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Loans Nova Scotia

Author: Bryan Daly

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Bryan Daly

Expert Contributor at Loans Canada

Reviewed By: Caitlin Wood, BA

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Caitlin Wood, BA

Expert Contributor at Loans Canada

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Updated On: November 18, 2024

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Province AlbertaBritish ColumbiaManitobaNew BrunswickNewfoundlandNova ScotiaOntarioPrince Edward IslandQuebecSaskatchewanNorthwest TerritoriesNunavutYukon Territory

Employment Status Full timePart timeSelf-EmployedGig WorkerUnemployedRetiredBenefits / EI / CERB

Monthly Income Less than $1500$1500 Or More$3000 Or More$4500 Or More

Credit Range GoodFairLowUnknown

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Loans Canada

Amount

Up to $50,000

Rate

Prime to 35%

Term

3-60 months

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Spring Financial - Best User Experience

Amount

Up to $35,000

Rate

9.99% – 34.95%

Term

9 – 78 Months

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Spring Financial is an online consumer lending company that offers innovative financial and credit-building solutions designed to give Canadians the opportunity to build credit, save money and borrow responsibly. With many Canadians struggling with high-interest debt and limited financing options, Spring Financial strives to provide Canadians with affordable and accessible financial products that can help them achieve greater financial freedom. Among their growing suite of smart money solutions, Spring Financial offers $1,500 cash advances, personal loans up to $35,000, and a credit-building program that helps you build credit and save money.

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iCash - Best Quick Option

Amount

Up to $1,500

Rate

$14 per $100

Term

Up to 62 days

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Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.

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Fora - Best Line of Credit

Amount

$1,000 – $15,000

Rate

19.9% – 34.9%

Term

–

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If you’re looking for an open-ended line of credit with credit limits up to $15,000, Fora is the best choice. Fora’s line of credit lets you withdraw funds from your available credit, and repay and redraw as needed. This makes it an excellent option for those seeking flexibility and quick access to cash as needed. Moreover, interest rates start as low as 19.9% and are only charged on the amount you withdraw.

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Mogo Finance - Highest Approval Chance

Amount

Up to $5,000

Rate

34.37%

Term

–

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The MogoMini line of credit offers Canadian consumers a great personal loan alternative. Borrowers can access up to $5,000, spend what they need when they need it, make the automatic minimum payments, and finally control their own principal payments. This Mogo product is flexible and users can test drive their line of credit for 100 days to see if it’s the right fit. Access their easy online application via your MogoMoney dashboard and get pre-approved in 3 minutes with no impact on your credit.

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easyfinancial - Best Overall

Amount

$500 – $150,000

Rate

9.99% – 34.99%

Term

9 - 240

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easyfinancial offers a variety of loan products, including secured and unsecured personal loans. easyfinancial offers unsecured personal loans from $500 to $20,000 and secured loans between $15,000 to $150,000. Qualifying with easyfinancial is relatively easy compared to many banks and credit unions in the country. Moreover, online applications only take a few minutes to fill out and are normally accepted 24/7.

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Fairstone Financial - Best For Homeowners

Amount

Up to $60,000†

Rate

19.99% – 34.99%*

Term

6 – 120 months

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Fairstone is a great choice for consumers looking for loans with affordable payments that meet their needs and budget. As Canada’s leading non-bank lender of personal loans, consumers can get unsecured loans up to $25,000. Homeowners can choose a secured loan (backed by the value of their house) to borrow more money and access lower payments compared to an unsecured loan. Whether you’re looking to consolidate debt into one simple monthly payment, cover unexpected expenses or something else altogether, Fairstone is a great option.

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Money Mart

Amount

$500 – $25,000

Rate

29.9% or 34.28%

Term

6 – 84

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Money Mart is a Canadian financial services provider that specializes in offering short-term financial products, including payday loans, cheque cashing, wire transfers, and installment loans. They're available both in person and online, providing borrowers with different options to apply for loans and access their borrowed funds. Their Payday Boost products are available for up to $1,500, and installment loans are available for up to $25,000. They're known for their easy-to-use services and same-day cash options, making Money Mart a great option for those who have little time to wait for much-needed funding.

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Cash Money - Best Quick Cash Option

Amount

Up to $10,000

Rate

Varies by product

Term

Varies by product

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Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.

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Bree - Best Interest-Free Option

Amount

Up to $500

Rate

No Cost!

Term

Up to 65 days

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If you’re short on cash, Bree offers cash advances of up to $500 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.  

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Nyble - Best Credit Building Help

Amount

$250

Rate

No Cost!

Term

–

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Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.

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MDG

Amount

Up to $20,000

Rate

19.8% – 34.99%

Term

36 – 85 months

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LoanMeNow - Best For Low Credit

Amount

$500 – $1000

Rate

Up to 32%

Term

3 months

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LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.

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goPeer

Amount

$1,000 – $25,000

Rate

Term

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GoPeer is a peer-to-peer lending platform that connects borrowers with individual investors who fund loans. Through GoPeer, you can get a personal loan for up to $35,000, with flexible repayment terms and competitive interest rates. Interest rates start at 8.99%, depending on your credit profile. GoPeer's unique peer-to-peer model allows consumers to benefit from a more personalized borrowing approach. The online application process is quick and easy, and funds can be deposited into your account in as little as 7 days.

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Latin for “New Scotland,” the province of Nova Scotia is the second smallest in Canada, next to Prince Edward Island. Nestled in the Atlantic Ocean, Nova Scotia was one of the original four Canadian provinces established in 1867, along with Quebec, New Brunswick, and Ontario. With a population just shy of 950,000 residents, Nova Scotia, including its capital city of Halifax, is known for some of the best hiking, kayaking, sailing, and white-water rafting that Canada has to offer. During certain times of the year, the Bay of Fundy and the Annapolis Valley region are perfect places to see over 15 different species of whale. Nova Scotia is also known for having over 3,800 other small islands plotted around its coast, including the scenic Cape Breton.

Want some information about short term loans in Nova Scotia? Check this out.

Loan Tips

If you’re thinking of applying for a loan in Nova Scotia soon, there are a few tips below that you should take into consideration before you apply:

• Having a low credit score can often be the cause of a rejected application when it comes to certain types of loans. So, it’s best to work towards building up a solid credit history, rating, score, and report before applying for a loan in Nova Scotia.
• Once you’ve found a lender in Nova Scotia that’s trustworthy and will give you the best service, before you apply, it’s best to review your finances. This will help you make sure that you can afford to take on a loan.
• When you talk to your lender, be sure to ask about extra payments, as making them may help reduce your payment period. However, it’s important to know that you could be charged a penalty if you go over a certain monthly limit.
• Once you’ve been approved, it’s best to keep an eye on your debt-to-income ratio (your debt payments, divided by your monthly income). If your ratio equals 35% or more, you may want to reconsider.

Trying to improve or fix your credit score? Read this for some more helpful tips.

Loans For All Your Needs in Nova Scotia

One of the good things about loans is that there are many different types, which means you can apply for one that is catered to your needs, whatever they may be. Here are some examples of loans that the average Nova Scotia borrower uses:

• Debt consolidation loans
• Business loans
• Personal loans
• Emergency loans
• Home renovation loans
• Medical loans
• Wedding loans
• Student loans
• Tax debt loans
• Car loans
• Bridge loans
• Vacation loans
• Repair loans

Click here if you’d like to learn about installment loans in Nova Scotia.

Increasing Your Chances of Getting Approved

Yes, the application process to get a loan in Nova Scotia can sometimes feel like an intimidating one. Getting approved can also be difficult for those who don’t have good credit. However, if you’re looking to apply for a loan, here are a few pieces of advice that you can follow to increase your chances of getting approved:

• Make sure to perform a credit check before you decide to apply.
• If you have any other debts that need paying, it’s best to deal with them first.
• It’s important to choose the right lender to suit your particular financial circumstances. Ask about their payment plans, interest rates, etc.
• Loans might not always be the right choice. Be sure to consider all your options before making a decision.
• Before applying, see that all your necessary personal documents and banking information are in order.
• Not all lenders in Nova Scotia are the same, so it’s good to do ample research before applying. Make sure you choose a legitimate lender.
• Remember, banks are just some of the lenders you can apply with. There are other organizations out there that might be better for you.

Comparing lenders in Canada? Take a look at this.

Protecting Your Personal Information

It’s always in your best interest to make sure that your personal and financial information is properly protected. Being irresponsible with your information can leave you vulnerable to identity theft and other types of fraud, which is becoming an increasingly worse problem in our digital world. Using the internet and a bit of clever thinking, a fraudster can steal your valuable information and use it to hack into your bank accounts, take out loans in your name, or do other malicious things to your finances. So, it’s very important to stay informed. Always be cautious about any suspicious activity on your accounts or of any offers that you might be given.

If you’ve fallen victim to fraud or have had your identity stolen, you can contact Service Nova Scotia.

Service Nova Scotia and Municipal Relations, Public Enquiries

Mail Room, 8 South

Maritime Centre

1505 Barrington Street

Halifax, Nova Scotia B3J 3K5

Telephone: 902-424-5200

Toll-Free: 1-800-670-4357

Fax: 902-424-0720

Email: askus@gov.ns.ca

Website: www.gov.ns.ca/snsmr/access/individuals/consumer-awareness.asp

Dealing With Fraud in Nova Scotia

Unfortunately, many people, not only in Nova Scotia but across the country will have to deal with identity theft or fraud at some point. Both are serious crimes that need to be dealt with immediately if they ever happen to you. Another disturbing fact is just how easily a fraudster can get ahold of your personal information and use it to their advantage. With just your driver’s license or Social Insurance Card, a thief can learn everything about you, then cause a huge amount of damage to your credit and finances. There are any number of accounts, services, and loans that they can open in your name and make purchases with before you realize it. With everyone having access to the internet, it’s becoming even easier for a fraudster to steal from you, no matter who you are or what your financial status might be.

In addition, your credit may be damaged if you become a victim of identity theft or fraud. While you may be able to change your information and catch the person responsible, it can then take months, even years to get back to your former financial status. Here are some of the more common types of fraud that can be committed:

• Loan fraud
• Credit card fraud
• Identity theft
• Credit fraud

Look here for an explanation of debit card fraud.

Don’t worry, if you’ve been frauded or have had your identity stolen, there are measures you can take and people you can contact to have your old information modified, and protected properly. Some of these measures are listed below:

• Contact your local police department immediately. Most police departments will have a fraud unit that specializes in cases like yours, especially if it pertains to your identity being stolen.
• After you file a police report, contact the Canadian Anti-Fraud Centre for further information and possible solutions.
• If you suspect someone has gained access to your bank account, talk to your bank as soon as possible. Have them close your current account, then open a new one with a different account number and PIN (Personal Identification Number).
• If you lose your wallet or your credit card gets stolen, contact your credit card company and get them to cancel your account. Then call your local Canada Service Centre for more information.
• If your credit has been compromised, talk to both major credit reporting agencies in Canada (TransUnion and Equifax). If necessary, they can put a fraud alert on your profile to prevent further incidents.
• It’s possible to request a change of Social Insurance Number from Service Canada if you suspect yours has been stolen and used harmfully. However, you will have to prove that your claims are valid.

Frequently Asked Questions

The Right Financing Every Time!

If you’re a Nova Scotia resident in need of some good financing, you’ve come to the right place! Loans Canada is by your side!