To qualify for a B2B Bank RSP loan, the applicant’s net worth should be at least equal to the loan amount requested.
Use our TDSR calculator to help determine whether your client will qualify.
Examples of debt:
- Monthly mortgage or rental payments
- Monthly property taxes
- Outstanding loans – fixed monthly payments
- Lines of credit – monthly payment based on outstanding balance.
- Lease payments – fixed monthly payment
- Unpaid income taxes – CRA-approved monthly payment
- Alimony/child support fixed monthly payment.
Credit History - How has your client managed credit in the past?
Credit score is a measure of creditworthiness and helps determine the risk of a potential borrower.
Character - Does your client have good financial management habits?
Character is important. Look for career stability, residence history and their willingness to provide complete information.
The better your client’s financial habits and history, the greater their chances of qualifying.