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Scotiabank personal loans review

Access unsecured and secured personal loans with flexible loan terms through Scotiabank.

Consumers looking to borrow a large sum of money with the freedom to choose between variable and fixed interest rates and lengthy loan terms should consider Scotiabank. It’s possible to pay off your loan between 12 months and 25 years, depending on your loan.

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Min. Credit Score

Please note: All information about Scotiabank personal loans has been collected independently by Finder and personal loan products from Scotiabank are not available through this site.

If you’re a new customer, you must book an appointment and meet with a loan specialist at a Scotiabank branch in person, but existing customers can usually apply for a personal loan online via their online banking account.

30-second take

You may need a large injection of cash to help with consolidating debts, making a home renovation or paying for a pile of bills. It’s in these cases that credit cards and payday loans just don’t cut it. If you’re looking for a personal loan, here are Scotiabank’s key highlights:

  • Think of a Scotiabank personal loans if you’re looking for flexibility. With Scotiabank, borrowers can choose from secured and unsecured loans, fixed or variable interest rates, and terms between 12 months and 25 years so you have a range of options to customize your loan. You can even design your repayment plan according to your needs with weekly, fortnightly or monthly loan repayments, and the option to change up the scheduling.
  • Keep in mind that borrowers can pay off their loan in its entirety at any time without any prepayment penalties, which is a nice bonus.
  • Pick something else if your credit score isn’t in great shape. Scotiabank, and most major banks, will typically only work with borrowers who have good to excellent credit (around 650 or higher).

What types of personal loans does Scotiabank offer?

Scotiabank has a wide range of personal loan options. They include:

  • Secured loans. If you’re willing to use your home as collateral, you can borrow up to with terms of up to 25 years. You’ll also secure a lower interest rate.
  • Unsecured loans. For borrowers who don’t want to put up any assets as insurance, unsecured loans of up to $50,000 are up for grabs with terms between 12 months and 5 years.

With unsecured and secured loans, borrowers can choose between variable and fixed interest rate options.

It’s worth noting that Scotiabank, like most major banks, doesn’t disclose its rates for personal loans online. You’ll have to apply for a personal loan to determine how much you’d qualify for and at what interest rate.

Why should I consider taking out a loan with Scotiabank?

If you can qualify for a Scotiabank personal loan, you can take advantage of a lengthy list of perks. They include:

  • 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. If you opt to secure your loan with your home equity, you’ll score a lower interest rate.
  • Wide range of loan amounts. You can borrow up to $50,000 for unsecured loans and up to for a secured loan.
  • Wide range of loan terms. Borrowers can choose from 12 months to 5 years terms for unsecured loans and terms of up to 25 years for secured loans, so you can design smaller or bigger loan repayments, depending on the length of your term.
  • 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 by online lenders. You can guarantee 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 loans without incurring any prepayment penalties.
  • Defer a payment. Postpone one payment a year on your 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 even download the bank’s app to manage your loan from your smartphone.

Where does Scotiabank fall short?

Consumers should always tread carefully before they sign up for a loan, especially a personal loan that’s a large sum of money. Here are some red flags 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. For most major banks, it’s at least $5,000, which may be too much for some consumers.
  • 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 and fees 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 personal loan of more than $50,000, you may have to put your property on the line as collateral.

Alternatives to a bank loan


Finder Rating: 4.6 / 5

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6.99% - 46.96%

Loan term

3 - 120 months

Loan amount

$100 – $50,000

Min. credit score


Eligibility Requirements

Currents debts must total less than 60% of income


Finder Rating: 4.5 / 5

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5.40% - 46.96%

Loan term

3 - 60 months

Loan amount

$300 – $50,000

Min. credit score


Eligibility Requirements

Steady source of income

How much will it cost me to borrow with Scotiabank?

It depends on the interest rate you’ll secure. Scotiabank doesn’t disclose its interest rates for personal loans online or on its website. To find out what rate you’d receive for a personal loan, you’ll need to apply for a loan by contacting Scotiabank to book an appointment with a loan specialist. If you’re an existing customer, you can skip this step and apply online via your online or mobile banking account or over the phone to receive your loan quote, too.

Keep in mind, your interest rate is determined based on a number of factors, including your credit score, current financial situation, such as your monthly income and existing debts you need to service, and the type of loan and interest rate you choose. If you opt to secure your loan, you can count on a lower interest rate, for example.

Scotiabank won’t charge loan origination fees, and it doesn’t charge prepayment fees if you decide to pay off some or all of your loan early. However, it will charge you fees for late and missed payments, and NSF charges.

Are Scotiabank loans safe?

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

Scotiabank also offers a variety of other products and services, including bank accounts, mortgages, investment accounts, savings and borrowing options, insurance, business solutions and financial advice.

How to apply for a loan with Scotiabank

The process to apply for and borrow a personal loan from Scotiabank will vary depending on whether 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.

Eligibility requirements

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. You’ll need one piece of ID for verification (passport, driver’s licence, birth certificate, citizenship card, etc.)
  • Being a Canadian citizen or a permanent resident
  • Meeting any minimum income requirements, which aren’t listed online. You will need to provide proof of employment via salary slips or an employment letter
  • Meeting any minimum credit score requirements, which aren’t listed online. Typically, major banks require borrowers to have good to excellent credit, which is a credit score of at least 650
  • If you’re self-employed, you’ll need to provide your recent CRA My Account Assessment, and a recent Notice of Assessment and corresponding T1 General 4-page summary.

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 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.

Bottom line

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

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

Frequently asked questions

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