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Scotiabank vs. Desjardins: The Personal Loan Showdown
Scotiabank offers a 6% APR for top-tier credit, while Desjardins matches Big Five rates for Quebec members. Which suits your needs?
Choosing Between Scotiabank and Desjardins
You're choosing between Scotiabank and Desjardins for a personal loan. Here's what actually matters.
Rates and terms shown are representative. Your actual rate depends on your credit profile and circumstances. This is not financial advice — always read the lender's terms before applying.
Low APR Options
Let's start with loans offering the lowest starting APRs. Scotiabank and Desjardins both compete here, but with different strengths.
Scotiabank Personal Loan
Scotiabank offers the lowest starting APR at 6% for those with excellent credit. This rate is hard to beat among major Canadian banks. If you're in the top credit tier, this loan is designed to save you money over the duration of the loan. The drawback is you need a top-tier credit score to qualify for this rate, so it's not for everyone.
Scotiabank Personal Loan
Desjardins Personal Loan
Desjardins offers competitive rates, often matching or beating the Big Five banks for its members. This credit union model means profits go back to members, making it a strong choice for Quebec residents who value this community-focused approach. However, rates are competitive primarily for those who are members.
Desjardins Personal Loan
If neither of these rates suit your needs, consider a loan with more flexible approval criteria, albeit at a slightly higher cost.
Flexible Approvals
Next, we look at loans that prioritize accessibility over the absolute lowest rates.
Mogo Personal Loan
Mogo offers fast online lending with soft credit checks, making it appealing for those needing quick cash without initial credit impact. However, convenience comes at a cost, with APRs reaching nearly 47% for riskier profiles. It's a viable option if speed and ease of access are your priorities.
Mogo Personal Loan
Fairstone Personal Loans
Fairstone provides loans for those with challenged credit, with unsecured rates starting at a steep 29.99%. While it's a last resort compared to banks, its physical branch network could appeal to those who prefer in-person service.
Fairstone Personal Loans
For larger loan amounts with less rate uncertainty, consider options that provide a narrower rate band.
Consistent Loan Rates
Let's examine loans that offer predictability in rates, perfect for those needing stability.
CIBC Unsecured Personal Loan Options
CIBC stands out with a tight rate band of 9-10% and the highest maximum loan amount of $200K among Canadian banks. This makes it ideal for borrowers with strong credit looking for large loan amounts without rate surprises.
CIBC Unsecured Personal Loan Options
When determining the best loan for your needs, consider not only the rate but also the loan's total cost and your own financial situation.