With a Scotiabank personal loan, you have access to either secured or unsecured funds that can provide financial relief for a range of situations. Whether you need to pay for a home renovation, purchase a vehicle, or even consolidate your debts, a personal loan like this can be the lifeline you need.
With both fixed or variable interest rates to choose from, flexible payment arrangements, and convenient online management, the Scotiabank personal loan does shine with appeal. On closer inspection, though, this isn't exactly one of Scotiabank's best products. There are a few areas where this personal loan could use some attention.
Scotiabank personal loan features
Here's an overview of the features associated with Scotiabank Personal Loan products.
Why You Want It
Customize your payment structure + Postpone a payment once a year.
Special Features
- Flexible and customizable payment options
Eligibility
- Be a Canadian citizen or permanent resident
- Meet the age of majority requirement for your province or territory
- Be employed
- Meet income and credit score requirements
Provinces
ALL
Features
Pre-approval
Flexible Terms
Loan Amounts
See Issuer for Details
APR Range
See Issuer for Details
Term Range
1 to 5 years
Minimum Credit Score
See Issuer for Details
Secured Available
Scotiabank personal loan product rating: 3.9 stars
Really, a Scotiabank personal loan is a middle-of-the-road option – it doesn't scream with appeal, but neither is it an obviously terrible choice. The lack of information online is mostly understandable, given the fact that everything is based on income amounts and credit scores, but it certainly doesn't help the product stand out among its competitors.
Our 3.9 star Genius Rating comes mostly from the fact that Scotiabank is a solid Canadian financial institution that does work to fulfill its clients' needs as best as possible. Plus, the pros that we mention below are quite impressive. We'd just like to see more of them.
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 Scotiabank personal loan
Here are a few things about a Scotiabank personal loan that we think you'll like.
Pros
Customize your payment frequency and amounts
Scotiabank personal loan clients can choose between weekly, bi-weekly, or monthly payments – but this choice can be changed at any time, simply by logging into your online account and updating the details. You can also change the specific day your payment comes out, as well as the payment amount itself. Plus, if you decide to make a lump sum payment or to go all-in and pay the whole thing off at once, there are no annoying fees to stop you from doing so.
Can postpone one payment each year
The payment-change options mentioned above are handy, but being able to defer one payment on your Scotiabank personal loan each year can provide extreme relief in certain situations. With this loan product, borrowers are able to defer one payment per year, if necessary. This certainly isn't a feature offered by all lenders.
Using an established bank provides peace of mind
A Scotiabank personal loan comes from a bank with an impressive history in Canada. Borrowers can find comfort in the fact that Scotiabank has been around for about 190 years, offering a wide range of financial products and services in all areas of the country. Along with this stability, Scotiabank offers convenience too, thanks to its full-service banking options.
The cons of Scotiabank personal loan
There are some areas, though, where the Scotiabank personal loan could use improvement. Take a look.
Cons
Unable to fill out applications online
As far as we can tell, there's no way for new clients to apply for a Scotiabank personal loan online. Interested applicants are given a list of documents needed to apply and then encouraged to book an appointment with a Scotia advisor either over the phone or at a branch location. It would be nice if there was at least a pre-screening available online.
Interest rates aren't advertised
Yes, the interest rates for a Scotiabank personal loan depend on the applicant's income and credit score, which means they can vary for each person. But the lack of information regarding these rates can be frustrating, especially since the application process means making a phone call or going into a bank branch. Even just a mention of a range of possible rates would be helpful to see.
Detailed information is difficult to find
If you're curious about a Scotiabank personal loan or pretty much any of their products or services, you'll have to do the digging by yourself. The Help Centre offers a bit more information than what's found on individual pages, but not much. There is a chatbot, but it's only available to current clients and it's rather difficult to find. You'll have to go to the Dashboard, then Contact (on the top menu), and Accessibility Services. The mobile app isn't much better.
Scotiabank personal loan alternatives
If you'd like to see how the Scotiabank personal loan stacks up against its competitors, you'll find all the details in this table.
 |  |  |  | |
|---|---|---|---|---|
| Account | Scotiabank Personal Loan | LoanConnect | MogoMoney | RBC Personal Loan |
| Genius Rating | ||||
| Why You Want It | Customize your payment structure + Postpone a payment once a year. | Flexible loan options from $500 to $60,000 + Interest rates start at 8.99%. |  $100 GeniusCash + Take out your loan for a 100-day test drive + Get pre-approved in 3 minutes. | No early prepayment penalties + Skip a monthly payment once a year. |
| Pre-approval | | | | |
| Flexible Terms | | | | |
| Loan Amounts | See Issuer for Details | Up to 60,000 | $300-$5,000 | N/A |
| APR Range | See Issuer for Details | 8.99%-46.96% | 34.37% | N/A |
| Term Range | 1 to 5 years | 3-120 months | Open line of credit | N/A |
Show More | ||||
| Find a loan See more Scotiabank products Compare | Find a loan See more Loanconnect products Compare | I Want This Deal See more Mogo products Compare | Learn More See more RBC products Compare |
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FAQ
Can I get a personal loan from Scotiabank?
Yes, Scotiabank personal loans are available for both current and new clients. Unfortunately, there's not a lot of detailed information regarding this product online, so you'll have to either go into a branch or set up a phone call with a bank representative to find out more and/or to get the ball rolling.
What is the Scotiabank personal loan interest rate?
The interest rate for a Scotiabank personal loan will vary with each applicant, depending on their income level and credit score. Unfortunately, the Scotiabank site doesn't even give an estimated range for its rates. You can, though, review some of the product's other features right here.
Is there a Scotiabank personal loan calculator?
Yes, there is a Scotiabank personal loan calculator that can be found on the Scotiabank website. Want an easier-to-use option? Check out our personal loan calculator here.
Where can I find the Scotiabank personal loan phone number?
To talk about a Scotiabank personal loan, you can use the phone number listed on their website for booking an appointment with a Scotia advisor: 1-800-472-6842. If you're already a Scotiabank customer, you may be able to find answers to your questions by using the chatbot feature.
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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