through a subsidiary or subsidiaries, may lawfully exercise or engage in.
“The adoption of Section 12-a is a big step in ensuring the competitiveness of New York State-chartered banking institutions,” said Banking Superintendent Richard H. Neiman. “Federal preemption of state laws over the past few years has limited state authority to address some critical issues and in some cases limited state laws designed to protect New Yorkers.”
In addition to accepting proposals from regulated institutions, the Superintendent has the ability to make recommendations that he feels will enhance the state charter and benefit the vitality of New York State-regulated institutions and their consumers. “We are actively looking at a number of potential Wild Card proposals that I will personally bring the Banking Board for resolution,” Neiman said. “I encourage the institutions we regulate to review their options under this law and submit applications for consideration.”
Whether the proposal comes from the industry or directly from the Superintendent, the Wild Card power must be subject to the same terms and conditions applied to the federally-chartered banking institution. The Superintendent may also require additional terms and conditions which he finds necessary and appropriate. In addition to benefiting the institution that submitted the application, approved applications may be made applicable to one or more additional state-chartered banking institutions of the same type as the original applicant or applicants.
TheNew York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $1.8 trillion.
- hanoraLv 61 decade ago
I rather like TD, but CIBC can be good too. BoM I don't like so much. We actually deal with several, just depending on who gives us the best deal for loans, deposits, and cheques. PC does cheques and mortgages.