Compare The Best Providers For Personal Loans Nova Scotia December 2022

Written By Bryan Daly
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Loans Canada

Amount
Up to $50,000
Rate
2.00% to 46.96%
Term
3-60 months

Loanz

Amount
$1,000 - $15,000
Rate
29.9% - 46.9% APR
Term
12 - 60 months

Symple Loans

Amount
$5,000 - $50,000
Rate
6.99% - 22.99%
Term
Up to 84 Months

Spring Financial

Amount
Up to $15,000
Rate
14.99% to 46.96%
Term
6 - 12 Months

goPeer

Amount
$1,000 - $25,000
Rate
7.5% - 31.5%
Term
36 - 60 months

Cash Money

Amount
$1,500 – $10,000
Rate
Varies by province
Term
Varies by product (up to 60 months)

Lendful

Amount
$5,000 - $35,000
Rate
Starting at 9.99%
Term
6 - 60 Months

Loan Away

Amount
Up to $5,000
Rate
19.9% to 45.9%
Term
6 - 36 Months

LoanMeNow

Amount
$500 - $1000+
Rate
28 to 32%
Term
3 Months

Consumer Capital Canada

Amount
$500 - $12,500
Rate
19.99% to 34.99%
Term
No minimum term

Mogo Finance

Amount
$300 – $35,000
Rate
9.9% - 47.72%
Term
3 - 60 Months

Fairstone Financial

Amount
Up to $50,000
Rate
19.99% - 39.99%
Term
6 - 120 Months

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!

To learn about no and low documentation personal loans in Canada, look here.  

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.  

How Can A Personal Loan In Nova Scotia Help Me? 

Mortgages are used to pay for houses, auto loans are for cars. Personal loans, on the other hand, can be used to take care of almost any cost in Nova Scotia, even:

  • Any emergency expense that comes up
  • A new computer, washing machine, dryer, or other household appliance
  • New furniture or accessories to decorate your home
  • Hiring professionals to renovate or make repairs to your home
  • Bringing your car in for repairs, modifications, or other maintenance
  • Paying your rent, groceries, utilities and/or other typical living costs
  • Any prescription medication or health procedure not covered by your insurance

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 Term2 years5 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. 

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

Should You Use A Personal Loans Or A Credit Card?

Credit cards are probably the most widely distributed credit product in Nova Scotia and in the rest of Canada. Generally speaking, a credit card may more beneficial than personal loans if:

  • You’re making quick, relatively small purchases at retail locations that you can easily afford to pay back within 30 days
  • You want the freedom of not using cash
  • You like the security of cancelling your cards in the event of theft or loss
  • You frequently purchase items and services online
  • You enjoy the idea of bonus features with certain cards (rewards, discounts, etc.)

However, personal loans are better when:

  • You’re trying to acquire quick cash without as much risk of theft, card loss, or getting stuck in a revolving cycle of debt
  • You need an amount of cash that’s larger than your credit card limit
  • You want the ability to negotiate a payment plan that suits your finances better. While credit cards only come with a 30-day payment period, personal loans can often be paid for in weekly, bi-weekly, monthly, or semi-monthly payments
  • You’re looking for a lower, more affordable interest rate

Can A Personal Loan Affect My Credit? 

When you take out a personal loain 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.

Personal Loan Alternatives In Nova Scotia

If you’re struggling financially, a personal loan can help cover some costs, but it may not provide the financial relief you need. Instead, you may want to look into the financial assistance programs available in Nova Scotia. These programs can provide you with financial relief in different areas of your life. 

  • 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. 

Nova Scotia Personal Loan FAQs

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

Getting a low-interest rate on a personal loan can be difficult if you have bad credit. However, there are ways for you to decrease your interest rate. Lenders often use your credit score, income level, debt level and more to determine what rate to charge you. By focusing on improving these factors you will be able to get a lower rate. You can also find lower interest rates by getting a co-signer or by securing your loan with an asset.

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

Ceratin lenders in Nova Scotia accept alternative income sources of income when you apply for a personal loan. Often times these loans are called Child Tax Benefit loans. However, you should always proceed with caution when dealing with these lenders as they often charge much higher rates and fees due to the added risk they take by 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 amount of loan money and a more affordable interest rate. If your credit scores are below 650, you may end up paying a higher interest rate.

Bottom Line

No matter where you are, a personal loan can help with both short and long-term financial problems. Just be sure to compare lenders and the loan offers to find the best option for you.   Simply apply below to discover the best personal loan options in Nova Scotia.

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