A Scotiabank Personal Line Of Credit is a revolving loan with lower interest rates than credit cards and convenient access to funds with flexible repayment options. Its credit limits range from $5,000 to $75,000, one of the widest in Canada.
If you’re uncomfortable with variable interest rates and you prefer fixed repayment, then this line of credit may not suit you. However, ScotiaLine could work well for people who want to finance large expenses at a low rate or have access to credit for future needs.
Scotiabank personal line of credit features
The Scotiabank Personal Line Of Credit has a list of features to take note of:
Why You Want It
Borrow up to $75,000 + Get a Visa Access card to use your funds easily.
Special Features
- Special discounts on car rentals
- Provides a Visa Access Card for accessing funds
Eligibility
- Canadian citizen
- Employed
- Age of majority
Provinces
ALL
Features
Secured Or Unsecured
Unsecured
Bank Prime Rate
4.7%
Flexible Repayment Options?
Access Funds Online?
ATM Access?
Cheques Access?
Debit Card Access?
Branch Access?
Minimum Credit Score
See Issuer for Details
Secured Available
Scotiabank personal line of credit product rating: 5.0 stars
The Scotiabank Personal Line Of Credit's impressively wide range of borrow amounts is what really sets it apart from the competition. If you have a good credit score and an income of at least $12,000 per year, this could be an excellent choice to help you meet your financial goals.
If you need to borrow less than $5,000 (or you want a lower interest rate), or if you value quick and convenient customer service options, you should look for a different, potentially smaller bank.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of a Scotia line of credit
These are the most notable benefits of a Scotiabank Personal Line Of Credit:
Pros
High maximum borrow amount
The Scotiabank Personal Line Of Credit has a minimum borrow amount of $5,000 and a high maximum of $75,000, considerably more than most other financial institutions offer. To compare, BMO’s maximum borrow limit is $25,000 and TD Bank’s is $50,000.
Your Visa Access Card comes with perks
This credit card gives you access to cash advances. It also enables you to make payments in-store, online, or anywhere Visa cards are accepted. Plus, you get up to 25% off at AVIS and Budget car rentals.
Personal line of credit for students
The Scotiabank Personal Line Of Credit for Students is a loan option specifically for Canadians pursuing post-secondary education. The credit limit caps at $40,000 per year for full-time undergraduates and $100,000 per year for graduate students. While in school, you make interest-only payments and there's a 12-month grace period post-graduation.
The cons of a Scotia line of credit
Here are a few less-than-stellar details of the Scotiabank Personal Line Of Credit:
Cons
No online chat support service
Many Canadians do the bulk of their banking online, so you'd expect big banks like Scotiabank would have instant online chat features. Unfortunately, if you can't find answers to your questions in the online help centre, you'll have to make a call, send an email, or visit a branch.
Difficult to find information about interest rates
Only in the fine print on the main Scotia line of credit webpage will you find specific information on interest rates. The precise rate is based on the prime rate and the applicant's credit score. You’ll find out the rate during the application process or you'll have to contact Scotiabank to get more detailed information.
Can be easy to overspend
With a line of credit, you can borrow against it and only pay the minimum monthly amount – making it quite easy and tempting to overspend, resulting in significant interest charges on your borrowed amount over time. Make sure you stick to a budget, even with a personal line of credit.
Scotiabank personal line of credit alternatives
Here's how the Scotiabank Personal Line Of Credit compares to similar options on the market:
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank Personal Line Of Credit | RBC Personal Line Of Credit | BMO Personal Line Of Credit | TD Personal Line Of Credit |
| Genius Rating | ||||
| Why You Want It | Borrow up to $75,000 + Get a Visa Access card to use your funds easily. | No annual fee + 24/7 access via ATM, cheques, or online transfers. | Low minimum monthly payments + Repay at your own pace. | Choose between a variable or fixed rate + Access funds with debit card. |
| Secured Or Unsecured | Unsecured | Unsecured | Unsecured | Unsecured |
| Bank Prime Rate | 4.7% | 4.7% | 4.7% | 4.7% |
| Flexible Repayment Options? | | | | |
| Access Funds Online? | | | | |
| ATM Access? | | | | |
Show More | ||||
| Find a loan See more Scotiabank products Compare | Learn More See more RBC products Compare | Learn More See more BMO products Compare | Learn More See more TD products Compare |
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FAQ
What is the interest rate on a Scotiabank Personal Line Of Credit?
Interest for a Scotiabank Personal Line Of Credit depends on the applicant's credit rating. The fine print on Scotia's website states that interest rates will be the prime rate plus an adjustment factor. You can call Scotiabank to learn more.
Is there a line of credit calculator I can use?
While Scotiabank doesn't offer a designated line of credit calculator, they do have various loan-focused calculators you can use, including personal loans, auto loans, and mortgages. Another option is to use our personal loan calculator.
Is the Scotia home equity line of credit a good option?
Scotiabank's HELOC is called the Scotiabank Total Equity Plan (STEP) and earns a 4.1-star Genius Rating. It's a form of revolving credit that allows you to borrow up to 80% of your home's equity at a decent rate.
What’s the difference between a personal loan and a line of credit?
A personal loan is a lump sum you borrow with set repayments. A line of credit is more flexible, allowing you to borrow as much as you want within your credit limit, repeatedly. with no preset repayment amounts or times.
What credit score do I need for a Scotiabank personal loan?
Applicants need a credit score classified as "good" or higher, which begins around 660 according to Equifax. Your loan terms with Scotiabank (as with most banks) will improve alongside increases in your credit score.
Does a personal line of credit increase a credit score?
If you use a line of credit responsibly, it can improve your credit score, but the opposite is also true. If your debt-to-income ratio becomes too high, or if you get behind on payments, it could damage your credit score.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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