Scotiabank loans and lines of credit review
Our verdict
Access unsecured and secured personal loans and lines of credit with flexible loan terms through Scotiabank.
Scotiabank offers flexible personal borrowing options to suit a variety of people. Choose between fixed or variable rates and secured or unsecured loans, and select the payment frequency that suits your needs. It's easy to manage your personal loan or line of credit online, but borrowers with poor credit will need to consider other lenders.
Pros
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Secured and unsecured options available
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Early repayment allowed
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Flexible payment schedule
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Easy to manage your loan online
Cons
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Can't apply for a personal loan online
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Large minimum loan amount
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Rates not listed online
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Not suitable for bad credit
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 over 10 million customers in Canada. It operates over 900 branches and around 3,600 ABMs across the country, offering 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 reaches around the world, serving more than 25 million customers globally, and trades on the Toronto and New York stock exchanges.
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 the rate you can qualify for.
As a general guide, there are several factors that can affect the interest rate on your loan, including:
- 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 lets you 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 online, qualified borrowers will secure a lower interest rate on personal loans than what online lenders typically offer. 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, bi-weekly or monthly repayment schedules to suit their pay schedules and budgets. You can even rearrange your payment schedule, choosing a different payment date or cadence.
- Use your funds as you’d like. There are no restrictions on how you can use the funds from your personal loan, so you can use the cash to consolidate debt, 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 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 (although interest will continue to accrue on your loan).
- 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 via smartphone.
- Easy access to funds. You can access the money in your line of credit via online and mobile banking, ATM, cheque and in-branch service.
What to watch out for
- High minimum borrowing amounts. While not disclosed online, you can count on Scotiabank having a minimum borrowing amount for a personal loan. For many major banks, this is at least several thousand dollars, which may be more than some people need.
- APRs are not listed online. You’ll have to apply for a loan to see your interest rate because Scotiabank does not list its interest rates online.
- Your credit score needs to be high. Major banks typically require that borrowers have good to excellent credit (660 or higher) to qualify. This means that 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, you may have to put your property on the line as collateral.
- You can’t apply online. You’ll need to book a phone or in-branch appointment to apply for a Scotiabank personal loan.
Alternatives to Scotiabank personal loans
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Finder Score for personal loans
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 110+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
What do Scotiabank reviews have to say?
Like many major Canadian banks, Scotiabank has received plenty of criticism online from customers. Negative reviewers mention factors like poor customer service and unexpected account issues.
Review scores for individual Scotiabank locations vary between branches, so it’s worth checking how the branches close to you stack up. The Scotiabank mobile app has also earned an average rating of 4.7 out of 5 based on over 830,000 Apple users and 4.6 out of 5 based on over 190,000 Android users.
Summary of Scotia reviews
| Feature | Details |
|---|---|
BBB accredited | No |
BBB rating | D- |
BBB reviews | 1.17/5 stars based on 84 reviews |
Google reviews | Varies from branch to branch |
Trustpilot reviews | 1.2 out of 5 stars, based on 1,160+ Scotiabank reviews |
Facebook reviews | No Scotiabank reviews available |
Customer reviews verified as of February 7, 2025.
Scotiabank reviews from Finder survey
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 lets you borrow money to pay for a major purchase or consolidate debt. You can choose the peace of mind of a fixed rate or the flexibility of a variable rate and pay back the loan over a term of up to five years with a monthly, bi-weekly or weekly payment plan. You can also pay off your loan early without penalty.
- Personal line of credit. The ScotiaLine Personal Line of Credit provides ongoing access to a revolving line of credit. The money is accessible via online and mobile banking, Access Card and cheque, and you only pay interest on the money you use. There is no annual fee for this line of credit.
Other loans offered by Scotia include home equity lines of credit, student lines of credit, RSP 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 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 personal loans or lines of credit. However, like most major banks, Scotiabank typically works 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?
Scotiabank doesn’t list eligibility criteria online for personal loans or lines of credit. 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 like:
- 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 want to make repayments each month. With that kind of flexibility, you can customize your loan to suit your needs and lifestyle.
Just remember that you should always shop around before deciding which lender is offering the best rates and loan options. Get a little help with your search in our guide to personal loans.
Frequently asked questions
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