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Best Personal Loans in Nova Scotia

  • chAccess to over 50 lenders in one place
  • chTransparency in rates & terms
up Last updated

July 28, 2025

up Written by:

Amy Orr

up Reviewed by:

Jenna West

When it’s time to add an extension to your home, buy a new car, or pay for an unexpected expense, a personal loan is likely the most appropriate financial solution for your needs. But how can you know which Nova Scotia personal loan lenders can be trusted? Which companies have fair, transparent terms and the best personal loan rates in Nova Scotia? 

 

Compare Lenders

AMOUNT
Up to $20,000
INTEREST RATE
19.8% - 34.99%
TERMS
36 months
AMOUNT
$1,000 - $5,000
INTEREST RATE
19.9% - 34.5%
TERMS
12 - 36 months
AMOUNT
$300 - $35,000
INTEREST RATE
9.99% - 34.95%
TERMS
9 - 84 Months
AMOUNT
$500 - $25,000
INTEREST RATE
34.56% - 34.95%
TERMS
6 - 84 Months
AMOUNT
$500 - $150,000
INTEREST RATE
9.99% - 34.99%
TERMS
9 - 240 months
AMOUNT
$500 - $1,000
INTEREST RATE
Varies
TERMS
3 - 6 months
AMOUNT
$30 - $250
INTEREST RATE
0%
TERMS
N/A
AMOUNT
$20-$350
INTEREST RATE
0%
TERMS
N/A
AMOUNT
$150-$1000
INTEREST RATE
30.4% APR
TERMS
30 Days
AMOUNT
$500 - $15,000
INTEREST RATE
34.37%
TERMS
12 - 60 Months
AMOUNT
$1,000 – $15,000
INTEREST RATE
19.9% - 34.9%
TERMS
Line of Credit
AMOUNT
Up to $250
INTEREST RATE
0% APR (Has Fees)
TERMS
Varies
AMOUNT
$100 - $1,500
INTEREST RATE
Varies
TERMS
2 months

What type of personal loan can I get in Nova Scotia?

Nova Scotia

Nova Scotians can choose from a broad range of personal loan types, including:

All of these types of personal loan count as non-mortgage debt, or consumer debt. Nova Scotians have the lowest median household consumer debt in the country at $50,000 (half the national figure).

How can I use a personal loan in Nova Scotia?

Personal loans are popular because they are so flexible; they can be used for almost anything. Most are straightforward versions of installment loans, where the borrower receives a lump sum of money upfront, and can spend it however they wish. Across Canada these loans are most commonly used for debt consolidation, vehicle costs, and home repairs – but almost any expense is valid.

There are some types of personal loan, however, that are use-specific; for example, an auto loan. Make sure you carefully choose what type of personal loan to get, based on what you need cash for.

How long does it take to get a personal loan in Nova Scotia?

The loan and lender you choose will dictate how long it takes to get a personal loan; applications for smaller, unsecured loans tend to take less time to process than those for large secured loans. Online lenders tend to work faster than their brick-and-mortar counterparts. Because of this variety, it can take anything from just one business day to several weeks for lenders to process a loan application, make a decision, and disperse funds.

If urgency is a priority, make sure you look at fast-turnaround lenders, such as online lenders and payday lenders. You may pay more in interest for the benefit of speed, but if you need funds fast, a lender that takes weeks to get back to you won’t help.

Who can get a personal loan in Nova Scotia?

Nova Scotia

In order to get a personal loan, you must be:

  • At least 19 years old
  • With an active bank account
  • And proof of address

You’ll also need to meet your chosen lender’s eligibility requirements. These requirements can vary, but most often relate to:

  • Employment type
  • Employment income
  • Credit score
  • Existing debts and assets

As mentioned above, the average debt level in Nova Scotia is lower than elsewhere in Canada, but so too is the average wage and the average credit score. So it’s not a given that every borrower in the province will qualify for a loan from every lender. Do your research: make sure you understand your financial situation thoroughly before deciding which lender to apply to.

Do I need to be employed to get a personal loan in Nova Scotia?

Employment income is not necessarily required for all types of personal loan in Nova Scotia. This is good news for the nearly 40% of Nova Scotians who are not part of the labour force. However, we’re not just talking about the 6.5% of the population who are officially unemployed – there are many others in a variety of situations, including:

  • Those with regular non-employment income, such as pension income, benefits income, alimony, and so on
  • The self-employed
  • Seasonally-employed people
  • Gig and freelance workers

There are no rules regarding what type of income is needed to get a personal loan, so each lender can make their own. Those in regular employment will have plenty of lenders to choose from, as this is usually considered the ‘safest’ form of income; but if you do not have regular employment income, you still have options. Just make sure you look at lenders who accept other forms of income or security for their loans.

How much does a personal loan in Nova Scotia cost?

Nova Scotia

77% of Atlantic Canadians are concerned about their ability to repay their debts; this is the highest rate amongst the provinces. So before you apply for any loan, it’s vital you understand how much it will cost. Loan costs are split into two main categories:

  • Loan fees, which can include:
    • Origination fees
    • Processing fees
    • Application fees
    • Valuation fees
    • Closing fees
    • Early repayment penalties
    • Late payment penalties
  • Loan interest, charged on the entire loan amount according to either a fixed or variable rate

By far the largest cost of most loans comes from interest, and the interest rate you can be charged on a personal loan can be as little 4% to as high as 35%, depending on the loan, the lender, and your financial circumstances. Always make sure you use a loan calculator to understand the monthly and overall cost of any loan, before agreeing to it.

av
writtenWritten by:

Amy Orr

Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.

av
writtenReviewed by:

Jenna West

Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.

Awesome G.
04:46 26 Feb 25
I’m very honoured to shear my experience with this illustrious platform. To be able to systematically choose from a list optional to one’s profile without doing much leg work is truly rewarding. This platform allowed to expand my options and chose which lenders fit my profile, thank you and continue doing what you do best,, connecting people to available wealth opportunities.
Pat M.
03:10 26 Feb 25
Good place to get a loan
Chris “Stufphr” H.
02:07 26 Feb 25
When you feel in need of a loan do it smart and make it a Smarter Loans.
Dan Bott (.
01:41 26 Feb 25
Very Helpful, was assisted in a timely fashion and was ultimately able to receive assistance; I highly recommend!!!
joel K.
22:59 25 Feb 25
I have recommended this place to many friends I feel that this company goes out of their way to help people that they can and they are very easy to work with
Nate C.
13:22 27 Oct 24
This company is reliable, quick, and just has the best customer service and rates it is a easy process with quick results. Would definitely recommend to anyone that needs the help.
Vincent J.
07:08 23 Oct 24
Good place for borrowing a bit of money 😁
Kels H.
06:41 23 Oct 24
Personally love this opportunity and app. Super convenient and easy to use and super awesome variety of great loans. Thanks so much guys for making such an awesome site and app and being there for me over the years. :)
Tara H.
16:23 16 Oct 24
From beginning to end, my experience was great! Very professional and personable agents. They only asked questions that were needed for the loan and payments were extremely reasonable. Would recommend to anyone who needs emergency funds.
A S.
19:43 11 Oct 24
“ Thank you SO very much! My situation was tricky and you guys made the whole process so effortless. The way you guys handle the whole process so discreetly. That truly speaks to how well your office is run and the caliber of specialists who handled the processing of my entire loan!”

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