Here’s how Scotiabank stacks up against other popular lenders providing the best personal loans in Canada:
Scotiabank vs. easyfinancial
easyfinancial’s motto is “:yes when the banks say no” offering borrowers options, even when they don’t have a credit history. So if you are someone with a low credit score or are just starting to build credit, easyfinancial is more likely to approve you.That being said, easyfinancial only offers personal loans up to $20,000 and have interest rates that can be over 45%. However, if you need more funds and have a good credit score, you are better to apply through Scotiabank.
Scotiabank vs. Fairstone
Fairstone offers Canadians both secured and unsecured loans for as little as $500 up to $25,000. The money can be deposited into your account very quickly; some borrowers can receive the money on the same day they applied, and there are no prepayment fees. Fairstone also has sky high interest rates that can range up to 39.99%. However, if you need money fast and don’t qualify with Scotiabank, Fairstone Financial could be an option, especially if you’re looking for a smaller amount of money.
Scotiabank vs. goPeer
goPeer offers peer-to-peer lending rather than traditional lending from a bank or other financial institution. As such they are a little more flexible; those with credit scores as low as 600 can apply to be funded by individual lenders. The application can be done quickly online, which is an added bonus over Scotiabank. Plus, loan amounts are smaller, starting at $1,000 and going up to $25,000. This could be a good option for those who need smaller loans and have lower credit scores, but again, be wary of very high interest rates, which can be up to 34.99%.
Related: Best Personal Loans In Canada