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Compare your personal loan options in Nova Scotia

Learn how to get a personal loan in Nova Scotia.

Name Product Interest Rate Loan Amount Loan Term Fees Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 9.90%-46.96%
$500 - $50,000
3 - 120 months
No application or origination fees
Min. credit score: 300
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An online broker who helps educate clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
None
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No application or origination fees
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
Mogo Personal Loan
5.90% - 46.96%
$200 - $35,000
6 - 60 months
NSF fee - $20 - $50
Min. credit score: 540
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More Info
An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $20,000
6 - 60 months
None
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
36 - 120 months
Varies by province
Min. credit score: 560
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More Info
Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
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Compare up to 4 providers

If you need access to money in a hurry, a personal loan can provide you with anywhere from $500 to $35,000. They can be used for any legitimate purpose, from paying for car repairs to covering unpaid bills. But before applying, you’ll need to compare your personal loan options to find the best deal for your needs.

Personal loans are legal in Nova Scotia, with most lenders charging anywhere from 6% – 60% in interest. Payday loans, on the other hand, are limited to a maximum charge of $19 in fees per $100 borrowed.

Here’s the basic facts about personal loans in Nova Scotia:

  • Typical Term: 6 – 60 months
  • Amount borrowed: $100 – $50,000
  • Average Interest rate: 6% to 30%
  • Maximum interest: 60%
  • Types of loans: Secured or unsecured; fixed rate or variable rate

Types of loans

Personal loans can be either secured or unsecured, with fixed or variable interest rates. Secured loans are backed by collateral, while unsecured loans require no financial backing, although your lender can sue you or file a claim with a collection agency if you fail to meet your repayment terms. When a loan has a fixed rate, it means that the interest rate stays constant throughout the term of the loan, while a variable interest rate will fluctuate with economic conditions.

Personal loan costs in Nova Scotia

Lenders in Nova Scotia can charge a maximum of 60% interest on personal loans according to federal law. While this is the maximum, most lenders charge between 6% to 40%, and you can typically save money by borrowing from your bank or a credit union. Private companies tend to be more expensive, but you may be able to find one charging rates on par with your financial institution.

    Comparing providers

    Interest rates depend on your credit history as well as what type of loan you’re taking out (secured or unsecured) and the type of lender you borrow from. The example below illustrates the overall cost of a $2,000 loan over a 36-month term with three different providers.

    LenderInterest rateMonthly amountTotal cost
    Credit Union8.99%$64$2,304
    Bank19.99%$75$2,700
    Private lender39.99%$97$3,492

    In this example, you can save over $1,000 on the total cost of your loan by choosing to borrow from the credit union. This is why it pays to compare a number of different options before settling on a provider.

    Can I get a no credit check loan in Nova Scotia?

    You may be able to get a no credit check loan, especially if you’re borrowing from an online lender. But just because you can, doesn’t mean it’s a good idea. Lenders that disregard your credit score are often unlicensed or predatory lenders, looking to take advantage of unsuspecting customers.

    If you’re concerned that your credit score is too low to allow you to qualify for a loan, your best bet would be to look into a lender that asks for a soft credit check. These checks are quick, non-invasive and won’t affect your credit score, but can give you peace of mind that you’re working with a legitimate lender. If you don’t need the money urgently, you could also take some time to improve your credit score before applying for a loan – you’ll get more favourable rates and terms with a better credit score.

    How can a personal loan in Nova Scotia benefit me?

    People often use personal loans to cover unforeseen, large expenses or to consolidate high-interest debts at a lower rate. In addition, personal loans are frequently used to help borrowers build their credit scores, particularly if the lender reports on-time payments to the credit bureaus.

    If you want to take out a personal loan, only borrow as much as you’ll be able to repay in full by the deadline. You should always try to make your payments on time to avoid additional charges and fees and make sure to communicate with your lender if you’re having difficulty making your payments. If you default, your loan will be sent to collections and you may receive a negative mark on your credit score which can stay there for up to seven years.

    How can I apply for a personal loan?

    You can typically apply for a personal loan either in person or online. If you decide to borrow online, you can submit an application in as little as five minutes, and may be approved almost instantly. Applying at a physical location may take a little longer. Before applying, be sure you meet the eligibility requirements and gather the necessary documents.

    How can I tell if a lender in Nova Scotia is legit?

    The best way to make sure a lender is legit is to check their credentials with Service Nova Scotia. Look for the following signs to make sure you’re working with a reputable business.

    • The lender displays a Nova Scotia licence number. A licence is required to be displayed in-shop by the lender, and you can also contact Service Nova Scotia to check if a lender is licensed.
    • It provides contracts in the language you use to speak with your lender. Your lender can’t provide a contract in a language you don’t speak or aren’t comfortable conversing in. If you communicate in French, the contract will need to be in French.
    • It follows rate and fee regulations. Stay away from lenders who charge more than 60% interest on personal loans.

      Watch out for unlicensed lenders

      Online lenders can be a fast and convenient option to deal with short-term financial difficulties. Just be aware that they come with their own share of risk, since they’re often not regulated by the province of Nova Scotia.

      • Illegally high interest rates or fees. Some lenders will charge rates above 60% interest, which means they are not complying with regulations in Nova Scotia. Compare 3 – 4 providers to make sure you find the best deal on your loan.
      • Identity theft. Online lenders might misuse your personal information,putting you at risk of identity theft or a hacked bank account.
      • Funds taken from your bank account without your permission. Unlicensed lenders have been known to illegally withdraw money from customer’s bank accounts to help cover the cost of loan payments.

      Online lenders often operate outside of the province – or even the country – making it difficult to track their movements or prosecute them if they do something illegal. That’s why it’s so important to make sure your lender is licensed to operate in Nova Scotia before you borrow.

      How to file a complaint against a lender

      You can contact Service Nova Scotia to discuss your options for filing a complaint. They will typically conduct an investigation if they believe that a personal loans company has breached Nova Scotia’s consumer protection laws.

      Personal loan alternatives in Nova Scotia

      If you’re struggling to make ends meet every month, then a personal loan might not be the right option for you. Check out some of these low-cost alternatives before you head to your nearest lender.

      Nova Scotia assistance programs

      Nova Scotia has a number of programs that can provide some much-needed relief for residents and newcomers who are struggling to make ends meet.

      • Income assistance program helps people in financial need with basic needs such as food, rent, utilities like heat and electricity, and clothing.
      • Affordable Housing program provides subsidized rental housing to low-income families, seniors and individuals who cannot afford other housing options.
      • Employment Support Services (ESS) offers career counselling advice and assistance to people who are struggling to find or maintain employment.
      • Disability Support Program (DSP) gives support to individuals with intellectual/physical disabilities or long term mental illness.

      Credit counselling

      If you have an overwhelming amount of debt and aren’t sure how to reign in your finances, you might like to register for Service Nova Scotia’s Debt Assistance Program or another credit counselling program. These not-for-profit programs are designed to help low-income residents stay afloat, while managing and consolidating their debts.

      Before you get a personal or payday loan, consider alternative options available to you

      Bottom line

      If you’re looking for a fast and convenient solution to a short-term financial problem, then a personal loan might be the right fit for you. Make sure to shop around to find the best deal and consider other options if you don’t think you can meet your repayment terms. Be wary of unlicensed lenders and know your rights before you accept the conditions of your loan.

      Have more questions about personal loans?

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