ScotiaLine® Personal Line of Credit

Enjoy the benefit of a lower-interest way to borrow money. You can use it when needed1 with the convenience of an access card. It's a good option for you to consider if you are looking for financial flexibility.

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Is this Line of Credit right for you?

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Right for you if you:

  • Want to keep credit available for future needs 
  • Want additional credit at a low rate to help finance large expenses
  • Want to save money on interest by transferring higher rate balances
  • Want a rainy-day fund to cover unexpected expenses
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May not be right for you if you:

  • Require the consistency of fixed principal and interest payments to pay off your debt within a set time period
  • Are uncomfortable with a variable interest rate that can increase when Scotiabank’s Prime Rate increases
  • You want a payment method for everyday purchases with an interest-free grace period on purchases

Benefits of a ScotiaLine® Personal Line of Credit

No annual fee

No annual fee applies to the ScotiaLine Personal Line of Credit account.6

Credit limits starting from $5,000 and up to $75,0002

Apply for your credit limit for your line of credit based on your borrowing needs.

Flexible repayment options

You choose how much to repay, with payments that can be as low as interest only.3

No need to reapply

You can continue to use your available credit and keep the line of credit available for your future needs.4

Convenient access to funds

Access funds from your line of credit through your Mobile App, Online Banking, ABM, Access Card in-store, and cheques.

Visa Access Card

  • Use your access card to get cash advances at ABMs6 locally and worldwide or use it to pay in-store or online anywhere Visa cards are accepted.2
  • Enjoy special discounts on car rentals

How to use and access your line of credit

Whatch video How to use and access your line of credit

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How to consolidate debt and save money on interest

Watch video How to consolidate debt and save money on interest

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Optional Scotia Line of Credit Protection5

Scotia Line of Credit Protection insurance can help pay the outstanding balance on your Scotiabank Line of Credit account if you are diagnosed with a covered critical illness or if you pass away. It can also pay a monthly benefit in the event that you become disabled or involuntarily lose your job.

Learn more

What do I need to apply?

Here are the documents you need to apply for a ScotiaLine® Personal Line of Credit.

Identification (one of the following valid pieces of government issued ID):

  • Passport
  • Driver's licence
  • Valid government issued identification card

Proof of employment:

  • Employment letter
  • Salary slips/letters

Self-employment documents:

  • Proof of self-employment (e.g., recent CRA My Account Assessment or recent NOA and corresponding T1 General 4-page summary)


Line of credit FAQs

Find full information on interest and non-interest costs on lines of credit on the form below.

Resources

Revolving Credit Agreement

Not sure this is the right borrowing solution for you?

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Let's get started!

Ways to apply
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Apply online

Start your application for the ScotiaLine® Personal Line of Credit

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By phone

Call Scotiabank, Mon-Fri (8am-6pm)

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In person

Make an appointment at your local branch

®
Registered trademarks of The Bank of Nova Scotia.
*
Visa Int./Licensed User. All other marks are the property of their registered owners.
1
Subject to credit approval and other conditions.
2
Subject to credit approval and security provided. The interest rate you pay on a ScotiaLine Personal Line of Credit Account is expressed as Scotiabank Prime Rate plus an adjustment factor. The interest rate you pay will vary automatically when Scotiabank's Prime Rate changes.  Scotiabank Prime Rate is the prime lending rate of The Bank of Nova Scotia as published from time to time.  Please click here for our current Scotiabank Prime Rate.
3
If you qualify then interest-only minimum payment will be the greater of the interest portion only of the outstanding balance on your statement, or $50, subject to your minimum payment being no more than the outstanding balance on your statement. In addition, amounts showing on your statement as overdue or over limit must be paid immediately and will be added to the minimum payment. Other minimum payment options may be available.
4
Subject to your account being in good standing and open.
5
Scotia Line of Credit Protection is underwritten by The Canada Life Assurance Company.  Certain conditions apply.
6
All rates and fees are subject to change. For current rates and fees call 1-888-882-8958. 
7
The savings of up to 25% applies to Avis base rates and is applicable only to the time and mileage charges of the rental. All taxes, fees (including but not limited Air Conditioning Excise Recovery Fee, Concession Recovery Fee, Vehicle License Recovery Fee, Energy Recovery Fee, Tire Management Fee, and Frequent Traveler Fee) and surcharges (including but not limited to Customer Facility Charge and Environmental Fee Recovery Charge) are extra. Avis Preferred Plus membership and services and all discounts are provided by a third party. The Bank of Nova Scotia is not responsible for, and provides no representations, warranties or conditions regarding this offer or any Avis or Budget products or services, including  Avis Preferred Plus membership and services and those obtained under this offer, which are governed solely by Avis’ and Budget’s respective terms and conditions.