Independent head-to-head comparison of APR, loan limits, credit requirements and funding speed for two Canadian lenders.
Canada's largest bank by market capitalization offering competitive mortgages, personal lines of credit, and debt consolidation loans.
Visit RBC Royal BankCanada's international bank and leader in flexible borrowing through the Scotia Total Equity Plan (STEP) and variable mortgages.
Visit Scotiabank| Feature | RBC Royal Bank | Scotiabank |
|---|---|---|
| Lowest APR | 5.14% | 5.09% |
| Highest APR | 11.99% | 12.25% |
| Min Loan | $5,000 | $5,000 |
| Max Loan | $1,500,000 | $1,750,000 |
| Min Credit Score | 660 | 660 |
| Funding Time | 24-48 hours | 2-3 business days |
| Loan Types | mortgage, personal, debt_consolidation, auto, business | mortgage, personal, debt_consolidation, auto, business |
| Provinces | ON, BC, AB, QC, MB, SK, NS, NB, NL, PE, NT, YT, NU | ON, BC, AB, QC, MB, SK, NS, NB, NL, PE, NT, YT, NU |
RBC Royal Bank starts at 5.14% APR while Scotiabank starts at 5.09%. The cheapest option depends on your credit score, loan amount and term. Always compare your personalized APR offers — advertised rates are minimums for the strongest applicants.
RBC Royal Bank typically requires a minimum credit score of 660. Below that, consider alternative lenders that specialize in credit-challenged borrowers.
Scotiabank typically funds in 2-3 business days after final approval. Same-day funding usually requires e-transfer-eligible accounts and document approval before cutoff.
RBC Royal Bank serves ON, BC, AB, QC, MB, SK, NS, NB, NL, PE, NT, YT, NU. Scotiabank serves ON, BC, AB, QC, MB, SK, NS, NB, NL, PE, NT, YT, NU. Province availability is a hard requirement — verify before applying.
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