Loans Nova Scotia

We all know about the amazing award winning vineyards and tasty Nova Scotia lobster. But, did you know that Nova Scotia has one of the highest credit card delinquency rates in Canada. When you are stuck facing these challenges it makes these amazing experiences harder to enjoy. This is why Smarter Loans is here to assist you in getting any type of loan or financing in Nova Scotia today! We provide key information about lenders that offer personal loans, business loans, car loans, equipment loans and many other types of financing for virtually any industry.

We’ve listed the most trusted providers of loans in Nova Scotia – they are in the chart below. They’ll be able to help even if your credit score is less than perfect. Simply hit “Apply Now” next to one of the highly reputable loan providers below and you will be asked to fill out and application form to see if you qualify for a loan. If you want us to connect you with a lender that suits your need you can “Pre-Apply” with Smarter Loans and we will connect you with the right loan company in Nova Scotia. Getting a loan in Nova Scotia has never been easier!

Frequently Asked Questions About Loans in Nova Scotia 

What’s needed to qualify for a loan in Nova Scotia?

Qualifying for a loan in Nova Scotia is easier than you might expect. The minimum requirements are: proof of ID showing that you are at least 19 years old; proof of residency; and an active bank account. As long as you meet these three basic criteria, you will probably have some loan options to choose from.

However, every lender also has eligibility stipulations of their own, on top of these basic ones. These typically relate to credit score (an oft-used threshold is a score of at least 600) and income. Not all lenders have these requirements, and the type and size of the loan you’re seeking may also influence what’s needed to qualify.

Can I get a loan in Nova Scotia if I have bad credit?

The average credit score in Nova Scotia is just shy of 650, and slightly lower in Halifax, at 638. Most banks and credit unions will not accept borrowers with a credit score of less than 600; they may also turn down those with a lot of existing debt or low/no income.

If any of this applies to you and you’re a resident of Canada’s most populous Maritime province, you still have options. Alternative lenders are more flexible regarding approval, and some even cater specifically to borrowers with bad credit. Just be aware that these lenders may charge you a higher interest rate. So it might cost more, but Nova Scotians with bad credit still have loan options.

What kind of loan can I get in Nova Scotia?

Although Nova Scotia is one of Canada’s smaller provinces, there are still many different types of loan for its residents to choose from, depending on their need. This includes:

  • Mortgages
  • Home equity lines of credit
  • Auto loans
  • Truck/trailer loans
  • Boat loans
  • Bad credit loans
  • Personal loans
  • Credit cards
  • Payday loans
  • Installment loans
  • Same day loans
  • Title loans
  • Debt consolidation loans
  • Commercial loans

Where’s the best place to get a loan from in Nova Scotia?

Nova Scotia has a couple of different categories of lenders to choose from, and the best one for you will depend on your priorities, the kind of loan you need, and what you qualify for.

Banks and credit unions have a steady range of loans to offer their customers, and competitive rates. They are available throughout the province, though you may need to go to an urban centre if you want to go into a branch. Generally, their processing times are long, and their eligibility criteria are strict.

Specialty financial companies may have more varied or niche loans, and so may have more competitive rates if you need something really specific, but again finding a physical location (if this is important to you) will be tough unless you’re near Halifax. And online lenders tend to be the most flexible and convenient, with the quickest processing times, but it’s important to do your due diligence and make sure you are using a reputable company.

What’s the average interest rate on a personal loan in Nova Scotia?

Nova Scotia’s residents suffer slightly from living in one of the smaller provinces, where there is less competition amongst lenders due to the smaller market size. This equates to slightly higher interest rates than elsewhere in the country – usually 1-2% higher than the larger provinces. This doesn’t mean there aren’t deals to be had though, especially when using an online lender that is equally available across the country. Interest rates can go as low as 5% for the most qualified applicants, though the average is more like 9.5%.

Can I get a loan if I’m new to Nova Scotia?

New immigrants to Nova Scotia can get loans, but it may require a little more paperwork. If you’ve moved from another province, then you should have no trouble at all – your Canadian credit history will move with you. But if you’ve moved from abroad, you will have no credit history in the country and will need to start a new one from scratch. This means you need to find a lender who accepts no credit history applicants; this isn’t too tough as long as you have a steady income, and are prepared to accept higher interest rates or to provide collateral for the loan.

How do I get a business loan in Nova Scotia?

Qualifying for a business loan takes more paperwork than qualifying for a personal loan; generally, lenders will want to see the following:

  1. A business history lasting at least two years, including bank statements and tax returns
  2. A business plan
  3. Proof of revenues, profitability, and projected future revenues
  4. Collateral (for property, equipment, invoice and vehicle loans)
  5. Credit history for the business and the business’s owners

Clearly, not all of Nova Scotia’s 15,000+ businesses meet these criteria, and there are options in these cases. If you are starting a new business, there are grants and financing options through the Government of Canada. Small businesses (which constitute 98% of Nova Scotia businesses) can get assistance from either the federal government, or the Nova Scotia provincial government. Some alternative lenders may also offer start up loans, small business loans, or have more flexible prerequisites.

How much can I borrow with a mortgage in Nova Scotia?

The average property price in Nova Scotia is $266,000 (and almost $100,000 higher in Halifax). The Canadian government stipulates that buyers of homes worth less than $500,000 must have a minimum 5% deposit, which equates to an average down payment of $13,000. If you meet this deposit threshold and need to borrow the rest of the purchase price, the mortgage company will want to see a few things before approving you: your income, tax returns, credit score, existing debt levels, and possibly other financial information. It is these factors (especially credit score and income) that dictate how much you will ultimately be able to borrow, but as a general rule of thumb, a lender will cap your borrowing to come out as no more than 28% of your monthly gross income in repayments.

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