Banking 101 – Borrowing

Bank loans and lines of credit can be used to make important purchases, manage home improvements, or even start a business. Conveniently, you can pay the money you owe back in instalments that work for you over time.

Find out more about the different types of loans available to you.

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How to cure (and prevent) that post-holiday debt hangover

Get a fresh start with repayment strategies to tackle debt.
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Canadian mortgage rules: What you should know 

What are the latest important mortgage rules in Canada? Our guide to what you should know before you get your next home.
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What is mortgage insurance and how does it work?

Buying a home? Here's what you need to know about mortgage insurance.

Did you know…

Consumer debt is now over $2.32 trillion in Canada. Canadians are borrowing more money than ever.*

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What is the Canadian mortgage stress test?

What you need to know about the Canadian mortgage stress-test.
Quiz
What’s the difference between leasing and financing a vehicle?
Please select one of the following answers:
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What you need to know about an electric vehicle before you buy

Your guide to electronic cars, from their initial cost to what other expenses that you’ll need to budget for.
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How refinancing your mortgage can give you more options and flexibility

Building more flexibility into your financial toolbox with a home equity loan or line of credit can help give you peace of mind.
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What is a student line of credit and how does it work?

Learn about this flexible way to pay for your post-secondary education, including tuition, books and other expenses.
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How do mortgages work? Everything you need to know

Whether you're a first-time home buyer or thinking about purchasing an additional property, we break down what you should know about mortgages.

Did you know…

Nearly three in four Canadians reported that rising prices are affecting their ability to meet day-to-day expenses. Budgeting can help you stay on track.**

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Quiz
What’s an amortization period?
Please select one of the following answers:
See all Borrowing articlesGo to borrowing articles

Frequently asked questions

To apply for an increase to your credit limit:

  1. From your Accounts page, select your credit card or line of credit account
  2. Select Additional Services
  3. Select Increase your Credit Card or Line of Credit limit and follow the instructions

Visit ScotiaAdvice+ to explore the pros and cons of increasing your credit card limit.

To activate a ScotiaLine® Personal Line of Credit access card, visit our online activation page.

If you've opened your line of credit at a branch, you can use the account immediately. Otherwise, you’ll need to activate the access card you get in your mailed welcome package before you can use your account.

To activate a Scotia RSP Catch-Up® Line of Credit account, visit the RSP Catch-Up online activation page.

To see your TransUnion credit score online, select See your credit score from your Accounts page.

Visit our Digital Banking Guide to see a demo of this feature, and learn more about why it’s important to check your credit score here.

You can send up to $999.99 using online or mobile banking. You can send up to $7,499.99 by visiting your Scotiabank branch. To send more money, please visit any Western Union location near you.

Please remember, though you can send funds through Scotiabank, you can’t receive a Western Union money transfer through any of our channels.

To see your TransUnion credit score online, select See your credit score from your Accounts page.

Visit our Digital Banking Guide to see a demo of this feature, and learn more about why it’s important to check your credit score here.

Useful tools

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Finding a loan that works for you

Our personal loan calculator can help you estimate the payment options that best suit your financial needs.

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Looking for a card that’s right for you?

Take the guesswork out of choosing a credit or debit card. Use our tool to pick the type of reward or benefit that you’re most interested in.

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How much do you need to finance a car?


Try our auto loan calculator for an estimate of what you need to finance your next vehicle.

Let’s have a conversation

A good financial plan can help you accomplish your short and long-term financial goals. A simple chat with our Scotia advisors will get you on the right track.

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