Scotiabank – Personal Loan

Scotiabank (Bank of Nova Scotia) is one of Canada's Big Five banks, founded in 1832 and now headquartered in Toronto. With approximately 25 million customers globally and a particularly strong presence in Latin America and the Caribbean in addition to its Canadian retail banking operations, Scotiabank is a major full-service financial institution. Personal loans from Scotiabank are available at over 1,000 Canadian branches and through its digital banking platform.

Scotiabank personal loans range from $1,000 to $50,000 with terms from 1 to 5 years at fixed rates. The application process can be started online, in a branch, or by phone. Scotiabank also offers the Scotia Line of Credit as a revolving alternative. Existing Scotiabank customers often benefit from streamlined approval and may receive funds within 1-2 business days. The bank's SCENE+ rewards integration is not applicable to personal loans, but mortgage and credit card customers may find bundle offers when approaching for loan products.

Scotiabank is regulated by OSFI and deposits are CDIC-insured. Before applying for a Scotiabank personal loan, check your credit score (Scotiabank offers free credit score monitoring through its app) to understand which rate tier you may qualify for. Scotiabank's fixed rates tend to be competitive for borrowers with strong credit histories, though online-only lenders may offer lower rates for the most creditworthy applicants.