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Any resident of Nova Scotia can use a good personal loan to their advantage. Not only can a personal loan in Nova Scotia help cover any purchase you’re likely to make, you’ll also be building credit with every punctual, full payment you’re able to make. That’s right, as long as you’re being responsible with your loan, the possibilities are endless!
Personal Loans In Nova Scotia
By applying for a personal loan in Nova Scotia, you’re requesting to borrow a specific sum of liquid cash, which gets deposited straight into your bank account after you’ve been approved. The amount you’re granted will be based on your creditor’s regulations in Nova Scotia, as well as the state of your own financial profile. Once you have your loan money, you’ll have to pay the loan back through arranged installments with interest.
High-Cost Credit Personal Loan Regulations In Nova Scotia
A handful of provinces in Canada have a specific regulatory framework that governs high-cost credit loans, which come with much higher interest rates and fees than other loans and credit products. However, Nova Scotia has not yet implemented such regulations. That said, the province does have rules that deal specifically with payday loans, including maximum interest rates that can be charged on these short-term loans.
Maximum Interest Rate
Although Nova Scotia doesn’t have any specific framework that oversees high-cost credit products, federal regulations exist when it comes to how much lenders are allowed to charge. More specifically, all lenders across Canada must comply with the Criminal Code interest rate.
| Description | Criminal Interest Rate | |
| Annual Percentage Rate (APR) | APR factors in all the fees and interest costs. | 47% |
| Effective Annual Rate (EAR) Or Annual Percentage Yield (APY) | EAR/APY factors in all the fees and interest costs, but it also factors in the effect of compounding interest. | 60% |
*Note: As part of the 2023 Budget, the Canadian government will reduce the APR criminal interest rate from 47% to 35% APR starting 2025.
Licensing Requirements
Lenders who provide consumer financing in Nova Scotia must hold a Lender Permit. Further, payday lenders operating in the province must be licensed and follow the rules under the Consumer Protection Act and Payday Lenders Regulations.
Cost Of A Personal Loan In Nova Scotia
There are many costs associated with a personal loan, with the most significant being the interest rate. Other costs include the fees such as loan origination fees, administrative fees and early or late penalty fees. When taking out a loan, you should also consider the loan term as that too can affect the cost of your loan. Below we’ve illustrated how your loan term can affect cost.
| Loan Amount | $10,000 | $10,000 |
| Interest Rate (APR) | 15.5% | 15.5% |
| Loan Term | 2 years | 5 years |
| Monthly Payment | $487.25 | $240.53 |
| Total Paid | $11,694 | $14,431.8 |
| Total Interest Paid | $1,694 | $4,431.8 |
What Do You Need To Get Approved For A Loan In Nova Scotia?
When you apply for a personal loan in Nova Scotia, your creditor will be examining various parts of your personal and financial background. This process is a way for them to calculate how large of a loan they’re willing to trust you with, as well as what interest rate to give you. In general, your lender or creditor in Nova Scotia will assess your:
- Average income on a monthly and yearly basis
- The debts you’ve had in the past, the ones you have now, and how responsibly you’ve been handling them
- Employment history and ability to hold onto a stable job
- Previous bank statements
- Assets of significant value (real estate properties, house, vehicles, etc.)
- Credit report, credit scores, credit rating, and overall credit history
Documents Required To Get Loan In Nova Scotia
- Personal Information – Your lender may require a government-issued photo ID, proof of address, and your SIN card/number.
- Financial Information – Your lender will also require certain financial documents to evaluate your finances, this may include your
- Bank statements
- Job letter
- Pay stubs
- Banking Information – Your lender may also require certain banking details for funding and repayment such as your direct deposit information.
Instant Bank Verification For Personal Loans In Nova Scotia
Lenders use instant bank verification (IBV) to verify the borrower’s bank account number and details. The purpose of IBV is to prevent fraud while expediting the approval process.
Before IBV emerged, the process took days and even weeks as lenders went through documents manually. Given our current fast-paced world, instant bank verification can provide quick and accurate results.
Essentially, IBV is meant to help lenders confirm if a bank account is valid and ensure that the borrower who is claiming it is the actual owner.
The process is very safe. For starters, borrowers must first provide permission to have their bank account information accessed. Once permission is granted, the lender will receive a temporary copy of your recent bank statement, which they’ll use to assess your creditworthiness. This ensures that sensitive personal and financial information is safeguarded during the verification process.
Can You Get A Loan On Employment Insurance (EI) In Nova Scotia?
If you are unemployed and receiving EI, applying for a personal loan in Nova Scotia works similarly to applying with conventional employment income. The difference is that your income source is EI rather than income from a job or self-employment.
However, not all lenders accept EI as a form of income. Traditional lenders, like banks and credit unions, don’t typically work with borrowers on EI or other non-income benefits. If you’re collecting EI, you may have to apply for a personal loan with an alternative lender who accepts EI and other similar-type benefits as your source of income.
Keep in mind lenders who work with unemployed borrowers are taking on additional risk. To offset this risk, they may charge a higher interest rate, which will make these loans more expensive.
Places To Help You Get A Job In Nova Scotia
It can be tough to find a job on your own. Although many employers publicly advertise open positions, others don’t. In this case, you can expand your job search by using the services of a staffing agency.
Luckily, there are plenty of employment recruiters available throughout the province, including the following:
Supertemp
Supertemp is a leading employment services firm in Halifax with nearly 3 decades of experience helping local job seekers find work in their respective fields. The team of recruiters specializes in placing the right candidates in the right jobs and only includes top employers within its network.
The recruiters at Supertemp are always available to provide career advice and have their finger on the pulse of new employment opportunities opening up that are not always advertised to the public.
Express Employment Professionals
Based out of Halifax, Express Employment Professionals is a locally owned and operated staffing agency dedicated to finding work opportunities for Nova Scotians. The company finds a wide range of employment solutions that include full-time, part-time, contract, temporary, and permanent employment. Various positions are available, such as skilled trades, office personnel, industrial, and professional.
Strictly Staffing
Strictly Staffing is a locally-owned employment agency in Halifax that has been connecting employers and workers since 2014. Over the years, the company has developed a trustworthy and reliable reputation among businesses and job seekers across the province.
How To Increase Your Chances Of Getting A Personal Loan In Nova Scotia
Since the amount of loan money you qualify for in Nova Scotia rests on your level of creditworthiness, it’s very important to prepare yourself for the application process. You can do so by:
- Examining your own finances, drawing up an effective budget, and calculating how much you’ll be able to afford in terms of payments, interest, and penalties over the course of your loan term
- Checking your credit report to make sure there are no factual errors in your profile that may be affecting your credit.
- Repairing your credit wherever possible by paying off your other debts, disputing errors you’ve found, keeping your credit utilization ratio low (below 30% if possible), etc.
- Avoiding unnecessary or excessive consumer debt
Can A Personal Loan Affect My Credit?
When you take out a personal loan in Nova Scotia your creditor may report your progress to one or both of Canada’s credit bureaus (Equifax or TransUnion). As such, making full, on-time payments can help build your payment history, which, in turn, raises your “creditworthiness”, making you more eligible for any other credit products you apply for later on.
However, if you miss or make late payments, it has the ability to damage your credit. This can cause future creditors to reject you as they’ll see your irresponsible behaviour as too risky to approve.
Alternatives To Personal Loans In Nova Scotia
Personal loans can provide temporary financial help when money is tight and bills need to be paid. However, there are alternatives to personal installment and short-term loans in Nova Scotia that may help. The following are some examples of public programs available in the province that can provide some financial support:
- Disability Support Nova Scotia – If you struggle with a disability you may be entitled to some financial support. The amount you get depends on the level of your disability and your household composition.
- Nova Scotia Child Benefit (NSCB) – Along with the CCB, you can get additional support for your child through the NSCB.
- Income Assistance Nova Scotia – The Nova Scotia Income Assistance program offers financial support for food, rent, transportation, child care and other basic needs.
- Credit Counselling Nova Scotia – If you’re having trouble managing your debt you should consider credit counselling. They can help you assess your financial situation and provide you with strategic actions and programs to help you get back on track.
| More Financial Resources | Link |
| Nova Scotia Seniors Care Grant | Learn More |
| Nova Scotia Special Needs Assistance | Learn More |
| Direct Family Support for Children (DFSC) | Learn More |
Other Financial Assistance Programs In Nova Scotia
In addition to personal loans and the programs mentioned above, other financial assistance programs are available in Nova Scotia. Both government-backed and privately operated. A fast and easy way to find these programs is by conducting a quick online search using www.211.ca, a website that connects Nova Scotia residents with the local services they need. Here are a few programs you’ll find:
Food Banks
Food prices continue to climb, leaving many Nova Scotians depending on local food banks for nourishment. Here are a few food banks in Nova Scotia that are available to residents:
- Brunswick Street Market Food Bank – 2107 Brunswick Street, Halifax, NS, B3K 2Y4
- Emmanuel Food Bank – 322 Herring Cove Road, Halifax, NS, B3R 1V4
- Colchester Food Bank – 580 Prince Street, Truro, NS, B2N 1G3
- St Theresa’s Food Bank – 7 High Street, Sydney, NS, B1P 2J4
Housing Assistance
The Canada-Nova Scotia Targeted Housing Benefit (CNSTHB) is a monthly payment for eligible Nova Scotia renters and homeowners struggling to cover housing costs due to low income. The benefit for homeowners can be as much as $200 a month. Renters are paid an amount based on household income, household composition, and the local average rent price.
Homeless Shelters
Emergency shelters are located in cities across Nova Scotia to provide temporary housing to those who are experiencing or are at risk of homelessness:
- Barry House – 2706 Gottingen Street, Halifax, NS, B3K 3C7
- Adsum House – 2421 Brunswick Street, Halifax, NS, B3K 2Z4
- Community Homeless Shelter – 106 Townsend Street, Sydney, NS, B1P 5E1
- Haven House – 29 Arthur Street, Truro, NS, B2N 1X7
Income Support For Seniors
Low-income seniors in Nova Scotia may qualify for the Seniors Care Grant. This annual grant program assists Nova Scotia residents at least 65 years old with the cost of household services, home heating, and healthcare services. Grant amounts are up to $750 per household.
Where Can You Find Consumer Protection Offices In Nova Scotia?
Businesses in Nova Scotia must follow certain laws under the Consumer Protection Act, which covers general consumer protections. These regulations were established to ensure that consumers are protected and treated fairly when dealing with local businesses.
If you feel that you have been unfairly treated by a business in Nova Scotia, you can reach out to the Nova Scotia Public Enquiries office in one of the following ways:
- By telephone: 1-800-670-4357
- By email: askus@novascotia.ca
- By mail: PO Box 2734, Halifax NS, B3J 3K5
