Bank of Nova Scotia looks forward to helping people reach their goals and dreams. The bank is one of the leading providers of loan products in Canada, including personal loans and personal lines of credit. The type of loan for you depends on where you intend to use the money
You may borrow a one-time (meaning one time disbursement) personal loan from Scotiabank if you know the amount you will require ahead of time. For example, you still need some money to complete the amount you need for your planned equipment purchase for your home business, a personal loan is a good option.
Personal Lines of Credit
Like a personal loan, a personal line of credit is also an amount of money you can borrow from a bank like Scotiabank. The main difference is that you draw the proceeds of the money you borrow over a given span of time, or over the period of time you need it. A line of credit is a convenient option, for example, if you are sending your kid through college and you don’t have enough savings for that.
Because you do not know yet exactly how much you will need, the bank may extend a line of credit to you. This way, you can ask for $5,000 this month and $6,000 the following month, depending on the amount you need.
Bank of Nova Scotia imposes no restrictions on how you intend to use your loan. Depending on your circumstances, you can borrow as much as $150,000 that you can pay back within 5 years.