Scotiabank – Personal Loan
Scotiabank offers flexible personal loans with competitive rates, optional payment protection insurance, and a fast online application process.
Applying does not obligate you to accept a loan offer.
Scotiabank Personal Loan – 2025 Review
Scotiabank is Canada's third-largest bank and an excellent choice for personal loans. They offer competitive rates and the option of fixed or variable rates.
Scotiabank Loan Products
Scotia offers personal loans, Scotia Plan Loans, and debt consolidation options. Loan terms are flexible from 6 to 60 months.
Payment Protection
Scotiabank uniquely offers optional Creditor Insurance to cover payments if you lose your job or face disability. This adds peace of mind for borrowers.
✓ Pros
- Optional payment protection
- Flexible rate options
- Long history of reliability
- Wide branch network
✗ Cons
- Rates may be higher for poor credit
- In-branch visit may be needed for larger amounts
Loan Example
Example: $6,000 loan for 36 months at 9.49% APR = monthly payment of $191.44, total payable $6,891.84.
Eligibility Requirements
- ✓ Age 18+ years
- ✓ Canadian resident
- ✓ Employment or pension income
- ✓ Credit score 650+
- ✓ Valid ID
Loan Features
- Optional payment protection insurance
- Fixed or variable rate options
- Flexible terms 6-60 months
- Online or in-branch application
- Large Canadian network
Frequently Asked Questions
1-3 business days after submitting your application.
The minimum amount at Scotiabank is $1,000 CAD.