Is a Scotiabank personal loan the best one for you?

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Alexandre Desoutter updated on 17 November 2021

Personal loans are a popular and versatile form of credit. They are great tools for consolidating debt, buying a used car, paying off a credit card, or financing a home improvement project or major expense. For well-qualified buyers, they can be an inexpensive way of accessing credit.

You still need to choose the right lender for you. Are you considering getting a personal loan with Scotiabank?

This guide will help you with everything you need to know. See Scotia's personal loan interest rates, fees, our review and much more.

Our review of Scotiabank:

Scotiabank is a Canadian multinational banking and financial services company and one of the largest Canadian banks in terms of deposits and market capitalization. Scotiabank offers personal loans (Scotia Plan Loan) to help you get funding for your needs or to consolidate debt. Once you meet Scotiabank Personal Loan requirements, you will have access to flexible loans with good interest rates.

Why Scotiabank personal loan might be right for you:
You want to fund a large purchase
You want a convenient and flexible loan
Loan term up to 5 years
Borrow up to $50,000 for an unsecured loan
Borrow up to $150,000 for secured a loan
You have an option to secure your loan
Easily manage your loan online - view loan details, payment amount, remaining term, etc.
Pick a fixed or variable rate
Choose your payment frequency – weekly, bi-weekly, monthly or semi-monthly payments
Zero penalties if you pay off your loan early
Flexibility - you can skip one monthly payment each year

Here is why a personal loan from Scotiabank might not be right for you:
A high credit score required
You may need to provide collateral if you want a high loan amount

What types of personal loans does Scotiabank offer?

Scotiabank offers up to four lines of credit to enable you to choose a borrowing option that is right for you.

Scotia RSP Catch-UP® Line of Credit

Here is why this line of credit might be right for you:

  • You want to save for your future
  • You want to maximize your RSP contributions
  • Competitive interest rates
  • Choose your preferred payment plan
  • You can defer three monthly payments while you wait for your tax refund
  • Borrow up to $50,000
  • Dishonoured payment, non-sufficient fund fee and overlimit fees apply

Scotia Total Equity® Plan

This is a flexible borrowing option tied to the equity in your home.

  • Secured borrowing rates
  • Competitive interest rates
  • Flexible repayment options
  • Loan amount is dependent on the value of your home

ScotiaLine® Personal Line of Credit

Here is why this line of credit might be right for you:

  • Low interest rates
  • You want loan with flexible repayment options
  • You want an emergency fund to take care of unexpected expenses
  • Minimum and maximum loan amounts of $5,000 and $75,000, respectively
  • Convenient access to fund through Mobile App, Online Banking, ABM, Access Card in-store and cheques

ScotiaLine® Line of Credit for Students

Here is why this line of credit might be right for you:

  • You want to borrow money for your education
  • Make interest-only payments while you are still schooling
  • You have 12-month grace period after graduation to repay the principal amount borrowed

Compare personal loan interest rates in seconds

Find the best interest rate

What rates does Scotiabank offer on personal loans?

The actual rate you will pay on your loan will be determined by some factors like loan amount and loan term. Choose between a fixed and variable rate. You will learn more about Scotiabank Personal Loan interest rates during your application.

When comparing personal loan offers, it is important to pick something that you can comfortably repay. While shorter loans offer lower interest rates, the monthly payments will be higher. Longer loans come at higher interest, but with lower monthly payments. Even if a longer loan costs more overall it may be more manageable.

The interest rates on personal loans vary based on many factors. Lenders review the profile and credit history of the borrower, the loan amount, the length of the loan and more.

Before choosing a personal loan with Scotiabank, shop and compare rates and conditions with other lenders:

Our tool lets you anonymously compare personal loan interest rates!

Compare personal loan interest rates in seconds

Find the best interest rate

Scotia’s personal loan calculator:

You can get a quick estimate of your loan payments with Safe's personal loan calculator. Just enter the amount borrowed. Adjust the loan term and the interest rate to quickly get monthly payments and total interest paid.

There is a Scotiabank Personal Loan calculator on their website.

How do I apply for a Scotiabank personal loan?

Before signing up for a Scotiabank personal loan, shop around! Our comparison tool offers quotes from dozens of lenders in just seconds. Find the best terms and rates for your profile.

Compare personal loan interest rates in seconds

Find the best interest rate

You can apply for Scotiabank Personal Loan by booking an appointment with a Scotia advisor. On Scotia’s website, click the Book an Appointment tab to get started. You will be asked to provide the following:

  • One government issued ID like passport, driver’s license or identification card
  • Proof of employment
  • Self-employment documents

Can I get a Scotia personal loan with bad credit?

Personal loans are available to many borrowers with a bad credit score. You will have to check with Scotiabank because everyone's situation is different. They will review your financial statements, your employment history and your credit score. Having a co-signer or guarantor with a better credit score increases the chances of a successful loan application.

Good to know

Some lenders exist to help borrows with poor credit scores, so even if Scotiabank rejects your application, you have options for a personal loan.

Before signing with Scotiabank, compare current personal loan interest rates and offers.

Scotiabank personal loans - contact information, phone number and client space

Call Scotiabank for your needs 24 hours a day, 7 days a week on their toll-free number.
1-800-645-0288 (for the deaf, deafened and hard of hearing)
(416)701-7200 (greater Toronto/outside Canada and USA)

Client space login

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Alexandre Desoutter

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.


I have run into some financial difficulty amongst COVID. I had tried for an unsecured loan through a major bank. I was unsuccessful cause of my credit rating. Does ScotiaBank offer any help? I currently have 2 automotive loans with ScotiaBank.

author-profile-picture Alexandre Desoutter Our expert

Hi Chris,
Please contacte Scotiabank directly to know more about you loan possibilities.

Have a nice day,
The HelloSafe team