Do you want to secure a loan of up to $150,000 that you can repay with flexibility? By availing the Scotiabank Online Personal Loan, you can get this deal and many more. Read on to find out how to request a Scotiabank Online Personal Loan.
Scotiabank is one of the leading Canadian financial service providers that offer a wide range of services which include its personal loan service. With the money you get from the loan, you can fund your home improvement and significant events like weddings, vacations, and other significant purchases. You can use also allocate it for refinancing your credit card and consolidating your debt to boost your credit score.
Scotiabank has two kinds of online personal loan: secured and unsecured. Secured loans require collateral for buyers for approval while unsecured ones will solely consider the borrowers' credit history and other factors. You can apply for a loan using the same process.
Still figuring out whether the Scotiabank Online Personal Loan works for you? Here are the perks and benefits you can get.
Scotiabank Online Personal Loan Benefits
The bank provides excellent flexibility for its customers. You can choose whether you pay on a weekly, bi-monthly or monthly basis. This benefit will help you to manage your finances better and plan your budget.
You can also change the amount, frequency and due dates of your payment. The lender also gives you confidence by providing you with the details of your loan through its Online Banking tools.
Scotiabank also gives you an option to repay your loan early. Unlike other lenders, the lender does not charge early repayment fees. With this feature, you can save on interest by making early repayments.
The bank also gives you an option to defer a payment when you are short of cash by asking for a payment break.Â
Are you interested in ordering a Scotiabank Online Personal Loan? Here are the bank's loan application process and its requirements.
Scotiabank Online Personal Loan Application Process
The bank does not accept applications online. To order a Scotiabank Online Personal Loan, you can check their website for details or set an appointment with the bank's loan officers at the nearest branch. You should also take note of the requirements, such as proof of identification that you are at least 18 years old and a Canadian citizen or permanent resident. You may also be asked to submit documents that you earn the bank's minimum income requirement which will depend on the amount of the money you will borrow. If you choose the unsecured loan, having a credit score of over 650 will increase your chances of approval.
Once approved, you can loan from $5,000 to $50,000 for unsecured loans or $5,000 to $150,000 for secured loans which you can pay from 1 to 25 years.
Fees and Interest Rates
Scotiabank does not provide a list of fees like origination or late payment on their website. You can ask them personally during your appointment. You can choose the interest rate of your Scotiabank Online Personal Loan from 0.5% to 15.5%.
Overall, securing a Scotiabank Online Personal Loan will allow you to borrow money that you repay with great flexibility.
