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BMO Personal Loans
Choose between secured and unsecured personal loans with BMO.
If you’re looking for flexibility with a personal loan, you might want to consider BMO. Offering both secured and unsecured loan options, BMO provide access to funds that can help you finance a variety of different expenses.
If you’re an existing BMO customer, you can apply online for a personal loan, while new customers typically have to make an appointment at a local branch.
Do I qualify?
To qualify for a loan through BMO, you must:
- Be at least 18 years of age, or the age of majority in your province or territory.
- Be a Canadian citizen or a permanent resident.
- Meet any minimum income requirements.
- Meet any minimum credit score requirements.
How does borrowing through BMO work?
The process will vary depending on if you’re an existing BMO customer or not. Existing customers can usually apply for a personal loan online by signing into their online banking, over the phone or in-person at a branch. New customers may have to book an appointment to visit a local BMO branch.
If you’re an existing BMO customer, applying online for a personal loan is the quickest way to get your hands on your loan.
Once you have the loan funds, you can make repayments directly from your bank account.
What are the benefits of a BMO personal loan?
You can enjoy the following features when you’re approved for a BMO personal loan:
- Flexible options. Choose from both secured and unsecured loans, as well as variable and fixed-rate interest payments.
- Defer a payment option. Choose to defer up to one month’s payment twice a year. Deferred payments cannot be concurrent.
- Flexible repayment period. Choose between one to five years for your loan term, with some loans offering longer terms.
- Choose your repayment schedule. Choose to make repayments weekly, bi-weekly or monthly.
- Use funds for a range of purposes. You can use your loan funds for almost any purpose, as long as it’s legitimate. This means you can use a personal loan to consolidate debt, pay for a used car or finance home renovations.
- Automatic payments. You can make repayments by setting up automatic repayments. This means you don’t have to worry about missing a payment.
- Repay your loan early without facing additional fees. BMO does not charge any early prepayment fees, which means you can pay off your loan as early as you’d like without facing a penalty.
What to look out for
- High minimum borrowing amount. You must borrow $5,000 or more with a personal loan.
- APR’s not listed online. BMO do not list their interest rates and fees online for personal loans.
- Defer a payment option. There are restrictions around the defer a payment option. Keep in mind your loan will be more expensive if you defer a payment since you’ll accrue more interest on the unpaid balance.
- Optional insurances. While insurance can help you out of some sticky situations, personal loan insurance can be pricy and unnecessary. Consider your financial situation before you opt for insurance.
What will the loan cost?
BMO do not disclose the rates for personal loans online. To find out about possible rates that you may be eligible for, it’s best to contact BMO by phone or visit a branch in-person. Your interest rate will be determined by a variety of factors including your credit score, your current financial situation and the type of loan and interest rate you choose.
For example, secured loans usually come with more competitive interest rates, while variable interest rates can start out cheaper than a fixed-rate but run the risk of rising over the life of the loan.
BMO do not charge early repayment fees, which means you can payoff your loan early and avoid additional charges.
How to apply for a personal loan through BMO
If you’re interested in finding out about your loan options through BMO, head to the BMO website. If you’re an existing BMO customer, you can apply for a loan online, however you will likely need to visit a branch or call BMO in order to apply for a loan if you’re not an existing customer. Before submitting your loan application, you will need to meet some initial eligibility criteria, which includes:
- Being at least 18 years of age, or the age of majority in your province or territory.
- Being a Canadian citizen or a permanent resident.
- Meeting any minimum income requirements.
- Meeting any minimum credit score requirements.
You’ll also need to gather additional information before applying or attending an appointment in-person, such as:
- Your name, contact information, Social Insurance Number and date of birth.
- Two pieces of valid ID.
- Confirmation of income such as a recent pay stub or T1 slip.
- How much you want to borrow and the purpose of the loan.
Once you’ve submitted your loan application, you will be given a pre-approval decision. If approved, it’s important to review the terms and conditions of the loan before signing and returning the loan contract. Compare your other loan options to be sure you’re getting the best offer available.
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