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Scotiabank personal loans review
Access up to $50,000 with an unsecured personal loan and up to $150,000 with a secured loan through Scotiabank.
If you’re looking to borrow a large sum of money and want freedom to choose your type of interest rate and loan term, Scotiabank may be an option to consider. Offering amounts up to $150,000, it’s possible to pay off your loan between one and 25 years.
While you’ll have to book an appointment and meet in-person to apply for a loan if you’re a new customer, existing customers can usually apply for loans online.
Do I qualify?
To qualify for a loan through Scotiabank, you must:
- Be at least 18 years of age, or the age of majority in your province or territory.
- Be a Canadian citizen or a permanent resident.
- Meet any minimum income requirements.
- Meet any minimum credit score requirements. Banks typically only work with clients who have good to excellent credit (around 650 or higher).
How does borrowing through Scotiabank work?
The process to apply for and borrow a loan from Scotiabank will vary depending if you’re a new or existing customer. Existing customers can typically apply for a personal loan over the phone, online by signing into online banking or via appointment at a Scotiabank branch. On the other hand, new customers have to book an appointment to visit a local branch in order to begin the loan process.
If you’re already a Scotiabank customer, applying online for a personal loan will be the quickest way to get your hands on your funds.
Once you have the loan, you can make repayments directly from your bank account and set up automatic payments if you wish.
What are the benefits of a Scotiabank personal loan?
Enjoy the following features and benefits with a Scotiabank personal loan:
- Loan flexibility. Choose between a variable or a fixed interest rate as well as unsecured or secured personal loans.
- Use funds for a range of purposes. You can use your loan funds for a variety of different reasons, including consolidating debt, paying for a large purchase or bridging a financial gap.
- Automatic payments. Make repayments directly from your bank account without having to lift a finger by setting up automatic payments.
- Repay your loan early without additional fees. There are no early repayment fees, so you can save on interest by paying back your loan early.
- High borrowing amounts. Borrow up to $150,000 with a secured personal loan and $50,000 with an unsecured loan.
- Long loan terms. Unsecured loans can be paid back over a period of one to five years, while some secured loans can be paid back over a period of 25 years.
- Defer a payment. Postpone one payment a year on your loan without facing any late fees.
What to look out for
- High minimum borrowing amount. You must borrow at least $5,000 with a Scotiabank personal loan.
- High maximum APR. Depending on your credit score and financial situation, you may incur an interest rate as high as 19.50% on a personal loan.
- Defer a payment option. While deferring a payment can come in handy if you find yourself short on cash, the unpaid amount still accrues interest. Postponing a payment can cost you more in the long run.
What will the loan cost?
There are no interest rates or fees listed online for Scotiabank personal loans. To find out about the rates that you may be eligible for, it’s best to contact Scotiabank by phone or visit a branch in-person and speak to a representative. Keep in mind your interest rate will be determined by a variety of different factors including your credit score, your current financial situation and the type of loan and interest rate you choose.
As an example, secured loans typically come with lower interest rates than unsecured loans, and variable interest rates can start out cheaper than a fixed-rate, but run the risk of rising throughout the term of your loan.
Scotiabank does not charge early repayment fees, which means you can payoff your loan before it’s due and avoid facing any additional charges.
How to apply for a personal loan through Scotiabank
If you’re interested in learning more about Scotiabank personal loans or you’d like to submit a loan application or make an appointment at your local Scotia branch, head to the Scotiabank website. Before applying for a personal loan, you will need to meet some eligibility criteria, which includes:
- Being at least 18 years of age, or the age of majority in your province or territory.
- Being a Canadian citizen or a permanent resident.
- Meeting any minimum income requirements.
- Meeting any minimum credit score requirements.
You’ll also need to gather additional information before applying, 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.
- Your banking details (if you’re not already an existing Scotiabank customer).
Once you’ve submitted your loan application, you will be given a pre-approval decision. Before signing and returning the loan contract, carefully review the terms and conditions before accepting an offer. Compare your other loan options to be sure you’re getting the most competitive loan offer you qualify for.
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