BMO Personal Loan Review 2021 | Finder Canada

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BMO Personal Loans

Choose between secured and unsecured personal loans with BMO.

Banker giving a smiling female customer a loan
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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.

Compare other personal loans

Name Product Interest Rate Max. Loan Amount Loan Term Fees Min. Credit Score Link
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$50,000
3-60 months
No application or origination fees
300
Go to site
More Info
Loans Canada connects borrowers to lenders offering both secured and unsecured personal loans in amounts from $300 to $50,000. Submit one application to get rates from multiple lenders across Canada.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$20,000
6 months - 5 years
None
560
Go to site
More Info
Fairstone offers unsecured personal loans up to $20,000
Mogo Personal Loan
5.90% - 46.96%
$35,000
6 months - 5 years
NSF fee - $20 - $50
540
Go to site
More Info
Mogo offers loans up to $35,000 on flexible terms.
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 9.90%-46.96%
$50,000
3-60 months
No application or origination fees
300
Go to site
More Info
LoanConnect is an online broker that matches borrowers to lenders offering loans in amounts from $500 to $50,000. Get approved for multiple loan offers from different lenders in as little as 60 seconds with any credit score.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$35,000
3-10 years
Varies by province
560
Go to site
More Info
Fairstone offers secured personal loans up to $35,000.
Magical Credit Personal Loan
19.99% - 46.80%
$20,000
6 months - 5 years
A single administration fee of $194 for $1,500 loans and up
300
Go to site
More Info
Magical Credit offers unsecured personal loans in amounts up to $20,000.
LendingMate Personal Loan
43% (British Columbia and Ontario) and 34.90% (Quebec)
$10,000
1-5 years
None
300
Go to site
More Info
LendingMate offers loans to Canadians with poor credit with no credit checks. Co-signer required for application.
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