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 ScotiabankLeading Canadian digital bank known for ultra-low mortgage rates, zero monthly account fees, and high-interest savings.
Visit EQ Bank| Feature | Scotiabank | EQ Bank |
|---|---|---|
| Lowest APR | 5.09% | 4.79% |
| Highest APR | 12.25% | 7.99% |
| Min Loan | $5,000 | $50,000 |
| Max Loan | $1,750,000 | $2,000,000 |
| Min Credit Score | 660 | 680 |
| Funding Time | 2-3 business days | 3-5 business days |
| Loan Types | mortgage, personal, debt_consolidation, auto, business | mortgage |
| Provinces | ON, BC, AB, QC, MB, SK, NS, NB, NL, PE, NT, YT, NU | ON, BC, AB, QC, MB, SK, NS, NB, NL, PE |
Scotiabank starts at 5.09% APR while EQ Bank starts at 4.79%. 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.
EQ Bank typically funds in 3-5 business days 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. EQ Bank serves ON, BC, AB, QC, MB, SK, NS, NB, NL, PE. Province availability is a hard requirement — verify before applying.
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