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British Columbia Residents: iCash offers payday loans in British Columbia (license number: 67639)

Ontario Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $500 loan of 14 days, the total cost of borrowing is $70, with a total payback amount of $570 and an APR of 365%. On a loan of 62 days, the APR is 82.42%.

Manitoba Residents: To learn more about your rights as a payday loan borrower, contact the Consumer Protection Office at 1-204-945-3800 or 1-800-782-0067 or at www.manitoba.ca/cca/cpo

Nova Scotia Residents: Payday loans are High Cost Loans. The maximum allowable cost of borrowing under the payday loan agreement is 14$ per every 100$ received, which means on a 100$ loan for 14 days, the total cost of borrowing is 14$, with total payback amount of 114$ and an APR of 365.00%.

PEI Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $300 loan of 14 days, the total cost of borrowing is $42, with a total payback amount of $342 and an APR of 365.00%. On a loan of 62 days, the APR is 82.42%.

The Cashback Program and Refer a Friend Program are not available in Manitoba, British Columbia and New Brunswick.

Your Guide To Personal Loans Nova Scotia

Lisa
Author:
Lisa
Lisa Rennie
Senior Contributor at Loans Canada
Lisa has worked as a personal finance writer for over a decade, creating unique content to help educate Canadian consumers. Expertise:
  • Personal finance
  • Real estate
  • Mortgage financing
  • Investing
Priyanka
Reviewed By:
Priyanka
Priyanka Correia, BComm
Senior Editor at Loans Canada
As a senior member of the Loans Canada team, Priyanka Correia is committed to empowering Canadians with the knowledge they need to make smart financial choices.
Expertise:
  • Personal finance
  • Consumer borrowing
  • Consumer banking
  • Debt management
📅
Updated On: September 16, 2025
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Looking for a quick, affordable cash solution to cover an expense? Personal loans in Nova Scotia offer flexible funding for everything from emergencies to big purchases to debt consolidation. Learn more about these financial options, how they work, and what you need to get approved.


What Is A Personal Loan?

A personal loan provides a lump sum of money that you repay in installments with interest over a set period.  

  • How Much Can You Borrow? Most lenders offer personal loans up to $35,000, though higher amounts may be available if you provide security or add a cosigner.
  • What Are Typical Interest Rates? Personal loan rates generally range from 9.99% to 35%.
  • What Terms Are Available? Loan terms typically span from 3 months to 5 years, with some lenders offering longer repayment periods.

Can I Use A Personal Loan For Any Expense?

Personal loans are very flexible and come with few restrictions on their use. Here are a few examples of how you can spend the funds from a personal loan in Nova Scotia:

  • Utility Bills: Cover your cell phone, water heater bills, or even pay off water heater rental contracts with a personal loan.
  • School Tuition & Supplies: If your student loan doesn’t cover all your educational costs, a personal loan can help pay for tuition, books, and supplies.
  • Car Repairs: If you don’t have the funds readily available to pay for repair costs for your vehicle, a personal loan can help cover the remaining expenses.
  • Vacations: While not typically advised, using a loan for a trip can be an option if you’re confident you can repay it easily.
  • Debt Consolidation: If you have a lot of high-interest debt, you can use a lower-interest personal loan to pay down your debt to save money and simplify your finances.

Learn more: Personal Loans


Can You Qualify For A Personal Loan?

Eligibility criteria for personal loans in Nova Scotia can differ among lenders, but most require you to meet these basic standards:

ResidencyYou must be a resident to qualify for a personal loan. Newcomers or individuals with temporary status may face extra conditions.
AgeYou must be the age of majority in Nova Scotia (19 years old).
IncomeA steady income that meets or exceeds the lender’s minimum threshold is necessary.
Debt-To-Income (DTI) RatioLenders typically use a DTI ratio to assess how your existing debt compares to your income. They tend to look for a DTI ratio of 32% or less.
Credit Score Requirements For Personal Loans
Lenders in Nova Scotia usually review your credit score to gauge your creditworthiness. A score of 660 or higher generally offers the best chance of approval and lower interest rates. If your score is below 660, you may still qualify, but you’ll be charged a higher interest rate, which can make borrowing more expensive.

Learn more: Personal Loan Requirements: How To Qualify For A Personal Loan


Can You Get A Personal Loan In Nova Scotia With Bad Credit?

Yes, it’s possible to get a personal loan even if you have bad credit. While qualifying for a loan from a traditional bank may be difficult, many private lenders offer options for those with low or no credit scores.

These alternative lenders have slightly different criteria than banks, focusing more on your overall financial profile. Factors such as your income, job stability, and current debt load are commonly considered when assessing your loan application.

However, keep in mind that loans from these lenders come with higher interest rates and additional fees compared to those offered by banks.

Learn more: How To Get A Bad Credit Loan In Nova Scotia


Where Can You Get A Personal Loan In Nova Scotia?

You can get a personal loan from banks, credit unions, or private lenders, each with its own advantages and drawbacks:

  • Banks: If you have strong credit and stable income, traditional banks offer personal loans with competitive rates and flexible terms. While these loans tend to be the most affordable option, the application and funding process can be slower compared to other lenders.
  • Credit Unions: Credit unions often provide flexible terms and lower interest rates for their members. However, you must join the credit union, and membership is often limited by location.
  • Private Lenders: If you have bad credit, applying with a private lender may be your only option. Private lenders are accessible to almost anyone, including those with poor or no credit. They can also provide quick approvals and funding, sometimes within the same day. Keep in mind, though, that their interest rates are typically higher than those offered by banks.

Are Online Personal Loans Available In Nova Scotia?

Yes, you can apply for a personal loan online in Nova Scotia. Many lenders offer both in-person and online services, while others are strictly available online. Here are a few lenders in Nova Scotia that offer online personal loans:

FairstoneOffers both in-person and online services. Some locations:
– 7071 Bayers Rd. #282, Halifax, NS B3L 2C2
– 3-201 Chain Lake Dr., Halifax, NS B3S 1C8
Learn More
easyfinancialOffers both in-person and online services. Some locations:
– 201 Chain Lake Dr. #22A, Halifax, NS B3S 1C8
– 6140 Young St. #120, Halifax, NS B3K 0G2
Learn More
Spring FinancialPersonal loans are available online only. No Physical branches are available. Learn More

Is Applying For A Loan Online Better Than In Person?

Applying for a personal loan online may be better than applying in person for a few reasons:

  • Convenience: Online applications allow you to apply from anywhere, at any time, including evenings and weekends. Many lenders review applications within 24 hours.
  • Speed: Online lenders often provide approval decisions and funding more quickly.
  • Easier Comparison: Many lenders provide online pre-approvals or loan quotes, making it simple to compare your options and choose the best fit for your needs.

Applying online may have many advantages, but if you prefer more personalized assistance, visiting a lender in person may be better.


How To Apply For A Personal Loan

Step 1: Get Pre-Approved

Before applying for a personal loan, get pre-approved with multiple lenders first. This will allow you to compare various loan offers based on your financial situation. Moreover, the pre-qualification process is often instant and only requires a “soft” credit check, so it won’t negatively impact your credit scores.

Step 2: Choose A Lender

Compare your loan offers and choose one that comes with affordable rates and favourable terms. Be sure to also compare funding times if you need the cash urgently.

Step 3: Gather All Required Documents And Apply

You’ll need to provide your lender with specific documents to verify your creditworthiness and identity. You can upload these documents and submit them electronically with your application. This may include a government-issued photo ID, bank statements, pay stubs and other related documents. Be sure to read over the application to make sure all the information is accurate.

Step 4: Wait For Approval

Once you’ve submitted the application you should receive a response shortly after. If approved, the funds will be deposited into your account within 24 to 48 hours (via direct deposit or e-Transfer), depending on the lender.
Note: When you apply for a personal loan online, lenders will use instant bank verification (IBV) to quickly verify your identity and income. No documents are required. Instead, you simply sign into your bank account through a secure portal hosted by a reputable third-party provider like Plaid. The lender will receive a temporary read-only copy of your bank statement for review.

Learn more: How To Apply For A Loan


Key Provincial Regulations To Know When Applying For A Personal Loan

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.

DescriptionCriminal Interest Rate
Annual Percentage Rate (APR)APR factors in all the fees and interest costs.35%

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. 

Have You Been Treated Unfairly By A Lender? Contact 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

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 doing the following:

Boost Your Credit Score 

Lenders use your credit score to assess your likelihood of repaying a loan. The higher your score, the better your chances of approval and securing a lower interest rate. 

If your credit score is low, work on improving it before applying. You can do this by making on-time bill payments, reducing your credit utilization ratio, and avoiding new credit account applications.

Find out where you’re starting from by checking your credit score for free on Loans Canada’s CompareHub tool.

Apply With A Cosigner 

A cosigner is someone with strong credit and income who agrees to take over loan payments if the borrower defaults. Adding a cosigner can strengthen your application, as it reduces the lender’s risk.

Offer Collateral 

Securing your loan with a valuable asset, such as a car or home, can increase the likelihood of approval. Just remember that if you fail to make payments, you could lose the asset.

Pay Down Existing Debt 

High debt levels can weaken your application. Before applying for a personal loan, try to pay off some of your existing debt, which will improve your debt-to-income ratio and increase your odds of loan approval. 

Demonstrate Stable Income

Lenders look for consistent and high income to ensure you can make regular loan payments. Steady employment is usually preferred, though some lenders may accept alternative sources of income.

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:   

SupertempSupertemp 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. 
Express Employment ProfessionalsBased 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 StaffingStrictly 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. 

Cost Of A Personal Loan In Nova Scotia

The cost of a personal loan depends on a few key factors, including the following: 

  • Loan Amount: A larger loan means bigger monthly payments and a higher overall cost.
  • Loan Term: The term length determines how much you’ll pay in interest overall. A longer term reduces your monthly payments but increases the total interest paid; shorter terms mean higher loan payments but less interest paid overall.
  • Interest Rate: Higher interest rates make loans more expensive. Be sure to look at the Annual Percentage Rate (APR), which reflects both the interest rate and any additional fees.

For a quick estimation of your loan costs, use an online personal loan calculator.


Is A Personal Loan Right For You?

A personal loan may be a great option when faced with financial struggles, but it can also put you in an even deeper financial hole if you’re not careful. Consider these factors to determine whether a personal loan in Nova Scotia is right for you.

When A Personal Loan Is A Good OptionWhen A Personal Loan Is Not Ideal
You want some versatility in how you use the funds. You have unstable income that may put you at risk of missed payments, leading to penalties and credit issues
You can get a lower interest rate compared to what you may be charged with other loan types.  You have bad credit and are unable to secure an affordable interest rate.
You’re looking for flexible repayment options and loan terms to spread out the cost of a big expense.You want extra funds for an unnecessary purchase.

Can’t Get A Loan? Look Into These 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.


Bottom Line

Personal loans in Nova Scotia offer flexible solutions for a wide range of financial needs. With competitive rates and diverse lender options available, depending on your financial profile, you can find a loan tailored to your situation. Just be sure to borrow wisely so you’re not left in a difficult financial situation.


Nova Scotia Personal Loan FAQs

How do I get a low interest rate on my personal loan in Nova Scotia?

To get a low interest rate on your personal loan, maintain a strong credit score and stable income, and compare offers from multiple lenders. Providing collateral or applying with a cosigner can also help you qualify for better rates.

Can I get a personal loan in Nova Scotia using my Canada Child Benefit as income?

Certain lenders in Nova Scotia accept alternative income sources of income when you apply for a personal loan. However, these Child Tax Benefit loans may come with higher rates and fees due to the added risk for the lender when accepting non-traditional sources of income.

Can I get a no credit check personal loan in Nova Scotia?

Yes, there are many alternative lenders in Nova Scotia who provide no credit check personal loans. Rather than your credit score, they base their approvals on other factors that encompass your financial health. This includes your income level, employment stability, debt-to-income ratio and more.

Can I get a bad credit loan in Nova Scotia?

There are many bad credit lenders in Nova Scotia that offer loans to those with bad credit. These lenders approve applicants based on their overall financial health rather than their credit.

Can I get a personal loan with a credit score of 650?

While some creditors in Nova Scotia don’t examine your credit, it’s still beneficial to maintain credit scores of 650 or above. If your score is within that range, you’ll have much better odds of qualifying for a larger loan amount and a more affordable interest rate. If your credit scores are below 650, you may end up paying a higher interest rate.

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