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Business Loans Nova Scotia 2020

Compare the best lenders in this region:
ProviderRating
ECN Capital -
SimplyBorrowed -
Pebble Cash -
Refresh Financial 5 / 5
Go Peer -
North’n Loans -
MDG -
Loan or Credit -
Flexiti Financial -
FinanceIT -
Diamond Financial Services -
Climb 5 / 5
Customer First Financing -
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Payday King 2 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Money Provider 5 / 5
Lendful 3 / 5
Health Smart Financial Services -
GoDay 4 / 5
Eastern Loans 4 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Credit 700 2 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
Fairstone 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
Loan Me Now 4 / 5
Captain Cash 3 / 5
BC Loans 3 / 5
Urgent Loans 4 / 5
easyfinancial 2 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 4 / 5
Speedy Cash 5 / 5
ProviderRating
Clearbanc -
GE Capital -
We Can Financial -
Wajax Equipment -
Key Equipment Financing -
Corl -
Yellowhead Equipment Finance Ltd -
Specialty Truck Financing -
Travelers Financial -
Peel Financial -
Pioneer Financial Services -
Polaris Leasing -
Patron West -
Payability -
Planet Financial -
Rise -
Merchant Growth -
Onesta -
Lift Capital -
Leaseline -
Lease Direct -
John Deere -
Hitachi Capital Canada -
Export Development Canada -
Essex Lease Financial Corporation -
Equilease -
Alliance Financing Group LTD -
CanaCap -
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
Meridian Credit Union 3 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Bank of Montreal (BMO) 3 / 5
Royal Bank of Canada (RBC) 5 / 5
CWB National Leasing 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
BDC 2 / 5
Baron Finance 5 / 5
B2B Bank 3 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
WeFinanceCars -
Walker Financial Services -
Rifco -
National Powersports Financing -
LMG Finance -
Loans2Go -
iA Auto Finance -
Gamache Group -
Royal Bank of Canada (RBC) 5 / 5
Laurentian Bank of Canada 5 / 5
National Bank 5 / 5
Desjardins 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Daimler Truck Financial -
DealerPlan Financial -
Coast Capital -
Canada Auto Finance -
Credit River Capital Inc -
Capital Trust Financial -
Canadian Truck Loan -
Cars on Credit Financial -
Canada Car Loans -
Car Loans Canada 5 / 5
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Prefera Finance 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
Newstart Canada 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Instant Loans Canada -
Newstart Canada 4 / 5
BHM Financial 3 / 5
ProviderRating
Mortgage Alliance -
Paradigm -
Verico -
True North Mortgage -
Tangerine -
Think Financial -
Turnedaway -
REICO -
Motusbank -
Mortgage Architects -
Keystone Finance Solutions -
IntelliMortgage -
Invis -
Dominion Lending Center -
First National -
CHIP Reverse Mortgage -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
ProviderRating
BDO 5 / 5
MNP 3 / 5
Full Circle Debt Solutions Inc 5 / 5
Consolidated Credit 5 / 5
4Pillars 5 / 5

For business owners in Nova Scotia, business loans can be a very beneficial, often necessary financial tool to get their company started or keep it running efficiently. Maintaining any business can require lots of funding, which isn’t always easy to get when every dollar you make is already going toward your other regular expenses. So, if a Nova Scotia business loan sounds like a good idea to you, keep reading.

Business Loan Check List

Areas Where Business Financing Can Help in Nova Scotia

Getting a Nova Scotia business loan doesn’t have to be for the sole purpose of establishing your business. There are so many other places where that loan could come in handy, including but not restricted to:

  • Bringing your business to the digital age with a new website or blog
  • Advertising your business through television commercials, billboards, merchandise or other marketing tactics
  • Improving the appearance of your current storefront or business location in Nova Scotia
  • Building or buying a new location, then improving the look of it as well
  • Outfitting your location with the latest technology, supplies, and equipment
  • Hiring and training new employees
  • Raising the pay of your current employees
  • Buying new uniforms, work gear or safety equipment

Industry Domains Where Business Financing Can Help

Generally speaking, Nova Scotia business loans are not reserved for any one type of business. In fact, almost any business can qualify, such as:

Related Questions Any Nova Scotia Business Owner Should Ask

Whether you’re talking to your lender or your financial advisor in Nova Scotia, there are certain questions related to business loans that you should be asking, such as:

Can I only get typical small business loans through Loans Canada?

  • Of course not! While small business loans are available through our organization, Nova Scotia business borrowers can also get access to:
    • Merchant cash advances
    • Commercial mortgages
    • Equipment financing
    • Payment processing
    • Asset-based financing

What parts of my financial profile will my lender check?

  • Your lender in Nova Scotia might operate differently than others, so it’s best to prepare for all scenarios. However, they will most likely be looking at your:
    • Business plan – It’s best to show up with a proper, detailed strategy for how you plan to use your loan money to earn a profit.
    • Income – Don’t rely solely on your business for income! Your lender in Nova Scotia will want to know you can afford your loan payments, especially in the event that your business doesn’t see enough profit.
    • Assets – An option that’s even more beneficial for borrowers in Nova Scotia with bad credit, offering assets as collateral (home, car, real estate, etc.) can help you secure a larger loan with a better interest rate.  
    • Co-signer’s financial health – Another option that works well for bad credit borrowers in Nova Scotia, better loan terms and rates can also be secured with the help of a financially trustworthy friend or family member. 
    • Credit – Checking your credit report, score, rating, and history is a large part of many lenders’ application procedures. While some lenders don’t do this, it’s best to have your credit in good shape to prior to approval. 

How does having good credit help me?

  • Your credit health is often examined so your lender to judge your “creditworthiness”, meaning how trustworthy you’ll be with your potential payments. Here’s why this is significant:
    • Good Credit (credit score of 650 or higher) shows that you’re more likely to make full, on-schedule payments. This may help your approval for a larger loan with a reasonable interest rate.
    • Bad Credit (credit score of 620 or lower) shows that you’re less likely to make responsible payments This may prevent your approval for a larger loan and earn you a less reasonable interest rate upon approval.
    • Your interest rate can make a huge difference to your finances because a low rate can save you money over time, whereas a high rate can end up putting you in severe debt.
    • Your payments can change your credit in different ways. Responsible payments raise your credit score, while defaulted (missed, short or late) payments will reduce it.
    • Your overall credit can mean the difference between you getting approved or declined for new credit products in the future.

Canadian Credit ScoreCheck out this infographic for even more information about credit scores. 

Looking For Nova Scotia Business Financing? 

If you’re reading this, it may mean that you’ve been searching for business financing in Nova Scotia without success so far. Don’t worry, because your search will be over when you apply with Loans Canada!

FAQs

Can you get a loan with bad credit?

  • Yes, Canadians with bad credit can still qualify for a loan. Unsecured bad credit loans may be paired with higher interest rates, but consumers can still opt for a secured loan such as a car title loan to gain access to lower rates.

Will applying for a loan hurt my credit score?

  • If the lender performs a hard pull of your credit, yes your credit score will go down a few points. But it will recover over time. The most important thing is to make sure you don’t have too many hard pulls within a short period of time.

Can I pay off my loan early?

  • Yes, some lenders will allow you to settle your account early. Just keep in mind that you may be charged a prepayment penalty, which is typically a percentage of your remaining loan balance. Before you sign a loan contract make sure you understand the terms of your loan.

What is the difference between a secured and an unsecured loan?

  • A secured loan is backed by some form of collateral, typically an asset like a vehicle or piece of property. If a borrower defaults on a secured loan, the asset could be seized. An unsecured loan does not require collateral. The heightened risk of an unsecured loan may result in a higher interest rate, although this is usually a function of the applicant’s credit history.

How to tell if a lender is legitimate?

  • Choosing a legitimate lender can seem like a daunting task, but there are a few key factors to watch out for. For example, a legitimate lender will never ask for any form of upfront payment and should have many independent reviews you can look at online.

Can I transfer my loan to someone else?

  • Certain loans, for example, a car loan, can be transferred to someone else. But, a personal loan cannot be transferred.

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Posted by
Bryan completed the Cinema, Video, and Communications program in Dawson College and holds a Bachelor’s Degree in English Literature & Creative Writing from Concordia University. Bryan covers a wide range of topics for Loans Canada, including credit improvement, debt management, and all things related to personal finance. In his spare time, he maintains a passion for editing, writing film and television screenplays, staying fit, and traveling the world in search of the coolest sights our plan...

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