Independent head-to-head comparison of APR, loan limits, credit requirements and funding speed for two Canadian lenders.
Canada's international bank and leader in flexible borrowing through the Scotia Total Equity Plan (STEP) and variable mortgages.
Visit ScotiabankPioneer of the 130-day mortgage rate guarantee and specialized low-rate Smart Fixed mortgages.
Visit BMO Bank of Montreal| Feature | Scotiabank | BMO Bank of Montreal |
|---|---|---|
| Lowest APR | 5.09% | 4.99% |
| Highest APR | 12.25% | 11.95% |
| Min Loan | $5,000 | $5,000 |
| Max Loan | $1,750,000 | $1,500,000 |
| Min Credit Score | 660 | 650 |
| Funding Time | 2-3 business days | 24-48 hours |
| Loan Types | mortgage, personal, debt_consolidation, auto, business | mortgage, personal, debt_consolidation, 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 |
Scotiabank starts at 5.09% APR while BMO Bank of Montreal starts at 4.99%. 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.
Scotiabank typically requires a minimum credit score of 660. Below that, consider alternative lenders that specialize in credit-challenged borrowers.
BMO Bank of Montreal typically funds in 24-48 hours after final approval. Same-day funding usually requires e-transfer-eligible accounts and document approval before cutoff.
Scotiabank serves ON, BC, AB, QC, MB, SK, NS, NB, NL, PE, NT, YT, NU. BMO Bank of Montreal 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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