Scotiabank loans and lines of credit review

Our verdict

Our verdict

Scotiabank offers flexible personal borrowing options to suit a variety of people. You can choose between fixed or variable rates and secured or unsecured loans, and you can select the payment frequency that suits your needs. It's easy to manage your personal loan or line of credit online too, but borrowers with poor credit will need to consider other lenders.

Pros

• Secured and unsecured options available
• Early repayment allowed
• Flexible payment schedule
• Easy to manage your loan online

Cons

• Can't apply for a personal loan online
• Large minimum loan amount
• Rates not listed online
• Not suitable for bad credit

Scotiabank Personal Loans is not currently available on Finder

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Loan Amount

$5,000 – $75,000 -

Loan Term

1 - 5 years

Interest Rate

Varies

Scotiabank was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 78.73%

What is Scotiabank?

Scotiabank is one of the largest banks in Canada and North America. It was founded in Halifax, Nova Scotia, in 1832, making it one of the country’s oldest banks.

Now headquartered in Toronto, Scotiabank has 10 million customers in Canada. It operates over 940 branches and more than 3,700 ATMs across the country, and offers chequing and savings accounts, credit cards, mortgages, loans and more to its clients.

Is Scotiabank legit?

Scotiabank is one of the “Big Six” banks in Canada, alongside RBC, TD, BMO, CIBC and National Bank, so you won’t have to worry about its legitimacy. It even has reach around the world, with more than 25 million customers globally, and trades on the Toronto and New York stock exchanges.

Features of Scotiabank personal loans and lines of credit

What are the interest rates of Scotiabank loans and lines of credit?

Scotiabank personal loan rates are not listed online. You’ll need to contact the bank directly or apply for a loan to find out what rate you can qualify for.

As a general guide, there are several factors that can affect the interest rate on your loan, such as:

• Your credit score
• Your income
• Your existing debts and liabilities
• Whether you choose a secured or unsecured loan
• Whether you choose a fixed or variable rate
• How much you borrow
• Your loan term

What we like about Scotiabank loans

• Flexible options to customize your loan. Scotiabank’s range of personal loan options allows you to choose between secured and unsecured loans, and fixed and variable interest rates.
• Loan terms. Terms of up to 5 years are available with a Scotiabank personal loan.
• Competitive interest rates. While Scotiabank doesn’t disclose its interest rates on its website, qualified borrowers will secure a lower interest rate on their personal loan compared to what’s on offer from online lenders. You can get even lower interest rates if you have a great credit score and a longstanding relationship with Scotiabank.
• Flexible repayment schedule. Borrowers can choose from weekly, fortnightly or monthly repayment schedules to suit your pay schedule and budget. You can even rearrange your payment schedule, choosing a different date for payment or different routine.
• Use your funds as you’d like. There are no restrictions for how you use the funds from your personal loan, so you can use the cash to consolidate debts, buy a new car, pay for home renovations or tackle any other financial goals.
• Repay your loan without additional fees. Scotiabank says borrowers can repay some or all of their personal loan early without incurring any prepayment penalties.
• Defer a payment. You can postpone one payment a year on your Scotiabank personal loan without facing any late fees.
• Variety of banking options. Scotiabank customers can receive customer care in-person in branches all across Canada, over the phone or online. You can also download the bank’s app to manage your loan from your smartphone.
• Easy access to funds. You can access the money in your line of credit via online and mobile banking, ATM, in-store and using cheques.
• Discounts available. When you use your ScotiaLine Line of Credit with a Visa Access Card, you can enjoy discounts of up to 25% at participating AVIS and Budget car rental locations.

What to watch out for

• High minimum borrowing amounts. While it isn’t disclosed on its website, you can count on Scotiabank having a minimum amount you must borrow with a personal loan. For many major banks, it’s at least $3,000, which may be too much for some people.
• APRs are not listed online. You’ll have to apply for a loan to learn what interest rate you’ll receive because Scotiabank does not list its interest rates online.
• Your credit score needs to be high. Major banks typically require borrowers to have good to excellent credit (a score of 650 or higher) to qualify. This means some borrowers may not get approved for a Scotiabank personal loan.
• You may have to secure your loan. If you’re looking for a large personal loan amount, you may have to put your property on the line as collateral.
• You can’t apply online. You’ll need to book an appointment to apply for a Scotiabank personal loan.

Alternatives to Scotiabank personal loans

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Loans Canada Personal Loan Loans Canada Personal Loan		Customer Survey: ★★★★★	6.99% - 46.96%	$300 - $50,000	3 - 60 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Spring Financial Personal Loan Spring Financial Personal Loan		Customer Survey: ★★★★★	9.99% - 46.96%	$500 - $35,000	6 - 60 months	Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
LoanConnect Personal Loan LoanConnect Personal Loan		Customer Survey: ★★★★★	6.99% - 46.96%	$500 - $50,000	3 - 120 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Aim Finance Personal Loan Aim Finance Personal Loan		Not yet rated	46%	$1,000 - $5,000	9 - 24 months	Requirements: min. credit score 580	Go to site View details	Compare	loading Fetching your data...
Mogo Personal Loan Mogo Personal Loan		Customer Survey: ★★★★★	9.90% - 46.96%	$200 - $35,000	6 - 60 months	Requirements: min. income $13,000/year, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
Fat Cat Loans Personal Loan Fat Cat Loans Personal Loan		Not yet rated	6.99% - 46.96%	$300 - $50,000	3 - 120 months	Requirements: min. income $1,000/month, min. credit score 300	Go to site View details	Compare	loading Fetching your data...

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What do Scotiabank reviews have to say?

Like many major Canadian banks, Scotiabank has come in for plenty of criticism in online customer reviews. Negative reviewers mention factors such as poor customer service and unexpected account issues.

Review scores for individual Scotiabank locations vary between branches, so it’s worth checking how any branches close to you stack up. The Scotiabank mobile app has also earned an average rating of 4.7 out of 5 from over 470,000 Apple users and over 100,000 Android users.

Summary of Scotia reviews

Scotiabank reviews from Finder survey

My experiences with Scotiabank have always been positive. My personal loan was granted without issues.

Scotiabank Customer from Scarborough, Ontario

They have a fair interest rate and they always help you out in many ways.

Scotiabank Customer from Springdale, Newfoundland and Labrador

They were not perfect but they were good. It was very easy to communicate with them and they always had the answers I needed.

Scotiabank Customer from Kitchener, Ontario

What are Scotiabank’s loans?

If you’re searching for the right Scotia loan for your needs, there are two main options to compare:

• Personal loan. The Scotia Plan Loan allows you to borrow money to pay for a major purchase or consolidate debt. You can choose either the peace of mind of a fixed rate or the flexibility of a variable rate, and pay it back over up to five years with a monthly, bi-weekly or weekly payment plan. You can also pay your loan off early without penalty.
• Personal line of credit. The ScotiaLine Personal Line of Credit provides ongoing access to a revolving line of credit. You can borrow between $5,000 and $75,000, and opt for a secured line of credit to get a better rate. The money is accessible via online and mobile banking, Access Card and cheque, while you only pay interest on the money you use. There is also no annual fee attached to this line of credit.

Other loans offered by Scotia include home equity lines of credit, student lines of credit, RRSP lines of credit, car loans, boat loans and RV loans.

Can I use a Scotiabank personal loan for debt consolidation?

Yes, you can use a Scotia loan for debt consolidation. By combining all your unsecured debts together and paying them off with a personal loan, you can save on the total amount of interest you need to pay and also have only one monthly payment to manage moving forward.

Can I get a Scotia loan with bad credit?

Scotiabank doesn’t list any minimum credit score requirements online for its Scotia Plan Loan or ScotiaLine Personal Line of Credit. However, like most major banks, Scotiabank typically work with borrowers who have good to excellent credit, so borrowers with bad credit will need to consider other options.

What are the eligibility requirements of Scotia loans and lines of credit?

To apply for a Scotiabank line of credit, you will need to:

• Be the age of majority and a Canadian resident.
• Not have any bankruptcies in the past seven years.
• Have a minimum annual personal income of $12,000.

Scotiabank doesn’t list any personal loan eligibility criteria online. However, to qualify for a loan from a major bank you will generally need to:

• Have a good to excellent credit score
• Have enough income to repay your loan and manage any existing debts
• Not have declared bankruptcy in the past seven years
• Not have been declined credit in the last several months

How to apply for a Scotia loan or line of credit

If you want to apply for a Scotiabank personal loan, you’ll need to book a meeting with a Scotia advisor either over the phone or in-person at your local branch. You’ll also need to provide proof of ID (such as a driver’s licence or passport) and proof of employment (such as pay slips or an employment letter).

If you’re applying for a line of credit, you can do so by filling out an online form. If you’re already a Scotiabank customer, you can pre-fill some of this form by logging into your online banking. When filling out the form you will need to provide details such as:

• Your name, contact information, Social Insurance Number and date of birth
• How much you want to borrow and the purpose of the loan
• Your monthly net income
• Your employment details

Bottom line

If you’re shopping for a personal loan or line of credit and you have a strong credit score, Scotiabank is a lender worth considering. You can choose how much you’d like to borrow, whether you’d like to secure your loan, how long you’d like to take to repay your loan, and how often you’d like to make repayments each month. With that kind of flexibility, you can customize your loan to suit your needs and your lifestyle.

Just remember that you should always shop around before deciding on which lender is offering the best rates and loan options. Check out our guide to comparing personal loans to help you with your search.

Frequently asked questions

• Can I make lump sum payments towards my Scotia personal loan without penalty?

  Yes, you can make extra payments towards your loan at any time via online or mobile banking without incurring any additional fees.

• Can I delay a payment on my Scotia loan?

  Yes. With a Scotia Plan Loan, you can postpone one payment per year, but please note that interest will continue to accrue during this deferral period.

• Where can I find the current interest rate for a Scotiabank line of credit?

  You can find the latest rates and information about the ScotiaLine Personal Line of Credit by phoning Scotiabank.

• Can I qualify for a loan through Scotiabank if I'm self-employed?

  Yes, you can. You’re still eligible to apply if you’re self-employed; however, you will need to submit information regarding your self-employment, including your recent CRA My Account Assessment, and a recent Notice of Assessment and corresponding T1 General 4-page summary.

• How can I manage my Scotia loan?

  You can manage your Scotia personal loan via online and mobile banking. Simply log in to your account to check your outstanding balance, work out how much your next payment will be, see how much of your term is remaining and make extra payments towards your loan.