Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - The ongoing financial turmoil and financial discussion thread

Bertuzzied · 10-06-2008, 12:24 PM

Well at least Canadian Banks aren't hesitant in giving out loans. I called TD to buy some mutual funds in my son's RESP account and they said I was automatically approved for a $25000 unsecured line of credit. Wicked! So i ask how much is the interest rate and they say it's Prime + 7%!!!????

WTF? no thanx. 11.75% on a line of credit! They might as well be loan sharking.

These markets are brutal. Even with my short on Apple, i even hit a margin call today with all the stocks i'm long in. If you have any type of money this is like Boxing Day for stocks.

10-06-2008, 12:24 PM	#145
Bertuzzied Lifetime Suspension Join Date: Apr 2004 Location: Market Mall Food Court Exp:	Well at least Canadian Banks aren't hesitant in giving out loans. I called TD to buy some mutual funds in my son's RESP account and they said I was automatically approved for a $25000 unsecured line of credit. Wicked! So i ask how much is the interest rate and they say it's Prime + 7%!!!???? WTF? no thanx. 11.75% on a line of credit! They might as well be loan sharking. These markets are brutal. Even with my short on Apple, i even hit a margin call today with all the stocks i'm long in. If you have any type of money this is like Boxing Day for stocks. Last edited by Bertuzzied; 10-06-2008 at 12:27 PM.