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 ScotiabankMajor Canadian lender offering fast approvals, Pace It installment plans, and flexible personal borrowing options.
Visit CIBC| Feature | Scotiabank | CIBC |
|---|---|---|
| Lowest APR | 5.09% | 5.14% |
| Highest APR | 12.25% | 12.99% |
| Min Loan | $5,000 | $3,000 |
| Max Loan | $1,750,000 | $1,500,000 |
| Min Credit Score | 660 | 640 |
| Funding Time | 2-3 business days | Same day to 48 hours |
| Loan Types | mortgage, personal, debt_consolidation, auto, business | mortgage, personal, debt_consolidation, auto, student |
| 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 CIBC starts at 5.14%. 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.
CIBC typically funds in Same day to 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. CIBC serves ON, BC, AB, QC, MB, SK, NS, NB, NL, PE, NT, YT, NU. Province availability is a hard requirement — verify before applying.
Get matched to the best Canadian lender for your situation in under 60 seconds.